Audit log

Every state-changing event for Pincoin: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-30 12:59:22Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 423,161,101

   sig

   5pTMsEbHLaUX…GCFrwrWLcopyexplorer ↗

   hash

   62ZRBPviPiNf…w4uT2VAtcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (13886 B) ▸

   {"actor":"system:backfill","investigation_id":"16151717-146b-46bd-a53a-bf4e2d2acb8b","kind":"publish","page_slug":"pincoin","published_at":"2026-05-30T12:59:22.371Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Pincoin","sections":[{"content":"","heading":"Overview and Scheme Structure","severity":"critical","sources":[{"credibility":2,"name":"Vietnam Investigates ICO Fraud After $660 Million in Losses Reported — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2018/04/11/vietnam-investigates-ico-fraud-after-660-million-in-losses-reported"},{"credibility":2,"name":"Who stands behind Vietnam's largest cryptocurrency scam? — Vietnam Investment Review","type":"news_article","url":"https://vir.com.vn/who-stands-behind-vietnams-largest-cryptocurrency-scam-58291.html"},{"credibility":1,"name":"Exit scammers run off with $660 million in ICO earnings — TechCrunch","type":"news_article","url":"https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/"}]},{"content":"","heading":"MLM Mechanics and Investor Promises","severity":"critical","sources":[{"credibility":2,"name":"'48 Percent Returns Monthly': How 32,000 Vietnam Investors Got Caught By Ponzi Scheme — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/48-percent-returns-monthly-how-32000-vietnam-investors-got-caught-by-ponzi-scheme"},{"credibility":2,"name":"Ifan And Pincoin ICOs Duped Vietnamese Investors for $660 Million — Finance Magnates","type":"news_article","url":"https://www.financemagnates.com/cryptocurrency/news/ifan-pincoin-icos-allegedly-duped-vietnamese-investors-660-million/"},{"credibility":2,"name":"Another Initial Coin Offering Scam Grabs $660M From Investors — Digital Trends","type":"news_article","url":"https://www.digitaltrends.com/computing/modern-tech-accused-ico-investment-theft/"}]},{"content":"","heading":"Founders and Operator Profiles","severity":"critical","sources":[{"credibility":2,"name":"Who stands behind Vietnam's largest cryptocurrency scam? — Vietnam Investment Review","type":"news_article","url":"https://vir.com.vn/who-stands-behind-vietnams-largest-cryptocurrency-scam-58291.html"},{"credibility":2,"name":"Vietnam Investigates Alleged $660 Million ICO Fraud of Pincoin, Ifan — CCN","type":"news_article","url":"https://www.ccn.com/vietnam-investigates-alleged-660-million-ico-fraud-of-pincoin-ifan/"},{"credibility":1,"name":"Exit scammers run off with $660 million in ICO earnings — TechCrunch","type":"news_article","url":"https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/"}]},{"content":"","heading":"Collapse, Investor Protests, and Scale of Losses","severity":"critical","sources":[{"credibility":2,"name":"An Alleged $660 Million ICO Scam Sparked a Protest In Vietnam — Vice","type":"news_article","url":"https://www.vice.com/en/article/ywxxe7/vietnam-alleged-ico-scam-protest"},{"credibility":2,"name":"Vietnam Investigates ICO Fraud After $660 Million in Losses Reported — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2018/04/11/vietnam-investigates-ico-fraud-after-660-million-in-losses-reported"},{"credibility":2,"name":"Vietnamese investors lost $658 million to alleged cryptocurrency scam — Tech Wire Asia","type":"news_article","url":"https://techwireasia.com/2018/04/vietnamese-investors-lost-658-million-to-alleged-cryptocurrency-scam/"},{"credibility":3,"name":"$660 Million Pincoin and iFan ICO Fraud Leads to Protests in Vietnam — CryptoGround","type":"news_article","url":"https://www.cryptoground.com/a/660-million-pincoin-ifan-ico-fraud-vietnam"}]},{"content":"","heading":"Government Response and Regulatory Consequences","severity":"high","sources":[{"credibility":2,"name":"City investigates fraud case — Vietnam News","type":"news_article","url":"https://vietnamnews.vn/economy/426152/city-investigates-fraud-case.html"},{"credibility":2,"name":"Vietnam Toughens Measures On Crypto Amid Suspicion Of Biggest Scam In Industry History — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/vietnam-toughens-measures-on-crypto-amid-suspicion-of-biggest-scam-in-industry-history/amp"},{"credibility":2,"name":"Vietnam Responds to Crypto Scam With Calls For a Harder Line on Digital Currencies — NewsBTC","type":"news_article","url":"https://www.newsbtc.com/news/ico/vietnam-responds-crypto-scam-calls-harder-line-digital-currencies/"},{"credibility":2,"name":"Vietnam to Investigate USD 658m Crypto Fraud Allegations — CryptoNews","type":"news_article","url":"https://cryptonews.com/exclusives/vietnam-to-investigate-usd-658m-crypto-fraud-allegations-1561.htm"}]},{"content":"","heading":"Historical Context and Precedent","severity":"high","sources":[{"credibility":2,"name":"Pincoin and iFan — Blockchain Developer's Guide (O'Reilly)","type":"research","url":"https://www.oreilly.com/library/view/blockchain-developers-guide/9781789954722/8318194e-8eba-4bb4-9e30-d964c5fd4238.xhtml"},{"credibility":3,"name":"Three of the most disastrous initial coin offering scams the world has seen — CoinInsider","type":"news_article","url":"https://www.coininsider.com/top-three-ico-scams/"},{"credibility":2,"name":"Alleged Vietnamese $660 million fraud reveals crypto dangers remain real — Asia Times","type":"news_article","url":"https://asiatimes.com/2018/04/alleged-vietnamese-660-million-fraud-reveals-crypto-dangers-remain-real/"},{"credibility":2,"name":"Thousands duped by cryptocurrency scams in Vietnam in 2018 — VnExpress International","type":"news_article","url":"https://e.vnexpress.net/news/business/companies/thousands-duped-by-cryptocurrency-scams-in-vietnam-in-2018-3859459.html"}]}],"sources_used":[{"credibility":2,"name":"Vietnam Investigates ICO Fraud After $660 Million in Losses Reported — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2018/04/11/vietnam-investigates-ico-fraud-after-660-million-in-losses-reported"},{"credibility":1,"name":"Exit scammers run off with $660 million in ICO earnings — TechCrunch","type":"news_article","url":"https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/"},{"credibility":2,"name":"An Alleged $660 Million ICO Scam Sparked a Protest In Vietnam — Vice","type":"news_article","url":"https://www.vice.com/en/article/ywxxe7/vietnam-alleged-ico-scam-protest"},{"credibility":2,"name":"Who stands behind Vietnam's largest cryptocurrency scam? — Vietnam Investment Review","type":"news_article","url":"https://vir.com.vn/who-stands-behind-vietnams-largest-cryptocurrency-scam-58291.html"},{"credibility":2,"name":"Vietnam Investigates Alleged $660 Million ICO Fraud of Pincoin, Ifan — CCN","type":"news_article","url":"https://www.ccn.com/vietnam-investigates-alleged-660-million-ico-fraud-of-pincoin-ifan/"},{"credibility":2,"name":"City investigates fraud case — Vietnam News","type":"news_article","url":"https://vietnamnews.vn/economy/426152/city-investigates-fraud-case.html"},{"credibility":2,"name":"Vietnam: Pincoin, Ifan ICOs Exposed As Scams That Allegedly Stole $660 Million — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/vietnam-pincoin-ifan-icos-exposed-as-scams-that-allegedly-stole-660-million"},{"credibility":2,"name":"'48 Percent Returns Monthly': How 32,000 Vietnam Investors Got Caught By Ponzi Scheme — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/48-percent-returns-monthly-how-32000-vietnam-investors-got-caught-by-ponzi-scheme"},{"credibility":2,"name":"Ifan And Pincoin ICOs Duped Vietnamese Investors for $660 Million — Finance Magnates","type":"news_article","url":"https://www.financemagnates.com/cryptocurrency/news/ifan-pincoin-icos-allegedly-duped-vietnamese-investors-660-million/"},{"credibility":2,"name":"Vietnamese investors lost $658 million to alleged cryptocurrency scam — Tech Wire Asia","type":"news_article","url":"https://techwireasia.com/2018/04/vietnamese-investors-lost-658-million-to-alleged-cryptocurrency-scam/"},{"credibility":2,"name":"Team Behind $660M ICO In Vietnam Disappears — PYMNTS","type":"news_article","url":"https://www.pymnts.com/cryptocurrency/2018/modern-tech-vietnam-ico-exit-scam/"},{"credibility":2,"name":"Another Initial Coin Offering Scam Grabs $660M From Investors — Digital Trends","type":"news_article","url":"https://www.digitaltrends.com/computing/modern-tech-accused-ico-investment-theft/"},{"credibility":2,"name":"Vietnam Toughens Measures On Crypto Amid Suspicion Of Biggest Scam In Industry History — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/vietnam-toughens-measures-on-crypto-amid-suspicion-of-biggest-scam-in-industry-history/amp"},{"credibility":2,"name":"Alleged Vietnamese $660 million fraud reveals crypto dangers remain real — Asia Times","type":"news_article","url":"https://asiatimes.com/2018/04/alleged-vietnamese-660-million-fraud-reveals-crypto-dangers-remain-real/"},{"credibility":2,"name":"Thousands duped by cryptocurrency scams in Vietnam in 2018 — VnExpress International","type":"news_article","url":"https://e.vnexpress.net/news/business/companies/thousands-duped-by-cryptocurrency-scams-in-vietnam-in-2018-3859459.html"},{"credibility":3,"name":"$660 Million Pincoin and iFan ICO Fraud Leads to Protests in Vietnam — CryptoGround","type":"news_article","url":"https://www.cryptoground.com/a/660-million-pincoin-ifan-ico-fraud-vietnam"},{"credibility":2,"name":"Pincoin and iFan — Blockchain Developer's Guide (O'Reilly)","type":"research","url":"https://www.oreilly.com/library/view/blockchain-developers-guide/9781789954722/8318194e-8eba-4bb4-9e30-d964c5fd4238.xhtml"},{"credibility":2,"name":"Vietnam Responds to Crypto Scam With Calls For a Harder Line on Digital Currencies — NewsBTC","type":"news_article","url":"https://www.newsbtc.com/news/ico/vietnam-responds-crypto-scam-calls-harder-line-digital-currencies/"},{"credibility":2,"name":"Vietnam to Investigate USD 658m Crypto Fraud Allegations — CryptoNews","type":"news_article","url":"https://cryptonews.com/exclusives/vietnam-to-investigate-usd-658m-crypto-fraud-allegations-1561.htm"}],"summary":"Pincoin was an ERC-20 token issued by Modern Tech Joint-Stock Company, a Ho Chi Minh City-based firm that operated a dual-token multi-level marketing Ponzi scheme alongside a companion token called iFan. Between 2017 and early 2018, Modern Tech allegedly raised approximately $660 million USD (15 trillion Vietnamese dong) from around 32,000 investors in Vietnam by promising monthly returns of 40–48 percent and recruitment commissions. In April 2018, the company ceased all cash payments, began issuing worthless iFan tokens in lieu of returns, and then vacated its offices; eight named founders fled Vietnam and have not been extradited.","timeline":[{"date":"2017-01-01","event":"Modern Tech JSC begins operating Pincoin ICO, soliciting investors in Vietnam with promises of 40–48% monthly returns and 8% referral commissions.","source":"TechCrunch","source_url":"https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/"},{"date":"2017-06-01","event":"Modern Tech launches the companion iFan token, marketed as a social-media platform for celebrities, under the same MLM recruitment structure.","source":"Finance Magnates","source_url":"https://www.financemagnates.com/cryptocurrency/news/ifan-pincoin-icos-allegedly-duped-vietnamese-investors-660-million/"},{"date":"2018-01-01","event":"Modern Tech ceases cash payments to investors and begins issuing iFan tokens as the sole payout, valuing them internally at $5 each while market value collapses toward $0.01.","source":"CoinTelegraph","source_url":"https://cointelegraph.com/news/48-percent-returns-monthly-how-32000-vietnam-investors-got-caught-by-ponzi-scheme"},{"date":"2018-03-01","event":"Modern Tech vacates its 9th-floor Vietcomreal Building office in District 1, Ho Chi Minh City and terminates its lease. Building owner confirms the departure approximately one month later.","source":"TechCrunch","source_url":"https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/"},{"date":"2018-04-04","event":"Vietnamese Prime Minister Nguyen Xuan Phuc issues Directive No. 10/CT-TTg, ordering six ministries and the State Bank to strengthen management of cryptocurrency activities and investigate multi-level fraud.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2018/04/11/vietnam-investigates-ico-fraud-after-660-million-in-losses-reported"},{"date":"2018-04-08","event":"Hundreds of defrauded investors protest outside Modern Tech's former headquarters on Nguyen Hue Street, demanding return of approximately $660 million in lost funds.","source":"Vice","source_url":"https://www.vice.com/en/article/ywxxe7/vietnam-alleged-ico-scam-protest"},{"date":"2018-04-09","event":"Ho Chi Minh City standing vice chairman Le Thanh Liem issues urgent letter to city police requesting formal investigation of Modern Tech JSC for multi-level virtual currency fraud.","source":"Vietnam News","source_url":"https://vietnamnews.vn/economy/426152/city-investigates-fraud-case.html"},{"date":"2018-04-11","event":"CoinDesk and multiple international outlets report the scale of the fraud; Vietnamese authorities publicly confirm investigation has been opened.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2018/04/11/vietnam-investigates-ico-fraud-after-660-million-in-losses-reported"},{"date":"2018-04-13","event":"TechCrunch publishes detailed account confirming eight named founders, all reportedly having departed Vietnam; general director Ho Xuan Van's phone is found switched off.","source":"TechCrunch","source_url":"https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 50cef3bc-36e4-4d65-81cb-2520f1f2e67acopy