Exit Scam: Vietnamese Cryptocurrency Company Goes Dark After Allegedly Duping Investors Of US$660M In ICOs
(Coin Journal, April 10,2018): The company Modern Tech has gone dark after allegedly deceiving 32,000 people into investing an estimated VND15 trillion (US$660 million) into two fake cryptocurrency projects.
Dozens of disgruntled investors gathered in front of Modern Tech’s headquarters in the business district of Ho Chi Minh City on Sunday, carrying signs denouncing the company’s fraudulent activities and requesting to be refunded, reports local news outlet Tuoi Tre.
The owner of the Vietnamreal building where Modern Tech was initially headquartered told reporters on Monday that the company had cleared out its office about a month prior to the events.
Modern Tech had claimed to be the authorized Vietnamese representative of two cryptocurrencies, Ifan and Pincoin. It was responsible for conducting two initial coin offerings (ICOs) on their behalf.
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Ifan was marketed as “the most advanced social network” for celebrities and artists, enabling them to better connect with their fans. Its native token was intended to be used for downloads, album and live performances ticket purchases, as well as merchandises and endorsements.
Pincoin was marketed simply as an “investment opportunity” promising up to 40% in monthly profit. It claimed to be overseen by the so-called PIN Foundation.
Investors were told that the tokens they received would see their value skyrocket once they hit the secondary market. Modern Tech also promised an 8% commission for every new member introduced.