A Vietnamese court has sentenced 43 individuals for their roles in a massive online gambling and cryptocurrency network worth over US$3.8 billion. After several months of extensive investigation, the Ho Chi Minh City trial concluded with jail terms ranging from suspended sentences to a decade behind bars. 

Four siblings were identified as the primary organisers and each given between 8 to 13 years in prison for running the illegal operation. Thirty-nine other defendants received sentences of between three to 10 years and above for their involvement.

Operation Spanned Thousands of Users

The dismantled network reportedly involved around 20,000 users and managed over 25 million accounts during its operation. Participants were able to convert Vietnamese dong into digital tokens such as Tether (USDT) and Ethereum. These tokens were then used to place bets through e-wallets connected to illegal gambling platforms.

Recruitment of new users was carried out largely through Telegram and other social media platforms. Organisers also offered commissions to participants who brought in additional players. This created a pyramid-style structure enabling the network to grow quickly. Authorities noted that the scheme’s reach extended beyond national borders, which further complicated investigations.

Money Laundering Probe Launched

During the trial, investigators revealed that large sums of illicit funds were laundered through real estate purchases, luxury cars, and transfers abroad. This prompted authorities to launch a separate probe into money laundering activities connected to the gambling ring.

Police are still pursuing an Indian national suspected of orchestrating the operation. While the four siblings ran day-to-day management, investigators believe the alleged ringleader coordinated the cross-border elements and benefited most from the profits.

Vietnam Cracks Down on Crypto Gambling

The case has drawn attention to the challenges posed by illegal gambling networks that exploit cryptocurrencies to bypass banking oversight and national laws. Vietnam does not recognise cryptocurrency as legal tender and has prohibited its use in payment activities since 2018. Despite this ban, digital currencies remain a popular tool among criminal networks seeking to move and conceal large sums of money.

The ruling comes amid efforts by Vietnamese authorities to tighten control over online platforms and curb the spread of illicit financial activities. In June, the government restricted access to Telegram due to its frequent use in scams, gambling, and misinformation. Officials emphasised that the latest court verdict demonstrates Vietnam’s commitment to tackling online crime and maintaining financial integrity in a digital economy.