Why are thousands of seized gold bars tied to cryptocurrency fraud cases?

When the police recently launched an investigation into a prominent figure for allegedly defrauding cryptocurrency investors, the value of the seized and frozen assets left the public astounded: 597 gold bars (one tael of gold valued at VND148.6 million or US$5,642.15), 18 land use certificates, two cars, totaling an estimated VND900 billion (US$34 million).

In a previous case, authorities uncovered VND316 billion in bank accounts, numerous savings books valued at over VND200 billion, VND69 billion in cash, $2.3 million, 890 SJC gold bars, 246 kilograms of raw gold, 31 luxury cars, 59 high-end watches, and more than a hundred properties were also frozen.

At first glance, these figures seem staggering, but what truly stands out are the hundreds of kilograms of gold and the sheer volume of gold bars involved. In high-tech fraud cases, particularly cryptocurrency scams, hundreds, even thousands, of gold bars, SJC gold pieces, and raw gold have surfaced.

Cryptocurrency fraud rings are often disguised by a modern, trustworthy veneer: international exchanges, blockchain, smart investments, and 4.0 technology. However, when this facade is peeled back, the truth reveals something far older in human history: greed and the instinct to amass material wealth.

Gold, the symbol of value and security, remains a place where individuals seek to convert everything of worth. Why, in these two cases, did the perpetrators not store their wealth in cryptocurrencies or NFTs? Instead, they converted it into gold, land, cars, and real estate, tangible assets that can be touched, stored, and locked away.

They deceived others with illusions, yet sought refuge in the physical world. Why does the allure of material security still overshadow the virtual world of digital assets?

*Readers’ opinions are personal and do not necessarily match VnExpress’ viewpoints.