Two issuers ICO vanished without a trace after users questioned their activities. It turned out that they were actually scammers who managed to cheat 32 000 investors and to fraudulently take possession of the cryptocurrency in the amount of 660 million dollars.
Cryptocurrency startups Ifan and Pincoin, supposedly based in Singapore and Dubai respectively, were multi-level marketing schemes (pyramid Ponzi), established Vietnamese company Modern Tech.
According to victims from fraud users in total they have invested 15 trillion VND (660 million dollars). Sunday, April 8, dozens of disgruntled investors gathered in front of the headquarters of Modern Tech in Ho Chi Minh city, demanding a return on investment.
If the fact of fraud is proven, these ICO will become the largest Scam projects in the history of cryptocurrency.
Before the media found out that seven Vietnamese leaders Modern Tech actually govern ICO Ifan and Pincoin, the company has positioned itself only as the official representative of both crypto-currencies in Vietnam.
According to local news media, Bao Viet, the owner of the office building where the headquarters of the Modern Tech said that the company moved in early March.
“Modern Tech broke the lease and vacated the premises about a month ago. No one knows where they are now”.
Pincoin was in doubt user a few months ago. In February 2018 financial scam browser Behindmlm published an independent analysis in which it is noted that the method of procurement and the opaque nature of the project Pincoin are signs of the “pyramid Ponzi”.
Ifan the project was positioned as “the most advanced social network” of celebrities and artists, which will give the opportunity to more closely interact with the fans.
With the beginning of 2018, holders of the cryptocurrency lost about $1.36 billion — the money was lost through fraud, theft and fictitious ICO. The interesting thing is that at the time of publication of the material sites and Pincoin Ifan continue to work.