A Vietnamese company just vanished with $660 million in investor cash after running one of the year's biggest ICO scams.
PinCoin launched in February promising returns up to 312% on investments in PIN points. About 32,000 people bought in. Then the operators disappeared with the money.
Modern Tech, a Hanoi and Ho Chi Minh City-based company owned by seven Vietnamese nationals, ran PinCoin. The same group operated iFan, a parallel investment scheme marketed as a cryptocurrency payment system between celebrities and fans.
Both scams followed the same playbook. Modern Tech told investors their tokens would skyrocket in value once PinCoin and iFan officially became cryptocurrencies. Early on, the company actually paid out the promised returns in real money. That stopped when they switched to paying in PIN points—digital tokens worth nothing that Modern Tech generated at virtually zero cost.
Investors caught on fast. They stopped getting paid. Last Sunday, a group of victims protested outside Modern Tech's Ho Chi Minh office. Others are collecting signatures for an official complaint to authorities.
The company also lied about where it operated. They claimed PinCoin was based in Dubai and iFan in Singapore. Both were fake fronts for the operation running out of Vietnam.
Modern Tech isn't alone. Vietnam has become a breeding ground for ICO fraud. BitConnect, which collapsed as the largest ICO lending Ponzi scam on record, also had deep ties to the country.
Whether Vietnamese authorities will pursue the case is unclear. The seven operators have the $660 million and a significant head start.
🤖 Quick Answer
What was the PinCoin ICO scam?PinCoin was a fraudulent investment scheme launched by Modern Tech, a Vietnamese company, in February 2018. It promised returns up to 312% on PIN token investments from approximately 32,000 investors. The operators disappeared with $660 million in investor funds after initially paying returns to build credibility before executing the exit scam.
Who operated the PinCoin and iFan schemes?
Modern Tech, based in Hanoi and Ho Chi Minh City, operated both schemes. The company was owned by seven Vietnamese nationals. They ran parallel investment frauds: PinCoin marketed as cryptocurrency tokens and iFan as a celebrity-fan payment system, employing identical deceptive tactics and investment promises.
How did the PinCoin scam operate?
Modern Tech initially paid promised returns to investors in real money, establishing cred
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