Vietnam: Pincoin, Ifan ICOs Exposed As Scams That Allegedly Stole $660 Million

admin Bitcoin Startups, Blockchain News, Hacking, ICO's 0 Comments

Operators of two Initial Coin Offerings (ICOs) have gone silent after multiple reports revealed them to be scams that had conned an estimated 32,000 investors of an alleged $660 million in tokens, local news outlet Tuoi Tre News reported Monday, April 9. Ifan and Pincoin, cryptocurrency startups purportedly from Singapore and Dubai respectively, were allegedly multi-level marketing ponzi schemes under the control of Vietnam-based outfit Modern Tech. Having gathered what victims claim runs to 15 trln Vietnamese dong (about $660 mln) in token sales, a lack of hard currency payouts prompted a demonstration outside Modern Tech’s Ho Chi Minh City headquarters April 8. If the claim is proven true, the scam would be the largest in the crypto industry to date. Modern Tech had said it was only an official representative of both coins in Vietnam, before media reports confirmed its seven Vietnamese executives were in fact the masterminds behind them. According to local news outlet Viet Bao, the owner of Modern Tech’s office building said the company had moved out a month prior in early March. “Modern Tech left and liquidated a contract about one month ago,” the publication quotes the firm as saying. “No one knows where they are located now.” Pincoin had been under suspicion …

New framework unveiled in China for Bitcoin, blockchain technology

admin Blockchain, Blockchain News, Blockchain Start-Ups, blockchain technology, BlockChain Technology Opinions, CoinGreed, Crowdfunding, Crypto News, Digital Currencies, Investments 0 Comments

BI Intelligence Initial coin offerings (ICOs), a form of fundraising involving digital tokens, have gained popularity recently, prompting diverse parties to devote attention to how ICOs might fit into existing regulatory frameworks. Now, six Chinese blockchain technology industry associations have jointly publisheda framework, dubbed the Guiyang Blockchain ICO Consensus, suggesting ways blockchain technology companies should behave to reduce investor and stability risks around such token sales in China. The framework is purely advisory, however, since the six associations don’t have legislative powers. Given how quickly ICOs have taken off, the associations’ focus on this fundraising method is understandable. ICO fundraising volumes have reached $420 million in China, attracting over 100,000 participants, and there are now more than 40 platforms offering ICOs nationwide, according to Chinese media. China currently has no ICO-specific rules, but the People’s Bank of China (PBOC) has begun looking at how to regulate fintech as a whole, including by opening a digital currency center and conducting cryptocurrency exchange inspections. As ICOs get more traction, however, the regulator is likely to begin addressing them specifically, and may use the Guiyang framework to guide its own approach. It’s questionable how much value an ICO-specific framework will add. It seems increasingly clear that there isn’t necessarily a need for …

Bitcoin IRA Adds Support for Ethereum, Litecoin, and Bitcoin Cash

admin Blockchain, Blockchain News, Blockchain Start-Ups, blockchain technology, BlockChain Technology Opinions, CoinGreed, Crowdfunding, Crypto News, Digital Currencies, Investments 0 Comments

Cryptocurrency-related IRAs have exploded in popularity in the US lately Especially the Bitcoin IRA is immensely popular thanks to its […] The post Bitcoin IRA Adds Support for Ethereum, Litecoin, and Bitcoin Cash appeared first on Bitcoin Network, News, Charts, Guides & Analysis. Read More