Pincoin Review- Scam Broker Complaint
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Pincoin Review by Fraud Brokers
Pincoin is one of those exit scams that came up in 2018 and made news all over. It was one of many in a series of high profile exit scams. It all started with a new crypto called in pincoin entering the market on 12th January 2018. This new crypto attracted a lot of attention from a lot of investors. This was in part due to the reason that the company offered really high returns of up to 48 % per month. This could have been a red flag for seasoned investors but a lot of traders in the market found this lucrative as a great return on a new crypto. In this article we wll look how does it qualify for a scam, and why people should be careful investing with such companies.
Pincoin raised an initial investment of 660 million USD from its first crowdsale. It advertised that all these funds are going to a non-profit’s account called Pin Foundation. This non-profit group was made up of mostly unknown vietnamese developers. Usually crypto projects may have one or two ambitious projects. However Pincoin was quite different. In their white paper they had laid out plans for not one, not two, but an astounding 8 blockchain-based products. After the initial success of Pincoin, the company had some payouts to investors in cash. And soon after that citing popular demand they came out with another new cryptocurrency that went by the name of iFan. This cryptocurrency was primarily targeted at celebrities and artists. It was supposed to act like a social media token. Most investors on the market didn’t completely understand this offering but were definitely surprised when their payments started coming in, in the form of iFan tokens. Since this cryptocurrency was not traded on any of the big exchanges this currency was quite useless. Investors started rushing and complaining to the team, but what they found was that the team had already skipped town and were nowhere to be found. Since the scam had already attracted 660 million USD the authorities in Vietnam sprang into investigation mode. Things escalated so much that the Prime Minister of Vietnam actually personally ordered six of his Ministers and the police force to look into the scam. But by the time the enquiry and investigation had been ordered all the team members had already left the country and were nowhere to be found. Turned out the office that they had mentioned had been vacated as the contract had expired.
Whenever a crypto company or a forex broker doesn’t share information about its team and leadership, it seems suspicious. It is so, because as a crypto promoter, you are supposed to be active on social media and keep your investors’ trust held tight. But when a company seems to be in a hurry to just raise funds, with promises that seem too good to be true, caution should be used.