Pincoin ICO Results in $660M Scam

DooKey

[H]F Junkie
Joined
Apr 25, 2001
Messages
9,300
Yet again, the unregulated world of ICO's cost investors $660M when the founders ran off with the money. This time it happened in Vietnam and the ICO was for Pincoin. This coin had bad investment written all over it with its promises of huge monthly returns and multilevel marketing, but some people just can't stay away from an opportunity to make money. The founders did at least make a payment in cash to investors before shifting payment to a crap coin and then disappearing. I wonder where these guys are going to show up? I bet it's going to be a country that doesn't have an extradition agreement with Vietnam.

Investors have been told that they would enjoy a profit rate of 48 percent a month from their initial investment, and recoup all investments after four months. People would also be rewarded with an eight percent commission for every new member they have introduced to the network.
 

Dan_D

Extremely [H]
Joined
Feb 9, 2002
Messages
56,632
I see this type of shit all the time on the TV show American Greed. I can't wait until they do an episode about this.
 

cdabc123

2[H]4U
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Jun 21, 2016
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2,554
Lol good. Keep the stupid money out of crypto if possible. Dumbasses let it be manipulated too easily.
 

-PK-

[H]ard|Gawd
Joined
Aug 6, 2004
Messages
1,798
I wonder if that's why crypto's suddenly jumped 15-20% yesterday. They probably had to launder it through the system as quickly as they could, now that the gig is up.
 

Wolf_Tech

Limp Gawd
Joined
Sep 19, 2010
Messages
226
All I can say is Have fun with ICO's 95% of them all scams. Luving my bitcoin investments.
 

arnemetis

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Joined
Aug 2, 2004
Messages
2,942
Starting to wonder how long before some of the more sketchy investors start having these people killed for these scams. I know the real world isn't like tv shows, but that's a lot of money.
 

Lakados

2[H]4U
Joined
Feb 3, 2014
Messages
2,598
Starting to wonder how long before some of the more sketchy investors start having these people killed for these scams. I know the real world isn't like tv shows, but that's a lot of money.
You are assuming they weren't working with the gangs and organizations that you would likely have to look to to have them killed.
 

Dan_D

Extremely [H]
Joined
Feb 9, 2002
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You are assuming they weren't working with the gangs and organizations that you would likely have to look to to have them killed.
Most of these schemes have nothing to do with organized crime. Most of the time its misuse of investor funds by the people at the top using those funds to support extravagant life styles. They use new investor money to make payments (which look like returns) on older investor accounts. These idiots seem to think that the influx of customers and thus the gravy train will never stop. They are always wrong, but some of these Ponzi schemes can run for decades.
 

Kdawg

Gawd
Joined
Aug 12, 2017
Messages
979
bitconnect 2.0

I wanna see these "investors" get scammed over and over.... until people lose faith in crypto altogether.

....and then GPUs for everyone !
 

DoggyDaddi

Gawd
Joined
Sep 10, 2002
Messages
783
Anyone who honestly believes in the concept of something for nothing deserves what happens to them.... straight up
 
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whoismoes

n00b
Joined
Jan 27, 2018
Messages
55
And here come the comments from the same bunch of upstanding [H] visitors that are wishing people lose all their money, what is next... will you wish their death? Oh yea, you have already done that.

I don't invest in ICOs. I only buy GPUs for mining.

You can't even mine Pincoin, why do you care?
 

Gorankar

[H]F Junkie
Joined
Jul 19, 2000
Messages
10,619
Anything cryptocurrency related brings them out. Crypto will not likely ever replace "real" money, but it certainly can be a real investment, and people certainly have made real money.

Scams happen with IPOs too. It only makes sense that they will happen a bunch with ICO's.. The nature of the beast makes it even easier to run a scam with them. Best to treat them accordingly.
 

tungt88

2[H]4U
Joined
Jan 14, 2008
Messages
2,067
Most of these schemes have nothing to do with organized crime. Most of the time its misuse of investor funds by the people at the top using those funds to support extravagant life styles. They use new investor money to make payments (which look like returns) on older investor accounts. These idiots seem to think that the influx of customers and thus the gravy train will never stop. They are always wrong, but some of these Ponzi schemes can run for decades.
*cough* Madoff (many decades worth)

But since Bernie was a decade ago ... apparently people have extremely short memories.
 

Dan_D

Extremely [H]
Joined
Feb 9, 2002
Messages
56,632
*cough* Madoff (many decades worth)

But since Bernie was a decade ago ... apparently people have extremely short memories.
I didn't say that these things never have anything to do with organized crime. I'm saying the bulk of cases like this usually don't.
 

tungt88

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Joined
Jan 14, 2008
Messages
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I didn't say that these things never have anything to do with organized crime. I'm saying the bulk of cases like this usually don't.
Sorry, I didn't mean to imply anything about organized crime -- just meant to say that after the massive Madoff Ponzi scheme, you'd think that people would know better (about scams in general); but, I guess the old saying is true: there's a sucker born every second! :D
 
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