INSUBCONTINENT EXCLUSIVE:
A Vietnamese cryptocurrency company Modern Tech launched an ICO for its Pincoin token, raising $660 million from approximately 32,000 people
The company first ran the Pincoin ICO, promising constant returns to investors, and then launched another token, iFan (a social network
Picoin investors first received cash from their investment and then the team began paying out rewards to Pincoin investors in iFan
headquarters.From Tuoi Tre news:In fact, the real mastermind behind these projects is a team of seven Vietnamese nationals, who have held
different conferences in Hanoi, Ho Chi Minh City and even remote areas to lure investors.Investors have been told that they would enjoy a
profit rate of 48 percent a month from their initial investment, and recoup all investments after four months
People would also be rewarded with an eight percent commission for every new member they have introduced to the network.Pincoin was
particularly unique in that it offered bonuses for bringing other people into the program, a tactic that might sound familiar
The scammers paid out in cash until January when they began sending iFan tokens
Taking a closer look at the site we find a model of obfuscation
any founders or advisors and even their fancy, multi-lingual white paper, has no clear founder information
In short, the team paid a great deal for a very nice website and convinced thousands of people it was legitimate.According to Viet Bao, a
team consisting of Bui Thi My Ngoc, Ho Phu Ty, Ho Xuan Van, Luong Huynh Quoc Huy, Luu Trong Tuan, Nguyen Duc Trong, Nguyen Trung Hieu, and
Vu Huu Loi led Pincoin and iFan from zero to multi-millions in a few months while claiming they were representing products from Singapore
of chicanery is this screen from the iFan page
Near the middle of the page we find information that the token is based on the Ethereum platform
The page shows the price and rating of the cryptocurrency, suggesting that the Ethereum is directly related to the iFan price.And this
for parting fools from their money in recent history.
