Pincoin says they are the cryptocurrency for the "shareing ecnomy": sharing is caring. Ifan claims to be the "most advanced social network" in the seminor in luxury conference center, purpose make victims see the monumental ICO and high profit from project. The represent of them in Vietnam is Modern Tech. They told investors the value of these coins would make them rich. Both of these scam had white papers and professional website.
PIN project is about building an online collaborative consumption platform for global community base on principles of sharing Economy, Blockchain Technology, crypto currency. Pincoin used MLM recuiting and gave you 9 way to earn money:
1. Mission Bonus.
2. Direct sponsor Bonus.
3. Fast start Bonus.
4. Matching bonus.
5. Pairing Bonus.
6. Pairing Plus Bonus.
7. Maintain Bonus.
8. Ranking Bonus.
9. Pool Bonus.
Result: Like all ponzi schemes, investors could see the value of their token rise within the platforms' system, but the were unable to withdraw their profits in cash.
IFan project: talk about the platform sharing of profits against celebrities, enable to generate revenue based on their content, images and information on social networks. Actors, Idols, athletes or celebities all who act in present or even who have retired, they still manage and work to attract their fans.
Ifan based on the Ethereum Platform, with lending program may earn up to 48% interest per month.
Result: same pincoin, investors can't withdraw their profit in cash.
Conclusion: Estimates 32.000 investor have been scammed by the Ifan and Pincoin ICO. These victims have said they have lost $660,79 million. Since these scams have stopped paying, there was a demonstration outside Modern Tech's headquarters in HoChiMinh city on april 8. Modern Tech had left their bulding the month before and no knows where they are now. This is the big danger ICOs. Many times you do not know the actual people behind the offering, when they decide to take your money, they just walk away.
Known, the Public Security Department investigated the Ifan money fraud schemes.