Crypto Hacker Imprisoned For Robbing A Crypto Platform In Vietnam

Smaller-Sized Vietnamese Crypto Firm Victim of Multiple Attacks by One Hacker

It is the rarest occasion to hear news suggesting the arrest of a crypto hacker. Otherwise, they are not easy to catch, let alone identified.

This rarest occasion took place in Vietnam where a crypto hacker hasn’t only been caught but also convicted and sent to jail.


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The hacker was identified as Nham Hoang Khang, who is a resident of the City of Ho Chi Minh in Vietnam.

Khang was accused of extortion, fraud, and embezzlement of crypto funds worth about $13,000 from a smaller-sized crypto platform called ‘T-rex.exchange’.

The said platform belonged to a crypto entrepreneur namely Vu Ngoc Chan.

It was apprised by authorities concerned in Vietnam that Khan had been involved in attacking the platform several times.

Eventually, upon the complaint lodged by Chan, the authorities initiated an investigation.

Rare Sighting of Crypto Hacker’s Conviction

Upon investigation, authorities identified the attacker who, by the time of being arrested, had already stolen 300 Million dongs from the platform.

The investigation led to the arrest of Khang who was then brought before the regional People’s Court where his trial was conducted.

He was facing the charges of extortion, stealing and fraud and the trial court found him guilty of the offenses. Consequently, Khan was convicted and the Court announced its sentence where he was sent to serve 10 years in jail.

While sentencing, the People’s Court directed the convicted to return all the money which he had extorted/stolen from Chan and T-rex.exchange.

The news report was duly covered in a local English daily called “VN Express”.


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Victim of Stealing, Fraud, And Extortion

The founder of T-rex.exchange namely Chan has been an active businessman and has long been engaged in crypto trading.

It was in 2018 when Chan decided to establish a smaller-sized local crypto platform on its own for attracting potential investors.

Upon creation, the platform offered free-of-charge account registration. Anyone can open an account by providing fewer basic details such as name, mobile number, address, and identity proof.

At the platform, Chan was facilitating crypto trading (i.e. exchange, sale, and purchase) against the charging of a nominal fee for the transactions.

It was in October 2020 when Khang targeted Chan’s trading platform for the very first time.

Hacker’s Attempts

The hacker created several accounts on Chan’s platform by using his mobile phone. He then spent his time finding vulnerabilities in Chan’s platform.

After identifying vulnerabilities, Khang then proceeded to breach into the platform for stealing crypto funds, customers’ personal data, and information.


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In the same month, Khang managed to exploit the account belonging to T-rex.exchange’s founder and stole 30,000 units of stablecoin USDT.

When T-rex.exchange’s security team came to know of the stealing, they immediately blocked the compromised account for avoiding further harm.

Having realized that Khang cannot access Chan’s account anymore, he then went after data and information belonging to customers of the T-rex.exchange.

Again he was successful in stealing the data which consisted of the personal data/information of more than 29,000 clients of Chan’s platform.

Through the data, Khang placed innumerable trade orders, all of which were fake.

Founder Blackmailed

Khang then tried to blackmail Chan and got in touch with T-rex.exchange’s management and threaten them with dire consequences and further attacks.

He then demanded payment of US$20,000 from the platform on the promise that he will stop attacking the platform.

He also threatened Chan that if money had not been paid then he will ruin the platform’s reputation. He claimed that he will spread the word that T-rex.exchange had been hacked.


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Under pressure, Chan gave 300 Million dongs as ransom with the commitment that Khang wouldn’t bother him or his platform. However, Chan subsequently lodged a complaint before the authorities concerned in 2021.

It was hence on the basis of Chan’s complaint that authorities came into motion and started an investigation against Khang.

Like in many parts of the world, cryptocurrencies are also popular in Vietnam. However, the local law does not recognize them as means of investment and revenue generation.


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