Pincoin / iFan
Rug PullFund · ✝ 2018
Vietnam's biggest ICO Ponzi paid out in worthless tokens.
Pincoin and iFan were ICOs run by Vietnam's Modern Tech that promised high fixed returns to investors. After raising roughly $660M from some 32,000 victims, operators began paying later members in worthless iFan tokens and then vanished in one of the largest ICO scams.
- Peak
- ~$660M; ~32,000 victims
- Cause
- Rug Pull
- Year of death
- 2018
☠️ Cause of death
The scheme was a Ponzi paying earlier investors with new deposits, then switched to worthless tokens before the operators disappeared.
📓 Lessons left behind
- —Fixed 'guaranteed' returns are the signature of a Ponzi.
- —Payouts in the project's own token can be a stalling tactic.
- —Multi-level recruitment incentives are a fraud hallmark.
🌱 The idea that survived
ICO investor scrutiny
Hardened skepticism toward fixed-return token offerings and unverifiable founder claims.
#ico#ponzi#exit-scam