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Vietnamese Cryptocurrency Company Goes Dark

Vietnamese Cryptocurrency Company Goes Dark After purportedly Duping Investors Of 660mil Usd  In ICOs

Vietnamese Cryptocurrency

Ho Chi Minh City-based company Modern Tech has gone dark

after allegedly deceiving 32,000 people into investing an estimated VND15 trillion (US$660 million) into two fake cryptocurrency projects.

Dozens of disappointed investors gathered in front of Modern Tech’s headquarters in the business district of Ho Chi Minh City on Sunday, carrying signs denouncing the company’s fraudulent activities and asking for to be refunded, reports local news outlet Tuoi Tre.

The owner of the Vietnamreal building where Modern Tech was initially headquartered toldreporters on Monday that the company had cleared out its office about a month before the events.

Ifan was promoted as “the most advanced social network” for celebrities and artists, enabling them to better connect with their fans. Its native token was intended to be utilized for downloads, album and live performances ticket purchases, as well as merchandises and endorsements.

Pincoin was promoted basically as an “investment opportunity” promising up to 40% in monthly profit. It claimed to be managed by the so-called PIN Foundation.

Investors were informed that the tokens they received would see their value skyrocket once they hit the secondary market. Modern Tech also additionally guaranteed 8% commission for every new member introduced.

Investors developed suspicious when the company began to stop paying commissions in real money, but in tokens.
Investors could see the estimation value of their investment rise on a daily basis in the dashboard yet would never be able to withdraw them in cash.-Vietnamese Cryptocurrency

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