Vietnamese authorities have arrested four siblings at the heart of a sprawling cryptocurrency-based gambling operation, estimated to be worth an astonishing $3.8 billion.
The suspects, led by 32-year-old Huynh Long Nhu and his brothers Huynh Long Tu, Huynh Long Bach, and sister Huynh Thi Ha Tay, are accused of disguising the illegal gambling ring as a legitimate crypto investment platform. The master mind behind the entire scheme. Bhatia Mohit is however, still at large.
According to investigators, the platform allowed users to place bets using popular digital assets such as USDT, Ethereum (ETH), and Naga tokens. But the scheme didn’t stop at mere betting—it also incentivized users to bring in more participants through a commission-based recruitment system, effectively operating like a multi-level marketing model.
Vietnamese police disclosed that they have recommended formal charges of organizing gambling against Nhu, Tu, Tay, and at least nine other key individuals connected to the operation. Bach, the fourth brother, and several additional accomplices, are also facing similar charges.
Authorities revealed that their investigation is ongoing, as prosecutors seek to uncover the full extent of the network’s activities and trace any additional parties involved.
The elaborate scale of the operation has raised alarm bells, not just for its size, but for how digital assets are being used to mask illegal gambling activities.
Mastermind Behind the Gambling Ring Remains at Large
While Vietnamese authorities have apprehended several key players in the gambling scheme, one major figure is still missing: Bhatia Mohit, a 32-year-old Indian national believed to be the mastermind behind the entire operation. According to police reports, Mohit and several other suspects remain at large as investigations continue to widen.
Police described the illegal gambling network as “exceptionally large-scale”, having operated from early 2020 until late 2021. Investigators revealed that over 25,000 user accounts were registered across multiple gambling websites linked to the group, facilitating bets totaling billions of dollars.
Key to the operation were the brothers Huynh Long Nhu and Huynh Long Bach, who managed two major platforms: Swiftonline.live, overseen by Nhu, and Nagaclubs.com, controlled by Bach. Nagaclubs.com alone accounted for more than 5,000 registered accounts. Both sites were directly linked to international betting site Evolution.com, providing users with access to high-stakes betting activities.
To ensure smooth operations and scalability, the ring hired foreign IT specialists to develop and maintain these platforms. They went further by renting overseas online card game portals, cleverly masking the gambling activities under the guise of legal digital entertainment.
Scheme Disguised as Investment Platform
Further investigation revealed that the operation wasn’t just limited to illegal betting—it was cleverly disguised as a multi-level cryptocurrency investment scheme.
Authorities disclosed that the group lured participants by promoting the platform as a lucrative financial opportunity in digital assets, promising daily profits ranging between 1% to 1.5%.
The strategy involved encouraging players to sign up for so-called “insured” betting, a feature that guaranteed participants would receive a refund if they lost, giving the illusion of minimized risk.
But it didn’t stop there. Users were also incentivized to recruit new members under a multi-level marketing (MLM) model, earning commissions as they expanded the network.
To participate, players had to create accounts on one of the group’s leading platforms, Swiftonline.live. They would buy USDT using Vietnamese dong via popular exchanges like Remitano or Binance, or purchase directly from other users.
The purchased cryptocurrency was then transferred to Swiftonline’s in-platform wallet and used to gamble across the network’s betting games.
The group replicated this system across their second platform, Nagaclubs.com, which took the MLM structure even further by ranking participants in a tiered system from VIP 1 to VIP 10.
Users were ranked based on both the number of recruits they brought in and the total volume gambled. Higher-ranked players enjoyed more generous commission rates, all automatically distributed into their gaming wallets in cryptocurrency.
Quick Facts:
- Vietnamese police dismantled a massive crypto-based gambling ring valued at approximately $3.8 billion, led by four siblings.
- The scheme involved betting with USDT, Ethereum (ETH), and Naga tokens, while incentivizing users to recruit new participants for commissions.
- Authorities have recommended charges of organizing gambling against the Huynh brothers, along with several other key individuals.
- Indian national Bhatia Mohit, believed to be the operation’s mastermind, remains at large as investigations continue.
