In June 2019, at Hahalolo’s launch event, Ha declared an ambitious goal: 2 billion users worldwide by 2024 and a listing on the NASDAQ stock exchange in the United States. The platform allowed users to connect, post, comment, and share content, while also offering online travel bookings, e-commerce features, and a marketplace for goods. By June 2019, two months after its official debut, Hahalolo had reported 500,000 registered members.
However, after its high-profile debut, Hahalolo fell into obscurity and was rarely mentioned over the next six years.
Ha resurfaced recently after police dismantled a transnational criminal ring operating the multi-level marketing (MLM) cryptocurrency PaynetCoin (PAYN), which allegedly defrauded investors of billions of US dollars.
According to investigators, Ha and accomplices launched PaynetCoin in 2021, operating on blockchain technology with a pyramid-style MLM reward system. They used websites to entice investors to buy investment packages with promises of monthly returns between 5% and 9%.
To create trust, the group paid investors in PAYN tokens and instructed them on how to convert these into other cryptocurrencies like USDT, which could then be sold for USD or VND. In reality, the operation used funds from new investors to pay earlier ones – a classic Ponzi scheme.
The group also falsely claimed that their exchange was registered in the US and that PAYN could be used to buy airline tickets and hotel bookings. In truth, no legitimate business accepted PAYN as payment.
Ha partnered with Phan Viet Lap, 42, from Ho Chi Minh City, and others to organize seminars and build online communities to recruit more participants. Police say the scheme drew in thousands of investors in Vietnam and abroad, amassing billions of US dollars.
So far, Phu Tho police have charged 20 suspects with “violating regulations on multi-level marketing” and “using computer networks and electronic devices to appropriate property.” Authorities have seized and frozen cash, foreign currency, and real estate worth thousands of billions of VND.
The investigation is ongoing, with police searching for additional suspects. Authorities are urging those involved to surrender for leniency under the law.
