This pipcoin thing started as a decentralised Ponzi scheme early February 2016, paying 35% interest a month. Members believed they were depositing funds into each other accounts, though in reality, almost all the funds found its way to Ref Wayne’s bank accounts.  The Ponzi scheme actually lasted for four months only, it collapsed in June 2016.
To hide the collapse, the scheme was changed into a pipcoin trading exchange. Unfortunately, the pipcoin value dropped from $7 per coin to about $0.04 per coin.
It’s a very sad story, as it is mostly the poorest – students and pensioners - who lost out. Probably 98% of about 90 000 people who had invested in the scheme lost out. Some lost as much as $30 000 each.