Four Vietnamese Siblings Ran $3.8 Billion Gambling Empire Under Crypto Investment Cover

_{Vietnamese police investigate a $3.8B gambling ring in Ho Chi Minh City, hidden behind a cryptocurrency investment scheme run by four siblings. (Image: Associated Press / Alamy)}

Police in Ho Chi Minh City are investigating a massive gambling ring allegedly run by four siblings, who claimed to offer cryptocurrency investment opportunities. 

The operation reportedly generated $3.8 billion in bets using digital currencies like USDT, ETH, and Naga tokens—figures that rival earnings from major casino destinations like Macau and Las Vegas.

Multi-Level Marketing Scheme for Gambling Ring was ‘Exceptionally Large-Scale’ 

It is not known just how many people were involved in the large-scale operation, but the three main suspects facing charges relating to organised gambling are: Huynh Long Nhu, Huynh Long Tu; Huynh Long Bach; and Huynh Thi Ha Tay.  

_{Huynh Long Nhu and Huynh Long Bach, two of the four siblings behind the gambling ring. (Image: Tuong Van)}

Authorities are also pursuing charges against nine other suspects, while 10 more individuals are being investigated for participating in the gambling activities. 

Police described the case as "exceptionally large-scale," with the gambling network running from early 2020 until its dismantling at the end of 2021.  

As many as 25,000 registered user accounts across platforms like swiftonline.live have been controlled by Nhu, whereas accounts from Nagaclubs.com were run by Bach, it was stated in a report by VN Express. Players were promised daily returns of 1% to 1.5% through a multi-level marketing scheme, with users required to deposit a minimum of $20 in USDT to start betting. 

Foreign Nationals Recruited for Scheme 

Foreign nationals were allegedly recruited to facilitate their operations. They included IT experts, and even rented online portals based abroad. Proceeds of the operation were used to purchase luxury items, including property and cars.  

There is an ongoing investigation by authorities who are searching for other suspects connected to this large-scale gambling network.