applancer Advertise

32,000 Vietnamese Investors Caught in Fraud Claiming A 48% Return!

Apr 15, 2018 Posted /  989 Views

32,000 Vietnamese Investors Caught in Fraud Claiming A 48% Return!

Cryptocurrency community is in dire need of some financial awareness and financial education classes, and all the recent scams that have happened till now have proved it well.

What has happened off late and which can be considered to be one of the biggest crypto scams ever, a huge group of Vietnamese investors around 32,000 of them have been robbed of their money by claiming a 48% in crypto investment something which is a lie, not even a blind and dumb will trust!

On the 9th of April, the Vietnamese police stated that $660 million were stolen from the investors, by two different ICO- iFan and Pension, run by the same parent in the city of Ho Chi Minh. Around 32,000 investors were duped and money laundering also took place outside the exchange facility raising some serious questions about how safe the money of investors are with these companies.

According to the victims, it was reported that the company had duped all of them out of VND 15 trln ($658 mln). This makes the scam one of the largest ones in the history of crypto and a record in the cryptocurrency industry and comes out to be whopping $20,500 per person, and it definitely manages to raise some serious questions in the absence of any of this detailed evidence - in particular, whether victims count the money they invested or the assumed value of tokens.

iFan was considered to be a social media platform for all the celebrities from all around the world to come and share their life on while Pension was considered to be an ERC20 token powering the PIN project. It further promised all its users up to 40% monthly return on investments that they had made on the landing page of the website.

It aimed to build an online platform which was to be run by pr to be powered by cryptocurrency and the Blockchain to create a peer to peer or a P2P marketplace.

After this alarming case, the government of Vietnam has decided to go out strict on this cryptocurrencies and make the way tougher than ever now. The issue was taken seriously further hen the Vietnamese Prime Minister Nguyen Xuan Phuc gave directives to the state bank to bring order in all the financial institutions and work towards educating the consumers on such matters.

What exactly happened? Well according to several media reports, the Modern Tech company was promising users as much as 48% returns on the iFan token and on the initial investment that they made of $1000. And if you referred new investors. You had an 8% commission on their luck and earning.

Apparently, this matter was taken by the government of Vietnam so seriously that it has apparently vetoed cryptocurrencies entirely, blocking its access to the country. But even that did not stop companies like Modern Tech into gaining acceptance and investment from the people, creating a wave for its own.

However, one thing was noticed that these scammers have targeted areas with low-level education and awareness. Chris Dunn, the former investor and founder of skill incubator said that “Recently, we've noticed scammers have been focusing promoting their Ponzi schemes in countries where financial literacy is low, which makes for easy targets.”

He also shared that it is high time that people are taught about how to keep their money safe and how to evaluate everything from the money coming into the money going out. In his words, “I believe countries that ban or severely restrict Blockchain innovation are only stealing prosperity from their citizens over the long-term. With that said, I understand why governments are taking a hard stance against ICO's right now since space is littered with scams.”

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

For more details on how you can submit an opinion or any news , view our Editorial Policy or email [email protected].

Tags: crypto investment biggest crypto scams ever

Hottest Blockchain Newsletter

For updates and exclusive offers, enter your e-mail below.