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Vietnam: Pincoin, Ifan ICOs Exposed As Scams That Allegedly Stole $660 Million

Published 04/10/2018, 10:38 AM
Updated 04/11/2018, 12:02 PM
Vietnam: Pincoin, Ifan ICOs Exposed As Scams That Allegedly Stole $660 Million

Operators of two Initial Coin Offerings (ICOs) have gone silent after multiple reports revealed them to be scams that had conned an estimated 32,000 investors of an alleged $660 million in tokens, local news outlet Tuoi Tre News reported Monday, April 9.

Ifan and Pincoin, cryptocurrency startups purportedly from Singapore and Dubai respectively, were allegedly multi-level marketing ponzi schemes under the control of Vietnam-based outfit Modern Tech.

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