Vietnam: Scam Pincoin ICOs - Allegedly Stole $660 Million

[shibob]

The team of Ifan and Pincoin disappeared after collecting $660 million from approximately 32,000 people.

Quoted from Techcrunch "This so-called exit scam could be that largest in recent memory and is also indicative of what’s to come in the ICO space". The question is how this ICO which was allegedly multi-level marketing could easily made this happen, the fact is this kind of ponzi schemes already spotted on before here. People are too hive with ICOs and they're just coming in treating cryptocurrency as a quick buck scheme.

https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/

https://www.ccn.com/vietnam-investigates-alleged-660-million-ico-fraud-of-pincoin-ifan/

[pey]

Pincoin is not scam, ico is scam in the first place... $660 million for hope to earn more, not for the token or product, this is like ponzi and nothing worths $660m.

[DiniazRosa]

I don't think those dev stole all 660$ million, many people have earn good from ifan and Pincoin from resell tokens in black market. Anyway, those mlm programs are bad and we should not take part in those projects.

[siddartha1492]

Any ICO predicting its monthly profits is surely a project to beware of. The site clearly mentions up to 40% monthly profits. That is just like scam and ponzi written in capital letters. I guess most people knew it was a ponzi scheme, but still invested as everyone in the crypto world thinks he/she is the smartass and others are fools. The early investors do benefit like crazy, but those who enter late are the ones who lose the most. And there is no way to know when will the admins exit. Some projects like Bitconnect were able to stretch for long enough, but most other projects don't even want to stretch. Get $1-$2 million, exit. Rinse and repeat. This is what Bitluna did. Anyone remembers it?

[KryptoKai]

They will probably resurface and do the same thing again, this cryto place is loaded with scammers. Investors need to do more research and only invest in legitimate projects. There has to be a public member of the development team otherwise there will simply be an exit scam sooner or later.