Exit scammers run off with $660 million in ICO earnings

A Vietnamese cryptocurrency company Modern Tech launched an ICO for its Pincoin token, raising $660 million from approximately 32,000 people. The company first ran the Pincoin ICO, promising constant returns to investors, and then launched another token, iFan (a social network token for celebrities). Picoin investors first received cash from their investment and then the team began paying out rewards to Pincoin investors in iFan tokens.

Then the team disappeared.

This so-called exit scam could be that largest in recent memory and is also indicative of what’s to come in the ICO space. The team of seven Vietnamese nationals seem to have left the country while scammed investors massed outside the company’s old headquarters.

Pincoin was particularly unique in that it offered bonuses for bringing other people into the program, a tactic that might sound familiar. The scammers paid out in cash until January when they began sending iFan tokens. Then, last month, the team vacated their fancy offices leaving only an oddly well-made – if incomplete – website in its wake. Taking a closer look at the site we find a model of obfuscation. The mission – “The PIN Project is about building an online collaborative consumption platform for global community, base on principles of Sharing Economy, Blockchain Technology, and Crypto Currency” – seems on par with other pie-in-the-sky solutions but there is no mention of any founders or advisors and even their fancy, multi-lingual white paper, has no clear founder information. In short, the team paid a great deal for a very nice website and convinced thousands of people it was legitimate.

Another ICO Exit Scam after raising $660 million and ran away with the ICO earnings. Such disgusting scams do harm the whole Blockchain development and bring honest project in discredit. Shame on them!!!

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Source: https://tcrn.ch/2GWioIi![]