Vietnamese authorities have asked the local ministry to investigate two false fraudulent ICOs. Which fined 32,000 investors of $620 million.
Toi tre news reports the fingers at the crypto coin Pincoin and Ifan.
An estimated 32,000 investors were persuaded into investing into the schemes that incentivized older investors to rope in new investors. In a further sign of a brazen ponzi fraud, Pincoin – which claims to be an Ethereum standard ERC-20 token – claims to offer investors returns of up to 40% every month on its website that is complete with a picture of a yellow Lamborghini.
News source : CCN.com
Image Source: Google