Even though cryptocurrencies are not legally recognized in Vietnam, they have gradually become popular due to unlawful trading via specific platforms. As their value is quite high, lately, there have been infamous cyber-attacks or scams aiming at appropriating cryptocurrencies.
Seeing the success of Sky Mavis, whose GameFi (Game + Finance) can attract a capital investment of US$3 billion, other Vietnamese game developers have introduced similar game projects lately. However, experts in the field state that many of them are in fact fraudulent ones.
Sky Mavis – a renowned startup project of 30-year-old Vietnamese CEO Nguyen Thanh Trung – is well-known for its Blockchain game named Axie Infinity. The game has been unexpectedly hacked lately, and over US$600 million was stolen, ringing an alarm to other game developers and players.