Vietnamese cryptocurrency company Modern Tech disappeared with 660 million dollars

Vietnamese company Modern Tech is gone, deceiving about 32 000 people, invested in two fraudulent cryptocurrency project more than 15 trillion VND (660 million USD).

On Sunday, dozens of unhappy investors gathered outside the company’s office in Ho Chi Minh city demanding the return of the money invested. However, the owner of the building, which housed the office, Modern Tech, said that the company had moved about a month ago.

The company Modern Tech said that is the authorized representative of the two cryptocurrencies, Ifan and Pincoin. On their behalf it held two initial placement of tokens (ICO).

Ifan the project was positioned as «the most advanced social network» for celebrities and artists, allowing them to communicate with the fans. Tokens would be used to download music and purchase albums and concert tickets.

Cryptocurrency Pincoin were offered simply as «investment opportunities», guaranteeing up to 40% monthly profit. It was stated that it was controlled by the so-called PIN Foundation Fund.

The investors have promised that the price of the purchased tokens will soar immediately after they fall on the secondary market. Advanced Modern Tech offered a Commission of 8% for each new customer.

After the company ceased to pay Commission to the real money replacing them with tokens, investors became suspicious. Investors saw the value of their investment daily grew but they could not translate tokens into cash.

Soon social networks and forums were filled with complaints of defrauded investors, lamenting that invested in the pyramid.

Despite many warnings, the prevalence of fraudulent projects in the cryptocurrency space is not reduced. The scammers convince naive investors to invest their savings in the next «major project», promising absolutely absurd for the size of the income.

In March, the cryptocurrency startup Device Giza disappeared, gathered with the help of fake ICO cryptocurrency equivalent of 2 million U.S. dollars. The funds collected were to be used for the development of «super-storage device» cryptocurrency.

In early April, in India was arrested the self-proclaimed «gurus of the cryptocurrency», the businessman Amit Bhardwaj (Amit Bhardwaj).

Were in the course of the year in the run Bhardwaj was arrested on 4 April in Bangkok airport and sent to Pune to appear before the court. He is accused of defrauding investors with the help of cryptocurrency financial pyramids. According to involved in the investigation of high-ranking officials, the total amount collected Bardem funds ranges between 769 million and 2 billion US dollars.

Bhardwaj managed several businesses, including GainBitcoin, GBMiners, MCAP and GB21. His book, entitled «Bitcoin for beginners» actively promoted in social networks actors of bollywood.

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