Vietnam: Pincoin, Ifan ICOs Exposed As Scams That Allegedly Stole $660 Million

April 10, 2018 6:49 pm Published by

CoinTelegraph reported operators of two Initial Coin Offerings (ICOs) believed to have conned an estimated 32,000 investors of an alleged $660 million in tokens, have gone silent, local news outlet Tuoi Tre News reports.  

Cryptocurrency startups Ifan and Pincoin – purportedly from Singapore and Dubai, respectively, – were allegedly involved in multi-level marketing schemes controlled by Vietnam-based Modern Tech, the report said.

After collecting a reported 15 trillion Vietnamese dong (approximately $660 million) in token sales, the report said, a lack of hard currency payouts prompted a demonstration outside Modern Tech’s Ho Chi Minh City headquarters Sunday. If true, the scam would be the largest in the crypto industry to date.

Modern Tech had said it was only an official representative of both coins in Vietnam, CoinTelegraph said, before media reports confirmed its seven Vietnamese executives were in fact the masterminds behind them.

Local news outlet Viet Bao reported the owner of Modern Tech’s office building said the company had moved out a month prior in early March, the report said.

“Modern Tech left and liquidated a contract about one month ago,” the publication quotes the firm as saying. “No one knows where they are located now.”

Pincoin had been under suspicion online for months, CoinTelegraph reported. Financial scam directory Behindmlm released an analysis in February 2018 noting its buy-in method and opaque nature were characteristic of an “ROI ponzi.”

The scheme’s website remains online, along with Ifan’s, which masqueraded as a bridge between celebrities and their fans, the report said., Jack Durschlag

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