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Hanoi-based company vice director investigated for billion-dollar illegal cryptocurrency ring 

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Hanoi-based company vice director investigated for billion-dollar illegal cryptocurrency ring 

By
Quang Tuyen, Minh Hue

Sun, July 14, 2024 | 9:00 am GMT+7

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Hanoi police on Thursday launched legal proceedings against Than Van Thoai, vice director of Global BBA company, and seven others for their involvement in a billion-dollar illegal cryptocurrency ring.

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They are charged with “violating regulations on multi-level business”.

Than Van Thoai, vice director of Global BBA company, (first, right) and his accomplices. Photo courtesy of Hanoi police.

Thoai, 40, was accused of helming a cryptocurrency ring with multi-marketing schemes that hosted hundreds of thousands of accounts, potentially worth billions of U.S. dollars.

According to investigators, in 2019, Thoai bought the CashBack Pro (CBP) foreign cryptocurrency project from a foreign partner to facilitate his business activities.

Through his connections with foreigners, he created virtual transactions and advertised the CBP cryptocurrency on certain websites, as well as developing applications where users can gain commissions as CBP coins.

Thoai also created Speeding.vip website to call for investments, and developed systems to convert commissions into cryptocurrency. He created the CBP Wallet to provide CBP coins under multi-marketing schemes.

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He then advertised the project, saying participants could get commissions directly and bonuses if they could connect with the community or open their own investment accounts in the network.

Authorities said Thoai established Global BBA company to organize training and advertising events.

The company did not obtain a license for multi-marketing business, yet he still directed his subordinates to organize conferences at the company’s headquarters in Hanoi’s Thanh Xuan district on financial management, how to get rich, and the benefits of CBP coin and participation in the Speeding.vip community.

Several policies were introduced by Thoai’s group to attract investors, such as paying 0.5% in interest per day, commissions of 12-50%, and other bonuses.

Investors would be provided packages with different values, ranging from $1,000 to $100,000, and packages with higher values would generate better bonuses.

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Each person looking to participate in the network would either introduce two others, or open two accounts himself/herself.

From March 2021 to June 2024, Thoai and his accomplices were accused of creating investment communities with hundreds of thousands of accounts, with the values of investment packages amounting to tens of billions of U.S. dollars.

Previously, in May 2024, Thoai and Ho Quoc Anh, chairman of BBI Vietnam Internet Technology JSC, were also put under an investigation for appropriation of property using a computer network, a telecommunications network, and electronic devices.

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Capital B Completes Capital Increase and Acquires 44 Additional Bitcoin, Now Holds 2,888 BTC

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Capital B Completes Capital Increase and Acquires 44 Additional Bitcoin, Now Holds 2,888 BTC

France-based Capital B, also known as The Blockchain Group, announced the completion of an At-the-Market (ATM) capital increase and warrant issuances on March 23, 2026. This financial restructuring involves partnerships with TOBAM and UTXO Management to support the firm’s specialized focus on data intelligence and decentralized technology.

The company successfully acquired 44 bitcoin ( BTC) for $3.12 million (€2.7 million), bringing its total holdings to 2,888 BTC with an acquisition value of $309.34 million (€267.1 million). Key performance metrics reveal a year-to-date BTC yield of 0.72% and a total BTC gain of 20.4 tokens for the Paris-listed entity.

🧭 FAQs

Where is Capital B headquartered and listed? The company is based in Puteaux, France and listed on the Euronext Growth Paris exchange.

What is the total bitcoin holding for the group? The group and its Luxembourg subsidiary now hold a total of 2,888 BTC.

Who participated in the recent capital raises? TOBAM and UTXO Management provided the funding through ATM contracts and share subscription warrants.

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Does this transaction require a local AMF prospectus? This specific financial transaction does not require a prospectus subject to approval by the AMF.

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Fintech Stock SoFi Technologies Just Proved That the Ultimate Cryptocurrency Has a Clear Use Case | The Motley Fool

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Fintech Stock SoFi Technologies Just Proved That the Ultimate Cryptocurrency Has a Clear Use Case | The Motley Fool

If a company, particularly one that operates in the otherwise boring and slow-moving financial services industry, has seen its revenue soar 133% in three years, it’s clearly doing something right. That’s the best way to describe SoFi Technologies (SOFI +1.48%). The digital banking superstar ended 2025 with almost 13.7 million customers.

Product innovation has been a key pillar of SoFi’s success, and in recent months, this core competency has been on full display. This fintech stock just proved that the ultimate cryptocurrency has a clear use case.

Image source: Getty Images.

Giving its members another tool to better handle their finances

SoFi tapped Lightspark, a payments start-up founded in 2022 by former Meta Platforms executive David Marcus, to enable cross-border payments for its customers. Lightspark provides the back-end infrastructure, while SoFi Pay users can leverage this exciting capability.

This feature leans on the Bitcoin (BTC +3.99%) Lightning network, a Layer-2 protocol that allows for fast and cheap transactions to occur.

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What stands out with this is that SoFi doesn’t necessarily need to be bullish on Bitcoin. The management team simply picked what it thought was the most capable technological solution that could rapidly integrate and scale up. Since it was introduced in August last year, SoFi Pay now facilitates remittances to over 30 countries.

At a high level, the person sending the money and the person receiving the money deal with their own respective local currencies. Underneath the hood, SoFi and Lightspark handle the conversion to and from Bitcoin.

Besides how easy the feature is to use, SoFi could save its customers a lot of money. In 2024, $138 billion of remittances were sent from the U.S. to India, for example. Money-transfer services charge average fees that can be well above 5% of the value being sent.

Bitcoin Stock Quote

Today’s Change

(3.99%) $2717.74

Current Price

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$70898.00

Propelling the top digital asset to its next stage of development

This product introduction shows how innovative SoFi is, as the popular banking platform isn’t afraid to try new things with the top priority being to better serve its members.

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Additionally, this move is a clear signal to the rest of the world that Bitcoin has a use case in the finance world. Looking ahead, it will be important to pay attention to any commentary SoFi’s leadership team provides on adoption trends. Other banks might choose to do something similar.

I believe we’re now witnessing the early innings of Bitcoin’s next evolutionary phase to becoming a medium of exchange. It has been a wonderful investment, with a trailing 10-year return of 18,000% (as of March 18). While I expect strong gains to continue, the crypto asset’s ability to transfer value around the globe is impossible to overstate and will be critical for its long-term viability.

Should Bitcoin be leaned on more for its utility value, it provides durable demand. This can support a higher price in the future.

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The Best Crypto to Buy for Long-Term Investors Right Now | The Motley Fool

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The Best Crypto to Buy for Long-Term Investors Right Now | The Motley Fool

Despite its position as a multitrillion-dollar asset class, the cryptocurrency industry is still trying to prove itself as a viable place to park capital. Volatility remains a challenge. And there is no shortage of critics who still believe these digital assets serve no purpose.

Even after considering these arguments, investors might want to test the waters for the sake of boosting the returns of their portfolios. Here’s the best cryptocurrency that long-term investors should buy.

Image source: Getty Images.

Start with the world’s prime digital asset

According to coinmarketcap.com, there are tens of millions of different cryptocurrencies out there that make up this relatively new asset class. That huge figure can distract investors who are serious about where to allocate their hard-earned savings. In this situation, simplicity is key. Stick to the proven crypto that has developed a dominant position: Bitcoin (BTC 0.57%).

Bitcoin has been around for more than 17 years, ever since its first block was mined in January 2009. This makes it the first cryptocurrency. Its market cap of $1.4 trillion (as of March 18) gives it almost 60% share of the entire industry.

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And the performance is phenomenal. In the past 10 years, Bitcoin’s price has skyrocketed 18,000%. It has been one of the best assets that anyone could have owned this century.

You might be wondering what problem Bitcoin solves. It was created to be a solution to the current monetary system, which has its own issues. These center on persistent currency debasement and monumental, ever-increasing amounts of sovereign debt.

Bitcoin’s absolute scarcity, shown by its hard supply cap of 21 million units, is its most compelling feature. It’s also not controlled by a single entity, is completely decentralized, and has never been hacked.

Bitcoin Stock Quote

Today’s Change

(-0.57%) $-390.91

Current Price

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$68392.00

Expect the volatility to continue, but the gains can be massive

Because Bitcoin is an emerging monetary asset, the volatility isn’t going away just yet. Over time, the price swings have gotten less extreme. However, the ups and downs are something long-term investors can’t avoid. This isn’t unique to Bitcoin. Some of the most impressive technology stocks over the past couple of decades, like Nvidia, Amazon, and Netflix, were extremely difficult to hold on to during times of intense volatility.

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As was the case with those disruptive businesses, patient investors will be rewarded in this situation. Bitcoin is currently trading 41% below its record price from about five months ago. But it has historically always recovered to reach newer all-time highs. Its fundamentals, particularly around network security, transaction volume, and adoption trends, are all in strong shape.

Investors who can buy Bitcoin and hold for 10 years are setting themselves up for success.

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