Vietnam Court Sentences 43 in $3.8 Billion Illegal Crypto Gambling Operation
Massive Sentencing for Illegal Crypto Gambling Network
A Vietnamese court has handed down severe prison terms to 43 individuals involved in an extensive illegal gambling scheme orchestrated by four siblings. The leaders of this operation, which incorporated cryptocurrency transactions, were sentenced to prison terms ranging from 8 to 13 years.
The Scale and Operation of the Crypto Gambling Ring
From early 2020 until late 2021, the illicit network managed to process transactions totaling approximately $3.8 billion before authorities shut it down. Several defendants received sentences exceeding a decade, while an individual from India, believed to be the mastermind, remains at large.
The gambling activities bypassed official casinos, instead taking place on websites that accepted cryptocurrencies—despite cryptocurrency being banned in Vietnam. At its height, the ring served roughly 20,000 clients, who were encouraged to recruit others through social media platforms such as Telegram, which has been prohibited in the country since June.
Additionally, the group is suspected of laundering money internationally, a matter under separate investigation. Much of the illegal revenue was reportedly used to acquire luxury cars and real estate assets.
The Current Gambling Environment in Vietnam
Historically, gambling has been illegal in Vietnam, but the government has recently started introducing controlled pilot programs and regulated casinos. There are currently eight casinos operating nationwide, though access is restricted primarily to foreign passport holders. However, investors are showing growing interest in the local market.
Under a three-year trial, Vietnamese citizens may enter casinos if they demonstrate a monthly income exceeding 10 million dong (about $449) and pay an entry fee of 1 million dong.
Authorities are reviewing these entry requirements, balancing regulation and market expansion. While foreigners can freely access casinos, local Vietnamese must meet specific conditions to gain entry.
Major Casino Developments and Licensing in Vietnam
As of 2017, the largest hotel-casino in Vietnam was The Grand Ho Tram Strip in Hồ Tràm. Opened in 2013 and developed by Philip Falcone, this $1 billion resort includes a 550-room hotel, a golf course designed by Greg Norman, and additional hotel construction projects.
To be granted a casino license in Vietnam, foreign investors are required to invest a minimum of $2 billion, ensuring substantial financial commitment to the industry.
