Verify a decision

{"actor":"system:backfill","investigation_id":"d407ff4c-142e-4fdf-8ad1-ab667f23e0d8","kind":"publish","page_slug":"pincoin-ifan","published_at":"2026-05-31T19:53:31.338Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Pincoin / iFan","sections":[{"content":"Modern Tech Joint-Stock Company was registered in Ho Chi Minh City, Vietnam, with a charter capital of VND 100 billion (approximately $4.4 million USD). The company was incorporated in October 2017 and was controlled by eight shareholders, each holding between 12 and 15 percent equity. Modern Tech publicly presented itself as merely the authorized Vietnamese representative for two foreign cryptocurrency projects — Pincoin, which it described as a Dubai-registered entity, and iFan, which it claimed was Singapore-based. Subsequent media investigations, including reporting by VietnamNet and Vietnam Investment Review, identified the eight shareholders as the actual masterminds rather than local agents. Web traffic analysis cited by VnExpress International showed that 91 percent of iFan.io's traffic originated from Vietnam, contradicting the international branding. The company employed only nine staff members.","heading":"Overview and Operator","severity":"critical","sources":[{"credibility":2,"name":"Who stands behind Vietnam's largest cryptocurrency scam? — VietnamNet","type":"news_article","url":"https://vietnamnet.vn/en/who-stands-behind-vietnams-largest-cryptocurrency-scam-E199076.html"},{"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":"Vietnamese investors fall for $650 mln cryptocurrency scam — VnExpress International","type":"news_article","url":"https://e.vnexpress.net/news/business/vietnamese-investors-fall-for-650-mln-cryptocurrency-scam-3735380.html"}]},{"content":"Pincoin (ticker: PIN) was marketed as an advertising platform utilizing blockchain technology and was deployed as an Ethereum ERC-20 token at contract address 0xC8a8D2A81cc86b95beb04E5a320D7E53F3c627dd, with a total supply of 999,000,000 tokens compiled in Solidity v0.4.19. The contract includes an account-freezing function permitting the owner to restrict specific addresses from transferring tokens. iFan was described as a social media platform for celebrities. The scheme operated as a multi-level marketing Ponzi structure: Modern Tech guaranteed investors a minimum 48 percent monthly return on capital with full principal recovery promised within four months. Investors additionally earned an 8 percent commission for recruiting new participants. Initial payouts were made in Vietnamese dong via bank transfer, which lent the scheme early credibility. Beginning in January 2018, Modern Tech stopped cash payouts and began distributing iFan tokens as rewards instead. While the company internally valued iFan at $5 per token, external market prices for the token fell to approximately $0.01, effectively eliminating investor returns. This pivot to token-only payouts was the key signal that led investors to recognize the fraud.","heading":"Token Structure and Scheme Mechanics","severity":"critical","sources":[{"credibility":1,"name":"PINCOIN (PIN) Token Tracker — Etherscan","type":"on_chain","url":"https://etherscan.io/token/0xC8a8D2A81cc86b95beb04E5a320D7E53F3c627dd"},{"credibility":2,"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":"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 fall for $650 mln cryptocurrency scam — VnExpress International","type":"news_article","url":"https://e.vnexpress.net/news/business/vietnamese-investors-fall-for-650-mln-cryptocurrency-scam-3735380.html"}]},{"content":"Reported investor losses are approximately VND 15 trillion, equivalent to roughly $660–666 million USD at April 2018 exchange rates, across an estimated 32,000 victims. Multiple sources note these figures could not be independently verified at the time of publication, and the true loss total is unconfirmed. The Quadriga Initiative database records the figure as $660.79 million. Individual reported losses included examples such as one investor losing VND 130 million (approximately $5,733). A protest on April 8, 2018 outside Modern Tech's headquarters at Nguyen Hue Street, District 1, Ho Chi Minh City drew dozens of investors carrying banners including one reading 'Cryptocurrency — the biggest multi-level scams, more than 15 trillion dongs.' Most victims reportedly accepted losses without formal legal action. The scale, if confirmed, would represent one of the largest ICO fraud events in cryptocurrency history.","heading":"Alleged Fraud Scale and Investor Impact","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":"Apr 2018 — Pincoin/iFan ICO Scam — Quadriga Initiative","type":"research","url":"https://www.quadrigainitiative.com/hackfraudscam/pincoinifanicoscam.php"},{"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 fall for $650 mln cryptocurrency scam — VnExpress International","type":"news_article","url":"https://e.vnexpress.net/news/business/vietnamese-investors-fall-for-650-mln-cryptocurrency-scam-3735380.html"}]},{"content":"Vu Huu Loi (born 1979), the largest shareholder with 15 percent equity, was described in Vietnamese media as 'the king of multi-level business' and a senior leader of Vision Vietnam Company Limited, a subsidiary of Vision International People Group, which reportedly operates pharmaceutical facilities in France and Ireland. Ho Xuan Van (born 1988), the legal representative and general director with 13 percent equity, had previously led Bitkingdom, a cryptocurrency scheme that reportedly attracted 200,000 members in Vietnam by the end of 2016. Shareholder Bui Thi Ngoc My (born 1988) had previously led Trident Crypto Academy Co., Ltd. in District 1, Ho Chi Minh City, a company alleged by Vietnamese media to have forged Ministry of Planning and Investment licenses to conduct business using the OneCoin cryptocurrency. The history of these key operators in prior multi-level and cryptocurrency ventures is a material risk indicator. These prior histories are sourced from Vietnamese-language investigative reporting summarized in VietnamNet and VIR English editions.","heading":"Operator Backgrounds and Prior History","severity":"high","sources":[{"credibility":2,"name":"Who stands behind Vietnam's largest cryptocurrency scam? — VietnamNet","type":"news_article","url":"https://vietnamnet.vn/en/who-stands-behind-vietnams-largest-cryptocurrency-scam-E199076.html"},{"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"}]},{"content":"Modern Tech vacated its registered office at Nguyen Hue Street, District 1, Ho Chi Minh City in early March 2018, more than one month before investors organized the April 8 protest. All eight operators are reported to have left the country. As of April 11, 2018, the mobile phone of general director Ho Xuan Van was switched off, as reported by Reuters at the time. The Pincoin and iFan websites remained accessible but unresponsive to inquiries. Multiple major outlets including TechCrunch and PYMNTS.com characterized the event as a classic exit scam. The operators' departure preceded any formal government investigation or arrest warrant being publicly confirmed.","heading":"Exit and Disappearance of Operators","severity":"critical","sources":[{"credibility":2,"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":"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":"City investigates fraud case — Vietnam News","type":"news_article","url":"https://vietnamnews.vn/economy/426152/city-investigates-fraud-case.html"}]},{"content":"Following the investor protest on April 8, 2018, Le Thanh Liem, the standing vice chairman of the Ho Chi Minh City People's Committee, sent an urgent letter to city police requesting a formal investigation of the 'multi-level virtual currency scam related to Modern Tech Joint-Stock Company.' The State Bank of Vietnam stated it would cooperate with police to investigate the case. On April 12, 2018, Prime Minister Nguyen Xuan Phuc signed a directive instructing the State Bank of Vietnam, the Ministry of Public Securities, and other authorities to 'strengthen the management of activities related to cryptocurrencies.' The directive empowered authorities to 'detect and handle' those engaged in illegal currency dealings and instructed financial institutions to reject cryptocurrency transactions. Deputy Prime Minister Vuong Dinh Hue separately ordered six governmental ministries to 'quickly consider and take down' the scheme. Ho Chi Minh City's police chief stated that 'all cryptocurrencies and transactions in cryptocurrencies are illegal in Vietnam.' The State Bank of Vietnam had previously declared that cryptocurrencies are not lawful means of payment in Vietnam. No confirmation of arrests of the eight named principals has appeared in major English-language sources reviewed for this investigation.","heading":"Vietnamese Government and Regulatory Response","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 eyes cryptocurrency crackdown after alleged $660 mn scam — Phys.org / AFP","type":"news_article","url":"https://phys.org/news/2018-04-vietnam-eyes-cryptocurrency-crackdown-alleged.html"},{"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":"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/"}]},{"content":"At the time of its exposure in April 2018, the Pincoin/iFan scheme was widely reported as the largest exit scam or ICO fraud in cryptocurrency history by total alleged losses. CoinTelegraph and multiple outlets characterized it as such, though the reported $660 million figure was unverified. The case was subsequently cited in academic and industry literature on ICO fraud, including in the O'Reilly publication 'Blockchain Developer's Guide.' The scheme's combination of MLM recruitment bonuses, unrealistic guaranteed returns, celebrity and social-media theming (iFan), and the bait-and-switch from cash payouts to near-worthless proprietary tokens is a documented template cited in subsequent fraud-prevention literature. The case also contributed to Vietnam's subsequent tightening of cryptocurrency oversight.","heading":"Historical Significance","severity":"medium","sources":[{"credibility":2,"name":"Unpacking the 5 Biggest Cryptocurrency Scams — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/unpacking-the-5-biggest-cryptocurrency-scams"},{"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 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"}]}],"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":2,"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? — VietnamNet","type":"news_article","url":"https://vietnamnet.vn/en/who-stands-behind-vietnams-largest-cryptocurrency-scam-E199076.html"},{"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":"Vietnamese investors fall for $650 mln cryptocurrency scam — VnExpress International","type":"news_article","url":"https://e.vnexpress.net/news/business/vietnamese-investors-fall-for-650-mln-cryptocurrency-scam-3735380.html"},{"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 eyes cryptocurrency crackdown after alleged $660 mn scam — Phys.org / AFP","type":"news_article","url":"https://phys.org/news/2018-04-vietnam-eyes-cryptocurrency-crackdown-alleged.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":"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":"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":"Apr 2018 — Pincoin/iFan ICO Scam — Quadriga Initiative","type":"research","url":"https://www.quadrigainitiative.com/hackfraudscam/pincoinifanicoscam.php"},{"credibility":1,"name":"PINCOIN (PIN) Token Tracker — Etherscan","type":"on_chain","url":"https://etherscan.io/token/0xC8a8D2A81cc86b95beb04E5a320D7E53F3c627dd"},{"credibility":2,"name":"Unpacking the 5 Biggest Cryptocurrency Scams — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/unpacking-the-5-biggest-cryptocurrency-scams"},{"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":"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":"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"}],"summary":"Pincoin and iFan were two cryptocurrency tokens promoted in Vietnam in 2017–2018 by Modern Tech Joint-Stock Company, a Ho Chi Minh City-based firm operated by eight Vietnamese nationals. The scheme promised monthly returns of up to 48 percent through a multi-level marketing structure and is alleged to have defrauded approximately 32,000 investors of roughly 15 trillion Vietnamese dong (approximately $660 million USD), making it one of the largest ICO exit scams on record. The eight operators vacated their offices and allegedly fled Vietnam around March 2018; as of publicly available reporting through 2021, no confirmed arrests or convictions of the principals had been reported in English-language sources.","timeline":[{"date":"2017-10-01","event":"Modern Tech Joint-Stock Company incorporated in Ho Chi Minh City, Vietnam, with VND 100 billion charter capital and eight shareholders.","source":"Vietnamese investors fall for $650 mln cryptocurrency scam — VnExpress International","source_url":"https://e.vnexpress.net/news/business/vietnamese-investors-fall-for-650-mln-cryptocurrency-scam-3735380.html"},{"date":"2017-11-01","event":"Pincoin ERC-20 token contract compiled (Solidity v0.4.19 nightly, November 2017) and deployed on Ethereum at 0xC8a8D2A81cc86b95beb04E5a320D7E53F3c627dd.","source":"PINCOIN (PIN) Token Tracker — Etherscan","source_url":"https://etherscan.io/token/0xC8a8D2A81cc86b95beb04E5a320D7E53F3c627dd"},{"date":"2017-12-01","event":"Modern Tech begins accepting investments in Pincoin and iFan, initially paying returns in Vietnamese dong via bank transfer to build credibility.","source":"Exit scammers run off with $660 million in ICO earnings — TechCrunch","source_url":"https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/"},{"date":"2018-01-01","event":"Modern Tech stops paying investors in cash and begins distributing iFan tokens as rewards instead; cash withdrawals blocked. iFan tokens trade at approximately $0.01 despite company's stated internal valuation of $5.","source":"Apr 2018 — Pincoin/iFan ICO Scam — Quadriga Initiative","source_url":"https://www.quadrigainitiative.com/hackfraudscam/pincoinifanicoscam.php"},{"date":"2018-03-01","event":"Modern Tech vacates its District 1, Ho Chi Minh City office. All eight principals reportedly leave Vietnam.","source":"City investigates fraud case — Vietnam News","source_url":"https://vietnamnews.vn/economy/426152/city-investigates-fraud-case.html"},{"date":"2018-04-08","event":"Approximately 32,000 affected investors organize a protest outside Modern Tech's former headquarters on Nguyen Hue Street, District 1, Ho Chi Minh City, carrying banners denouncing the scheme.","source":"An Alleged $660 Million ICO Scam Sparked a Protest In Vietnam — Vice","source_url":"https://www.vice.com/en/article/ywxxe7/vietnam-alleged-ico-scam-protest"},{"date":"2018-04-08","event":"Ho Chi Minh City People's Committee vice chairman Le Thanh Liem sends urgent letter to city police requesting investigation of Modern Tech.","source":"City investigates fraud case — Vietnam News","source_url":"https://vietnamnews.vn/economy/426152/city-investigates-fraud-case.html"},{"date":"2018-04-11","event":"General director Ho Xuan Van's mobile phone is switched off; CoinDesk and VnExpress publish major English-language reports on the scheme.","source":"Vietnam Investigates ICO Fraud After $660 Million in Losses Reported — CoinDesk","source_url":"https://www.coindesk.com/markets/2018/04/11/vietnam-investigates-ico-fraud-after-660-million-in-losses-reported"},{"date":"2018-04-12","event":"Prime Minister Nguyen Xuan Phuc signs directive strengthening state management of cryptocurrency activities; Deputy PM Vuong Dinh Hue orders six ministries to act against the scheme.","source":"Vietnam eyes cryptocurrency crackdown after alleged $660 mn scam — Phys.org / AFP","source_url":"https://phys.org/news/2018-04-vietnam-eyes-cryptocurrency-crackdown-alleged.html"},{"date":"2018-04-13","event":"TechCrunch publishes widely-cited report characterizing the event as an exit scam; English-language coverage reaches global audience.","source":"Exit scammers run off with $660 million in ICO earnings — TechCrunch","source_url":"https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/"}]},"v":1}