Exit scammers break out with $660 million in ICO earnings

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A Vietnamese cryptocurrency company trendy technical school launched AN ICO for its Pincoin token, raising $660 million from or so thirty two,000 people. the corporate 1st ran the Pincoin ICO, promising constant returns to investors, and so launched another token, iFan (a social network token for celebrities). Picoin investors 1st received money from their investment and so the team began paying out rewards to Pincoin investors in iFan tokens.

Then the team disappeared.

This alleged exit scam may well be that largest in recent memory and is additionally indicative of what’s to come back within the ICO area. The team of seven Vietnamese nationals appear to own left the country whereas scammed investors accumulated outside the company’s recent headquarters.

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From Tuoi Tre news:

In fact, the important mastermind behind these comes could be a team of seven Vietnamese nationals, UN agency have command completely different conferences in Hanoi, Ho Chi Minh town and even remote areas to lure investors.

Investors are told that they might fancy a profit rate of forty eight p.c a month from their initial investment, and recoup all investments once four months. folks would even be rewarded with AN eight p.c commission for each new member they need introduced to the network.

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Pincoin was notably distinctive therein it offered bonuses for transportation others into the program, a maneuver which may sound acquainted. The scammers paid move into money till January after they began causing iFan tokens. Then, last month, the team vacated their fancy offices deed solely an unusually superior – if incomplete – web site in its wake. Taking a more in-depth inspect the location we discover a model of obfuscation. The mission – “The PIN Project is regarding building an internet cooperative consumption platform for international community, base on principles of Sharing Economy, Blockchain Technology, and Crypto Currency” – appears on par with alternative pie-in-the-sky solutions however there's no mention of any founders or advisors and even their fancy, multi-lingual study, has no clear founder data. In short, the team paid an excellent deal for a awfully nice web site and convinced thousands of individuals it had been 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 semiconductor diode Pincoin and iFan from zero to multi-millions in a very few months whereas claiming they were representing product from Singapore and Asian nation. “To formalize the mode of operation, ifan and Pincoin approved their company as personal representative in Vietnam with tax code 0314707223. trendy technical school then command the event in Ho Chi Minh town Minh and Hanoi to lift capital from investors,” Viet Bao newsman.

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One fascinating little bit of dissimulation is that this screen from the iFan page. close to the center of the page we discover data that the token is predicated on the Ethereum platform. The page shows the value and rating of the cryptocurrency, suggesting that the Ethereum is directly associated with the iFan value.

And this popped up once I visited the project’s white paper:

Again we discover that the present, unregulated, ICO market is that the most fascinating system for parting fools from their cash in recent history.

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