Vietnamese ICOs Pincoin and Ifan cheated …

Vietnamese ICOs Pincoin and Ifan defrauded investors for $ 660 million – media

Operators of two initial token offering (ICO) campaigns stopped contacting investors after numerous reports appeared on the network that all their activities were reduced to organizing fraudulent schemes, the victims of which were supposedly 32,000 people who lost $ 660 million. writes Cointelegraph citing Vietnamese news outlet Tuoi Tre News.

Ifan and Pincoin, promoted as cryptocurrency startups from Singapore and Dubai, turned out to be pyramid schemes controlled by the Vietnamese company Modern Tech.

When the organizers of these ICOs raised VND 15 trillion ($ 660 million) and stopped making cash payments, affected investors assembled a demonstration in front of the Modern Tech office in Ho Chi Minh City. If investors’ claims are confirmed, this scam could be the largest in the history of the cryptocurrency industry..

Modern Tech stated that it is only the official representative of both projects in Vietnam, however, local media confirmed information that 7 company leaders were scammers.

According to Viet Bao, the owner of the building that housed the Modern Tech office said the company left the premises in early March..

Vietnamese ICOs Pincoin and Ifan cheated ...

“Modern Tech moved out and canceled the contract about a month ago,” the building’s owner is quoted as saying. “Nobody knows where they are now”.

Pincoin has been under suspicion by the community for several months. Behindmlm published an analysis of the scheme in February, in which it noted that deposit methods and opaque structures could be signs of a pyramid scheme.

At the time of publication, the Ifan and Pincoin sites continue to work.

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