32 Thousand Investors Were Deceived by the Record ICO-Scam for $660 Million
According to some assumptions, the Vietnamese company stole funds and cheated 32 thousand investors. "Assigned" funds were collected during the ICO, as a result of which investors remained deceived, and the project management disappeared without a trace. If this information turns out to be true, then this project will go down in history as the largest ICO-scam. The company Modern Tech, located in Ho Chi Minh City, is accused of stealing investments by the customers. The money was collected through two stages of the ICO, which were organized following the principle of the financial pyramid. 32 thousand investors were left robbed, and the total amount of stolen funds reached sky-high values ​​- $660 million. A Vietnamese edition of Tuoi Tre News reports that this incident will help the project of cybercriminals to lead the world list of scam-ICOs. Modern Tech publicly positioned itself as the official representative of two Vietnamese cryptocurrency startups - Dubai Pincoin and Singaporean Ifan. However, Tuoi Tre News indicates that the current leaders were Vietnamese employees of Modern Tech, consisting of 7 people. The affected investors thought they contributed to the development of Ifan and Pincoin cryptocurrency. Ifan is supposedly the leading social network that would help fans to get closer to their favorite idols. Ifan tokens should have been used in the platform marketplace. The work of the Pincoin project was more like a financial pyramid, as investors were promised 40% profit per month from incomprehensible sources, and in addition it was possible to get 8% for attracted investors. The investors were the first to suspect that Modern Tech offered investors to get paid not in fiat funds and tokens. As a result, the depositors coordinated their actions and arranged a demonstration event in front of the startup office, in order to return the investment. However, the actions were in vain, as the staff of Modern Tech disappeared a month ago. At the moment, the Ifan and Pincoin sites still function.  We would like to remind you,that yesterday a representative of the Central Bank of Russia made a public statement, which referred to departmental statistics, conducted since the beginning of 2018. Relying on the data from statistics due to the activity of swindlers in the field of cryptocurrency, $1.36 billion had been stolen. Subscribe to The Coin Shark news in Telegram: https://t.me/thecoinshark