TrustX Market has been flagged for posing significant risks due to its low transparency, unrealistic profit commitments, and operational model that shows signs of legal violations and potential fraud.

Unauthorized use of images to build false credibility

Recently, the Vietnam Blockchain Association (VBA) issued an official notice to the Departments of Science and Technology in Hanoi and Ho Chi Minh City, as well as relevant units under the Ministry of Public Security, warning about the risks associated with TrustX Market.

According to the notice, TrustX Market – a project marketed as an e-commerce platform claiming partnership with TrustKeys Network – has unlawfully used images of the VBA and Mr. Nguyen Trung Thanh, Chairman of the Web3 Science and Technology Committee under the VBA.

Specifically, TrustX Market used unauthorized images from VBA-organized events, which included officials from ministries such as the Ministry of Public Security, Ministry of Finance, Ministry of Justice, Ministry of Home Affairs, and the State Bank of Vietnam. These images were shared within closed community groups to imply that the project was endorsed by state agencies and falsely claimed that TrustX Market was operated directly by VBA.

Additionally, the project misused images of Mr. Nguyen Trung Thanh in its promotional materials to bolster its credibility. However, Mr. Thanh has publicly denied any involvement or partnership with TrustX Market.

The VBA has clarified that it has never collaborated with or endorsed TrustX Market. Therefore, any use of the Association’s name, images, or leadership likenesses by TrustX Market is unauthorized and entirely misleading.

Signs of Ponzi-style multi-level marketing and fraud

According to the VBA, TrustX Market promotes a model based on NFT (non-fungible token) trading through its e-commerce platform, enticing participants with promises of high returns. However, many of the project's claims lack legal verification and exhibit signs of legal violation.

TrustX Market does not publicly disclose key information such as the founding team, operating entity, or contact addresses. It claims to be fully licensed in Hong Kong and recognized by Vietnam’s Ministry of Industry and Trade but provides no verifiable evidence to support these assertions.

The platform promises unusually high returns, such as a 2% profit per NFT transaction and up to 6.9% for participants who recruit others – essentially incentivizing network expansion. It also advertises returns of 2% per 24-hour trading cycle, potentially amounting to around 60% monthly with continuous reinvestment – far exceeding legitimate financial market interest rates.

TrustX Market adopts a multi-tiered reward system, categorizing participants from "Team Leader" to "Director" based on group transaction volumes, requiring daily sales between USD 5,000 and USD 500,000. This structure encourages aggressive recruitment and constant high-volume trading to achieve rankings and bonuses.

Additionally, it offers "Outstanding Leadership Awards" to participants maintaining high sales for seven consecutive days, further fueling a chain-recruitment mentality. The project's tiered reward and aggressive sales requirements exhibit typical characteristics of Ponzi-style multi-level marketing schemes.

Based on collected information, the VBA assesses TrustX Market as a high-risk project lacking transparency, with profit commitments and business models not reflecting reality, and showing clear signs of fraud.

The Vietnam Blockchain Association strongly advises individuals, organizations, and the digital asset community to exercise extreme caution and conduct thorough due diligence before participating in or investing in similar projects.

The VBA also emphasized the importance of verifying the legal status of projects, particularly those with foreign elements or lacking operational authorization in Vietnam.

Le My