Vietnamese ICO Pincoin and Ifan Cheated Investors for $660 Million

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Operators of two initial coin offerings (ICOs) have stopped contacting investors after a number of reports appeared on the network that all their activities amounted to the organization of fraudulent schemes, the victims of which were allegedly 32,000 people who lost a total of $660 million. The story broke earlier on cryptocurrency news-site Cointelegraph, with reference to the Vietnamese newspaper Tuoi Tre News.

Ifan and Pincoin, promoted as cryptocurrency start-ups from Singapore and Dubai, turned out to be financial pyramids controlled by the Vietnamese company Modern Tech.

When the organizers of these ICOs collected 15 trillion Vietnamese Dong ($660 million) and stopped paying in cash, the affected investors gathered for a demonstration in front of the Modern Tech office in Ho Chi Minh City. If the statements of investors are confirmed, this may be the largest cryptocurrency scandal in the history of the industry.

Modern Tech said that it was only the official representative of both projects in Vietnam, but local media confirmed the information that the company’s 7 managers were scammers.

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

“Modern Tech moved out and liquidated the contract about a month ago,” and, “No one knows where they are now.” said the owner of the building to Viet Bao news.

Pincoin was under suspicion of the community for several months.  Behindmlm website published an analysis of the scheme in February, which advised that buy-in deposit methods and non-transparent investment structure can be signs of a financial pyramid.

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

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