Asia has been through more than its fair share of nasty crypto scam dramas, from the Mt. Gox scandal right through to 2021 and its plethora of AI-powered fraudsters.
In part 3 of a three-part series, Cryptonews.com looks at just a few of the continent’s most infamous instances of crypto fraud.
Part 3: iFan and Pincoin
The PlusToken scam found fertile ground in Vietnam, but the nation was also the victim of two interlinked initial coin offering (ICOs) schemes that sparked street protests and a full-blooded, nationwide crypto crackdown.
Named iFan and Pincoin, the projects were the brainchild of Bui Thi My Ngoc, Ho Phu Ty, Ho Xuan Van, Luong Huynh Quoc Huy, Luu Trong Tuan, Nguyen Duc Trong, Nguyen Trung Hieu, and Vu Huu Loi. The group exhibited no shortage of business acumen, claiming that the projects originated in India and Singapore, instead of admitting that they were actually home-grown.
As a front, they used a company named Modern Tech, which was registered with the appropriate tax and legal department. They used this firm to hold large-scale events across the country, from Ho Chi Minh City, Vung Tau, and Hanoi to rural areas, accruing millions of dollars worth of investment (mostly bitcoin (BTC) and ethereum (ETH)) in the space of just a few months.
In a retrospective piece published in May this year, Vietnam Biz reported that Modern Tech claimed to “specialize in the research and…