How is that even possible..
A team of 7 behind the Pincoin Token & iFan just did what seems impossible. Through their private & public sale, they have raised an approximate of $660 million from around 32,000 investors, and then ran away.
What do you think will happen now to ICO's and cryptos in general? People will now be afraid to invest, and the legitimate projects will be left behind with nothing...
Sources:
1) https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/
2) https://www.coindesk.com/vietnam-investigates-ico-fraud-660-million-losses-reported/
Yeah, I already read this news somewhere and its considered as one of the biggest scam this year and the biggest yet in Vietnam. Just sad that people lose big amounts of money to those criminals.
But if you look closely, the project is promising a return of 40%. Wow, if you thinking logically, how the hell can this company pay its investors this kind of huge return? One must simply used their common sense to not fall for this kind of trap and please don't be greedy because it will cause your downfall.
We don't now where Modern Tech is hiding now, but I'm sure that they are cooking another scam so beware.