iFan And Pincoin ICO Scams

Modern Tech claims to be the authorized agent for launching two cryptocurrency ICOs, Ifan and Pincoin. Pincoin says they are the cryptocurrency for the “sharing economy.”: Sharing is caring. iFan claims to be the “most advanced social network”.

An Initial Coin Offering (ICO) is an unregulated means of crowdfunding via use of cryptocurrency, which can be a source of capital for startup companies. In an ICO a percentage of the newly issued cryptocurrency is sold to investors in exchange for legal tender or other cryptocurrencies such as Bitcoin. Since ICOs are unregulated, scammers have free rein to tell you anything to get your money.

Modern Tech has convinced people to invest in two new cryptocurrencies, Ifan and Pincoin.  They told Investors the value of these coins would make them rich. Both of these scams had white papers and professional websites.

Here is what happened next:

Claims: The PIN Project is about building an online collaborative consumption platform for global community, base on principles of Sharing Economy, Blockchain Technology, and Crypto Currency.

PIN Coin (PIN) is a ERC-20 token issued by the PIN Foundation to carry out a number of functions inside the PIN digital eco-systems as well as over the world.

Pincoin used MLM recruiting and gave you 9 ways to earn.

Click Here to see the details of their compensation plan.

Result: Like all Ponzi schemes, investors could see the value of their token rise within the platforms’ system, but they were unable to withdraw their profits in cash.

Claims: The outstanding aspect of the iFan platform is the sharing of profits against celebrities, enabling them to generate revenue based on their content, images and information on social networks. Actors, idols, athletes, or celebrities all who act in present or even who have retired, they still manage and work to attract their fans.

iFan Roadmap

  1. iFan token release, open office in Singapore, US, Vietnam
  2. Cooperate with Top 10 stars in Singapore, Thailand, Vietnam, Malaysia.
  3. Top 10 stars in SG, TL, VN, ML. Market expansion in: Korea, China, USA
  4. iFan Social Networking Application, iFan financial foundation
  5. Issue domestic iFan card for local payment and local ATMs
  6. Work with banks in SG, TL, VN, ML, KR. Link iFan Cards with Visa/Master
  7. iFan Social Insurance Fund, iFan blockchain Labs/University

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

Lenders who invest in IFan’s crypto lending program may earn up to 48% interest per month.

BEGINNER $100 – $1,000 Volatility (Up to 48%) 120 days
EXPLORER $1,010 – $5,000 Volatility (Up to 48%) + 0.1% Daily 110 days
POWER $5,010 – $10,000 Volatility (Up to 48%) + 0.2% Daily 100 days
VIP $10,010 – $25,000 Volatility (Up to 48%) + 0.25% Daily 90 days
ENTREPRENEUR $25,010 – $100,000 Volatility (Up to 48%) + 0.3% Daily 80 days
FOUNDER $100,010++ Volatility (Up to 48%) + 0.35% Daily 60 days

Result: Like all Ponzi schemes, investors could see the value of their token rise within the platforms’ system, but they were unable to withdraw their profits in cash.

iFan And Pincoin ICO Scams Conclusion

It is estimated 32,000 people have been scammed by the Ifan and Pincoin ICOs. These victims have said they have lost $660.79 million. Since these scams have stopped paying, there was a demonstration outside Modern Tech’s Ho Chi Minh City headquarters on April 8. Modern Tech had left their building the month before and no one knows where they are now. This is the big danger with ICOs. Many times you do not know the actual people behind the offering.  When they decide to take your money, they just walk away.