Victims of the scam hold a protest sign in front of the Modern Tech headquarters in Ho Chi Minh City on April 8, 2018. Photo: Tuoi Tre
Ho Chi Minh City-based company Modern Tech has gone dark after allegedly deceiving 32,000 people into investing an estimated VND15 trillion (US$660 million) into two fake cryptocurrency projects.
Dozens of disgruntled investors gathered in front of Modern Tech’s headquarters in the business district of Ho Chi Minh City on Sunday, carrying signs denouncing the company’s fraudulent activities and requesting to be refunded, reports[1] local news outlet Tuoi Tre.
The owner of the Vietnamreal building where Modern Tech was initially headquartered told[2] reporters on Monday that the company had cleared out its office about a month prior to the events.
Modern Tech had claimed to be the authorized Vietnamese representative of two cryptocurrencies, Ifan[3] and Pincoin[4]. It was responsible for conducting two initial coin offerings (ICOs) on their behalf.
Ifan was marketed as “the most advanced social network” for celebrities and artists, enabling them to better connect with their fans. Its native token was intended to be used for downloads, album and live performances ticket purchases, as well as merchandises and endorsements.
Ifan homepage (Ifan.io)
Pincoin was marketed simply as an “investment opportunity” promising up to 40% in monthly profit. It claimed to be overseen by the so-called PIN Foundation.
Investors were told that the tokens they received would see their value skyrocket once they hit the secondary market. Modern Tech also promised an 8% commission for every new member introduced.
Pincoin investment packages, via Twitter
Investors grew suspicious when the company began to stop paying commissions in real money,
