ICO SCAM worth $660 Million

[unplug]

How is that even possible..

A team of 7 behind the Pincoin Token & iFan just did what seems impossible. Through their private & public sale, they have raised an approximate of $660 million from around 32,000 investors, and then ran away. 

What do you think will happen now to ICO's and cryptos in general? People will now be afraid to invest, and the legitimate projects will be left behind with nothing...


Sources:

1) https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/
2) https://www.coindesk.com/vietnam-investigates-ico-fraud-660-million-losses-reported/

How shameful the team is. Are they that greedy to do such things to those people who believe in them who believe that their project will be successful. That's why most of the investors must of us hardly trust ICO even me, even though I participated a lot of bounties only I'm still worried that my work and efforts will be dump because of scam ICO.

[VanDeinsberg12]

These are two multi-level marketing coin. These projects do not bring any benefit to life. Stupid investors are lured into investment projects. Also, for $ 660 million, it's not true, it's a trick that attracts public opinion.
In my opinion this does not affect icos and crypto, there are many good icos projects worth investing, but under current market conditions, this is not a good time to invest icos.

Dumb investors never tried to some effort to get more information about that. i guess that's bullshit and you are right, I remember there are some project already accused as scam project in the reputation section which called their project raised blablabla millions dollar but after real audit by some members in here and they are only raised 1 btc. that's fake amount i suppose.

[castiloros]

things like this can be said to be common and indeed every year there's always this sort of thing. caution in choosing an ICO because it differentiates the original or not is a tough thing.

[TWW]

so there are many people still believe in ico like that...their program looked like ponzi scheme and many links in their site are broken...and i still wondering why they able to lure so many investor like that?even my ico's bounty still cant reach a softcap

[keycellko]

Well it pays to research and know what you're putting your money into. Many new investors when they are promised with unimaginable wealth will give out their money to icos that have no clear program, whose people working behind are not trustworthy enough and don't have a name to protect. This is really frustrating. I hope new investors learn from this.

[StarKay]

There are Scams in everyday business so it is not peculiar to ICOs though the amount of money involved in this case is huge.
However, that shouldn't stop people from investing in good and profitable ICOs that are still out there.
Hint: Do not put your money into a project whose team and Location have not been verified.

[ciciliacrypto]

is really a shame,etherium should vet  ico to know people using its smart contracts ,my question is dont they have the capabilities to know  about people coming into i.c.o .kyc should be done for em.how people gonna work it out  i l know naticus team coin aint gonna act like this people.

[andrei56]

How is that even possible..

A team of 7 behind the Pincoin Token & iFan just did what seems impossible. Through their private & public sale, they have raised an approximate of $660 million from around 32,000 investors, and then ran away. 

What do you think will happen now to ICO's and cryptos in general? People will now be afraid to invest, and the legitimate projects will be left behind with nothing...


Sources:

1) https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/
2) https://www.coindesk.com/vietnam-investigates-ico-fraud-660-million-losses-reported/

How shameful the team is. Are they that greedy to do such things to those people who believe in them who believe that their project will be successful. That's why most of the investors must of us hardly trust ICO even me, even though I participated a lot of bounties only I'm still worried that my work and efforts will be dump because of scam ICO.

This is what many developers of icos do not really understand they think that people are forever going to invest in their projects no matter how unreasonable are their demands personally I'm seeing that it is getting harder for them not only because of the laws but because people are getting a lot more cynical about investing in icos, so it's likely that in the future the failure rate of icos is going to increase.

[WalkerIVIV]

How is that even possible..

A team of 7 behind the Pincoin Token & iFan just did what seems impossible. Through their private & public sale, they have raised an approximate of $660 million from around 32,000 investors, and then ran away. 

What do you think will happen now to ICO's and cryptos in general? People will now be afraid to invest, and the legitimate projects will be left behind with nothing...


Sources:

1) https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/
2) https://www.coindesk.com/vietnam-investigates-ico-fraud-660-million-losses-reported/

How shameful the team is. Are they that greedy to do such things to those people who believe in them who believe that their project will be successful. That's why most of the investors must of us hardly trust ICO even me, even though I participated a lot of bounties only I'm still worried that my work and efforts will be dump because of scam ICO.

so it's likely that in the future the failure rate of icos is going to increase.

It has already increased a lot. I have done research about that. The result was there is a lot of (more) new ponzi and scam project that used the name of ico to scam the investors.

Remember there are some projects are turning to the scam project just like centra and many other.

These scammers never understand why they are thinking like that. If they can deliver or make an innovative idea and it will be beneficial for longterm investment.

In fact those dumbass scammers just the people without any skill or experience.

[Yaunfitda]

How is that even possible..

A team of 7 behind the Pincoin Token & iFan just did what seems impossible. Through their private & public sale, they have raised an approximate of $660 million from around 32,000 investors, and then ran away. 

What do you think will happen now to ICO's and cryptos in general? People will now be afraid to invest, and the legitimate projects will be left behind with nothing...


Sources:

1) https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/
2) https://www.coindesk.com/vietnam-investigates-ico-fraud-660-million-losses-reported/

Yeah, I already read this news somewhere and its considered as one of the biggest scam this year and the biggest yet in Vietnam. Just sad that people lose big amounts of money to those criminals.

But if you look closely, the project is promising a return of 40%. Wow, if you thinking logically, how the hell can this company pay its investors this kind of huge return? One must simply used their common sense to not fall for this kind of trap and please don't be greedy because it will cause your downfall.

We don't now where Modern Tech is hiding now, but I'm sure that they are cooking another scam so beware.

[mynamehere]

Very many of the 531 ICOs that failed last year looked like a very futuristic concept from the very beginning. In most cases, experienced investors could identify signs of a skam and be cautious. However, not all have experience in investing, and for this reason some projects still attract up to $ 300 million or more. Since the ICO mania does not show any signs of easing, there is no reason to believe that this year the Crowdsley will be better off. Due to increased competition and an endless stream of potentially tempting ICOs, crypto-investment in 2018 will be even more risky than ever.

[xuan87]

Wow that number is fantastic, I knew that ico can collect so many funds but I never thought it can raised until 600m but the 40% profit really make the greedy people interested, no wonder people keep on creating an ico to scammed, but I hope no more scammed ico, we need to fix the crypto reputation so it can be accepted by the society

[crzy]

I don't know why people are always believe in ICO. The possibility of losing your money in investing in ICO is real. In fact, a lot of ICOs are just made to scam the people. I was so disappointed in this kind of news. I want to invest in ICO also but if this kind of scam will exist, the possibility to lessen the investors will happen.

People still believe on ICO because they believe on easy money, but yeah a lot of ICO is just a scam and this can affect the cryptomarket. ICO is a good way of making money, but since people are too greedy they will find ways to scam people so better to study carefully and make time for research.

[invincible49]

That is really an astounding number of money! People who invested in that ICO should have done a thorough research on the project. First question comes to my mind is how is this even possible that an ICO raising more than half a billion dollar. What I've gathered from news site is that the Pincoin project was more like a ponzi scheme being run by some Vietnamese. How long till people realize you should never invest in any ponzi or pyramid program? Let's hope Vietnam government finds out those scammer and recovers at least some of  that money.

[hadveach]

this will give a bad effect on the crypto world, if the world is concerned withcrypto I think the world should take a positive action to the world of crypto, because now many investors are interested to save their wealth in crypto, so to protect the world's investors must make positive regulation.

when the condition today, we and especially investors should be more careful because now many ICO who do not have permission from the SEC. such as ICO centra WXCoin and others. even now many scam ICO and many Ponzi ICO

[Johnyz]

this will give a bad effect on the crypto world, if the world is concerned withcrypto I think the world should take a positive action to the world of crypto, because now many investors are interested to save their wealth in crypto, so to protect the world's investors must make positive regulation.

when the condition today, we and especially investors should be more careful because now many ICO who do not have permission from the SEC. such as ICO centra WXCoin and others. even now many scam ICO and many Ponzi ICO

Well this is not just the first time we heard about scams in cryptoworld, yes it can really affect the price but it will not happen in the long run. We must be careful when joining ICO because not all those project will succeed and sometimes its really a scam.

[BettingTips]

The ICO is currently well-known for over-scamming investors, with fraudulent amounts of more than $ 600 million. What a scam and many investors have trapped this multi-level coin. A project is not going to help life but only to appropriate the money of inexperienced investors, worsened by the multi-level model of this project.

[Crypto-capitalist]

Sadly nothing will happen to ICOs and people. ICOs will still ask for more money than they know how to handle, and people will continue to give it to them. Of course it won't be the same people but after every scam there comes a new wave of people to fleece. Sometimes people get got more than once, but if they are smart it will only happen once.

In general agree with you. But my opinion is the ICO need regulation. Such as stock exchange. Because if this industry will not regulated - we will see a lot of scams in future. But the worst things that is the many new good projects will got a problems if they decide launch ICO. But the most of goverments already work on this.