Bitcoin Forum

New ICO scam detected by police in Vietnam. Vncoins
Vncoin ( website already collapsed, only left FB page: https://www.facebook.com/VNcoinsvn-745070342354563/) was officially revealed SCAM

Authorities have arrested Nguyen Huu Tien (34 years old, Chairman of VNCOINS Joint Stock Company), Pham Viet Son (60 years old), and Nguyen Hong Quan (41 years old, in charge of information technology of VNCOINS) to investigate fraudulent misappropriation of property.

On July 17, the investigating policies simultaneously searched six places where are the workplace of the defendants.

According to the case, chairman of OTCMAX Joint Stock Company based in Ho Chi Minh City from August 2016. One year later, Tien changed its name to VNCOINS Joint Stock Company. Although there were no business activities, no investment in any project cooperation but Tien held many seminars calling for investors to cooperate in implementing large projects in Thanh Hoa or even Long Thanh airport …

When investors contributing capital, Tien’s company signs an agreement, pledging to pay a profit under the investment package, for a continuous 90-day period at 1.8% per day. However, the actual commission and profit that the investor is entitled to is taken from their own capital contributions and from the previous investors

OTCMAX JSC of Tien signed with over 6,000 investors, collected more than 200 billion VNDs = 9 millions $

When investors do not receive a contracted profit came to work and Proposed two options to “postponed.” Present in both options, Progress is not implemented because the information given is fake.

Sources: cryptoinsidervn.wordpress.com/2018/07/21/cong-ty-da-cap-vn-coin-lua-hon-6-000-nha-dau-tu-bi-bat/

For further information  pls jave a look at cryptoinsidervn.wordpress.com/2018/07/21/cong-ty-da-cap-vn-coin-lua-hon-6-000-nha-dau-tu-bi-bat/

Now-a-days  frauds are spreading  online. So  everyone need to aware to avoid from this type of fraud. Before invest everyone need to careful where they going to invest .And always need to aware about own wallet.

The Vietnamese market seems easy to deceive.
Investors in Vietnam are now also wary of this problem.
However, the new prey still appears and is trapped by the "Cake picture" with dozens of profits drawn by the scammer.

Now being scam everywhere. Thanks to the Vietnam Police, they have been able to catch it. Many of whom are sure to survive from damages. Everyone must be avoid Vncoins, why many more scams you may have to avoid unwantad emails or links to open.

Is there more information about how much money they raised or just how much they wanted to raised in their ICO? I'm just interested how big was the whole venture.

If you have a scam report then report it to the scam accusation child board, not a discussion board but I think its ok since ICO is the part of altcoins. :/

Thanks for informing us. Scam is just like a thread in crypto market. we have to be aware when you deal in crypto market about scam.

This is both good and bad news. Bad news because another scam ICO and Good news because it was caught by the Vietnam’s police. People tend to abuse because of too much freedom.  What we need to do right now is to be vigilant especially in investment because people use crypto as their means to execute fraud acts.

This is not ICO program, users invested money to rent equipment of their company for mining crypto coins. But I think this is a Ponzi scheme, and now is the time to end for their users :D

This is really serious. Scam is part of the challenges we encounter in this cryptocurrency industry. The people and investors of Vietnam  needs to really to put a more secured measures while investing in any new ICO. The need for adequate research for any ICO to be invested in is a must for everyone

That's good news but there are lots of ico scams now that even the police is not able to catch all of them, so some people are doomed to suffer from them.

This case is few amongst scam cases in space, space to some people is avenue to make quick money and run away with fund raised during ico, i think measure to stop this should be introduced.

That's why it is good to always research on projects before making an investment, I think security personnel can help crypto space to get rid of scam ICO in the space, people can lodge complaint to any security office when they suspect an ICO

If the government and the law enforcement takes serious actions against such scammers, then soon the number of scammers will decrease as they will see that they are no longer getting away with their crimes. Kudos to the Vietnamese police. 

From my point of view its not a good news of crypto market. But I think this problem will be solve soon as many country accept crypto. I think Vietnam also accept it soon. So worry no more, keep patient.

It's the worst scamcoin I've ever heard of, I am feeling that after seeing off their FB page just having 61 likes.  It's a scam project of Vn-coin.com which has a good market stability. But this vncoi.vn, it doesn't even have a website of their own. Just ignore.

The fraudsters are not only disadvantageous to investors but also harm the bounty campaign participants. I think the actions of the Vietnamese police should be appreciated, as this will slightly reduce the scams. And Investors at ICO will again give their confidence to invest. Thank you for providing this news.

As far as I know, the fraud scale of VNCOIN just over 200 billion VND of more than 6,000 investors, Nguyen Huu Tien was arrested but not cause great damage as the company Mordern Tech fraud to 15,000 billion of 32,000 victims, or the "shut down" Bitconnect that made the currency from $ 400 near the bottom to zero makes the investment of more than 50,000 people in Vietnam disappear  :D

It seems that many people still don't really understand cryptocurrency. They just believe that they will "certainly" earn a lot of money from cryptocurrency. It is funny that there are so many ICOs using ponzi scheme to scam, and people still trust them. It reminds me of Bitconnect.

I think investing in cryptomarket is not always risky but there has a huge possibility to earn money. Although there has a little number of fraud in this market so we have to be carefull about those fraud project.

It seems that many people invest without knowing the knowledge and project information, it seems they only pay high attention. This will be a lesson and a warning to everyone before investing in any project. It was good that the scam ICO was arrested.

I really understand that it is the Asian crypto currency market that has the greatest weight in the crypto-currency world, but is Vietnam the cradle of real startup companies? But the fact that the police are already reacting to fraudulent actions against the company's ico, these are already good achievements.

Great news, these scammers have been moving freely for a long time now by robbing people. However, the scenario may change very quickly, cyber laws are being implemented worldwide, in USA trump government has ordered a task force for such frauds and scams. Hopefully the number of scammers should be decreasing day by day.

scammers try to trick us every day in particular this happens in bitcoin, the police of Vietnam have worked operativno catching the mosheyniki of making money not giving on this

My opinion is that its not a good news for crypto market. But I believe this problem is no longer exist. As crypto currency is accepted all over the world so Vietnam also accept it. So keep patience, worry no more.

True, too many already

the ICO aim is 30 millions $, the report said 9 million claims in the legal case

Another Scam in Vietnam with 35,000,000 USD, the owner fly to USA, California alreay

Haha, USA number one place for Scammer to stay after completing ICO scam in another country. 5 millions and buy citizenship

No WAy VN could accept it since VND already too weak in the market. Accepting another currency will create CHAOS

Your information is very useful. In my opinion, people are wary, not to invest in ICO projects unclear, to avoid being scam.

Maybe this is the first fraud in Vietnam because the value is so huge that it is $ 9Million.

Please be cautious of the ICO whose organizational structure is less clear.
Because SCAM and REAL the difference is very thin like a hair.

You know there is a rummor that Vietnamese stay behind Bitconnect too !!!

Not as big as it is
In Vietnam there is another SCam call Pincoin, Ifan which claim to have 141 millions $ Scam, recently there is Skymmining , Mining Services using MLM scheme which claim to Scam 35 millions $

of course I am sad to hear that until now there are still ICOs that are scam. but I feel happy because fraudulent perpetrators can be caught and exposed to the crime. that is Cyber crime, deceiving the public. it looks like this is good for lessons for both investors and deceivers to be careful

Not many countries can do that Especially in ASIA

Yep we should raise our voice too, banned the one promote SCAM project as well