Remember Pincoin and Ifan Scam ?
In 2018, the crypto world was rocked by the revelation of the "Pincoin" and "iFan" scams, collectively known as the "Vietnamese cryptocurrency fraud." These scams targeted thousands of investors in Vietnam, promising high returns through investment in two digital tokens: Pincoin and iFan.
The masterminds behind the scheme, a group known as Modern Tech, lured investors with promises of guaranteed returns of up to 48% per month. They organized flashy events and enlisted local celebrities to endorse the project, creating an aura of legitimacy around their operation.
As more and more investors poured their money into Pincoin and iFan, the scheme continued to grow, with Modern Tech amassing millions of dollars in investment funds. However, the truth soon emerged: both tokens were nothing more than elaborate Ponzi schemes.
In April 2018, Modern Tech suddenly disappeared, leaving investors empty-handed and outraged. Thousands of people lost their life savings, and protests erupted across Vietnam as victims demanded justice.
The Pincoin and iFan scams served as a stark reminder of the prevalence of fraud in the crypto world and the need for greater regulation and investor education. The incident prompted authorities in Vietnam to take action against fraudulent cryptocurrency schemes, but the scars left by the scams continued to linger for years to come.
