Vietnam has the world's largest ICO fraud case so far? 32,000 people may have been defrauded of up to $660 million

According to Vietnamese local media Tuoi Tre New, two initial coin offering product projects were found to be scams, with an estimated 32,000 people being defrauded of up to US$660 million.

The two ICOs are Ifan and Pincoin, one claiming to be a cryptocurrency startup from Singapore and the other claiming to be from Dubai. Both ICOs are controlled by a local Vietnamese company Modern Tech and are suspected of being a multi-level marketing Ponzi scheme.

On April 8, local time, the victims claimed that the two initial coin offering projects raised 15 trillion Vietnamese dong, or $660 million, through token sales. However, since they were unable to make hard currency payments, the victims have held demonstrations at Modern Tech’s headquarters in Ho Chi Minh City.

If the incident is proven to be true, it will be the largest ICO scam in the global crypto industry to date.

According to Modern Tech, they are only the official representatives of Ifan and Pincoin in Vietnam. However, some media pointed out that the company’s seven Vietnamese executives are actually the masterminds behind the scenes.

In addition, Vietnamese news website Viet Bao reported that the owner of the property where Modern Tech’s office is located revealed that the company had moved out a month earlier in early March. The report quoted the owner as saying:

"Modern Tech settled their rent about a month ago and now no one knows where they are."

In fact, as early as a few months ago, some people on the Internet had doubts about the Pincoin project. The financial fraud directory website Behindmlm released an analysis report in February this year, which specifically mentioned that the project's buying method was very opaque and had the characteristics of a Ponzi scheme.

Currently, the Pincoin and Ifan project websites are still online, both of which pretend to be bridges between celebrities and fans and provide services to fans.