$600 Million Pincoin, iFan ICO Scam- Be Vigilant, not every ICO have happy endings!
Credit; CryptoCrimson
Credit; Cointelegraph
Not all that Glitters is gold...
An ancient saying which still rings in my head, why? Because that was how a girl I loved broke up with me; with that same line via a text message!
The same sentence applies to the Blockchain and all it glamours, returns on Initial Coin Offerings could be extremely lucrative. You could go from "just that guy, to that rich guy" if all cards are played well and ultimately you never get swindled. There are many scumbags out there ready to bail out on investors money once it hits Millions or Billions from ICO earnings just like the Pincoin/iFan Token Scam, some groups of guys ran off with $660 million in ICO earnings in Vietnam; a lesson for all crypto-enthusiast.
This could be the largest ICO fraud so far, even though there had been other similar cases but with not so large an amount. It is important to note that the current unregulated ICO market is a fascinating system to swindle unsuspecting investors all over the world from their hard earned money.
A BLOCKCHAIN HEIST
Pincoin Token is a Vietnamese cryptocurrency launched by "Modern Tech" raising $660 Million from over 31,000 people/investors. The team behind this project was a group of seven Vietnamese Nationals who at first paid the investors in cash for their investment which was pegged at 48% profit a month on initial investments, down the line; another token was launched by the same team which was called iFan Token - A Social network token for celebrities which was subsequently used to pay investors on their promised interest on profit before the disappearance into thin air of the team.
"In fact, the real mastermind behind these projects is a team of seven Vietnamese nationals, who have held different conferences in Hanoi, Ho Chi Minh City and even remote areas to lure investors who have been told that they would enjoy a profit rate of 48% a month from their initial investment, and recoup all investments after four months. People would also be rewarded with an 8% commission for every new member they have introduced to the network."- Tuoi Tre news
To both old and new Investors, to those just venturing into the Blockchain Investment, be wise and do your homework. Only invest an amount that won't "Tear Your Pockets", that is; any amount that you could afford losing because ICOs are like gambling at a Casino; when you win, you win. When you loose, you loose; then shake it off and head back home.
"Stay smart and not frosty; never fall victim to ICO scams or any Blockchain swindling"- @oluwoleolaide
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very useful post. Thank you for the reminder
So sad tragedy, dont be mad or sad but i think those girls are money girls you know :((
What Girls?
I have told myself all ICOs are scam till they are listed and trading. I prefer to buy a few quantity of good coins, hurdle and wait for it to moon.. it's sad tho and I pray those behind this are caught.
Best ways to go buy it Sweetone, buy from exchange seems the most "Casuality free" ways.
In as much as ICO's can make an investor if things works out well, it can as well break investors should it be a scam.
That's the big risk I never consider taking at all.
I rather buy coins that are already exchanging and wait patiently for them to grow than buy an ICO I don't trust.
ifan I scam. Thanks for posting this. Here is my criteria for a quality ICO https://steemit.com/money/@crypticat/ninelives-of-icos