小芯cc
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Pincoin & iFan is the largest cryptocurrency scam in Vietnam in 2019, orchestrated by the local company F8 Group, using the false commercial loop of "blockchain + tourism + e-commerce" as a gimmick, and designed a Ponzi scheme collection model.
The project team held large-scale presentations offline, inviting internet celebrities and pseudo-industry experts to endorse it, forging investment agreements and high return proofs, promising ordinary people a fixed return of 6%-18% per month, while setting up a rebate mechanism for recruiting subordinates, encouraging investors to develop hierarchical teams. This combination quickly attracted over 320,000 investors, accumulating approximately $660 million in funds.
In mid-2019, the project collapsed completely due to a break in the capital chain, and the core operator fled abroad with the funds, leaving countless investors with nothing. The incident triggered large-scale rights protection protests in many parts of Vietnam. After police intervention, some lower-level agents were arrested, but the main culprit has still not been brought to justice, and almost all of the investors' losses are irretrievable.
This case has also become a typical example of cryptocurrency scams in Southeast Asia, exposing issues such as the public's lack of understanding of blockchain and the lagging regulatory system in small economies, sounding the alarm for global cryptocurrency investment risks.
The project team held large-scale presentations offline, inviting internet celebrities and pseudo-industry experts to endorse it, forging investment agreements and high return proofs, promising ordinary people a fixed return of 6%-18% per month, while setting up a rebate mechanism for recruiting subordinates, encouraging investors to develop hierarchical teams. This combination quickly attracted over 320,000 investors, accumulating approximately $660 million in funds.
In mid-2019, the project collapsed completely due to a break in the capital chain, and the core operator fled abroad with the funds, leaving countless investors with nothing. The incident triggered large-scale rights protection protests in many parts of Vietnam. After police intervention, some lower-level agents were arrested, but the main culprit has still not been brought to justice, and almost all of the investors' losses are irretrievable.
This case has also become a typical example of cryptocurrency scams in Southeast Asia, exposing issues such as the public's lack of understanding of blockchain and the lagging regulatory system in small economies, sounding the alarm for global cryptocurrency investment risks.
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