Exit scammers run off with $660 million in ICO earnings

A Vietnamese cryptocurrency busines Modern Tech propelled an ICO for its Pincoin token, conjuring $660 million from nearly 32,000 people. The fellowship first passed the Pincoin ICO, promising constant returns to investors, and then propelled another clue, iFan( a social network token for notorieties ). Picoin investors firstly received currency from their investment and then the team embarked paying out wages to Pincoin investors in iFan tokens.

Then the team disappeared.

This so-called exit scam could be that largest in recent cache and is also indicative of what’s to come in the ICO space. The team of 7 Vietnamese nationals seem to have left the country while scammed investors massed outside the company’s old headquarters.

From Tuoi Tre report 😛 TAGEND

In fact, the real mastermind behind these projects is a unit of 7 Vietnamese nationals, who have regarded different forums in Hanoi, Ho Chi Minh City and even remote areas to tempt investors.

Investors has been said that they would enjoy a profit rate of 48 percent a few months from their initial asset, and compensate all investments after four months. People would also be reinforced with an eight percent committee for every new member they have introduced to the network.

Pincoin was particularly unique in that it offered bonuses for wreaking other parties into the program, a tactic that were likely to phone familiar. The scammers paid out in money until January when they inaugurated transporting iFan tokens. Then, last-place month, the team evacuated their fancy agencies leaving merely an oddly well-made- if incomplete- website in its aftermath. Making a closer look at the site we find a pattern of obfuscation. The assignment-” The PIN Project is about constructing an online collaborative intake scaffold for world community, cornerstone on principles of Sharing Economy, Blockchain Technology, and Crypto Currency”- seems on equality with other pie-in-the-sky answers but there is no mention of any benefactors or advisors and even their fancy, multi-lingual white paper, has no clear founder report. In short-lived, the team paid a great deal for a is a great pleasure website and convinced millions of parties it was legitimate.

According to Viet Bao, a crew composed of representatives 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 resulted Pincoin and iFan from zero to multi-millions in a few months while claiming they were representing products from Singapore and India.” To formalize the mode of operation, ifan and Pincoin approved their busines as legal agent in Vietnam with excise system 03147072 23. Modern Tech then nursed the contest in Ho Chi Minh City Minh and Hanoi to raise fund from investors ,” Viet Bao reporter.

One amusing chip of chicanery is this screen from the iFan page. Near the midriff of the sheet we find information that the clue is based on the Ethereum platform. The sheet shown in the price and rating of the cryptocurrency, suggesting that the Ethereum is directly related to the iFan price.

And this popped up when I visited the project’s white paper 😛 TAGEND

Again we find that the current, unregulated, ICO market is the most interesting arrangement for parting suckers from their coin in recent history.

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