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[Hurricane88]

Vietnamese investors fall for $650 mln cryptocurrency scam

By Staff reporters April 12, 2018 | 07:42 am GMT+7



Investors are demanding their money back, but the company's leaders are nowhere to be found.

A Vietnamese IT firm has come under fire from investors who claim it scammed VND15 trillion ($650 mln) from them in a cryptocurrency ponzi scheme.

Dozens of people descended on the headquarters of Modern Tech in Ho Chi Minh City's District 1 on Sunday demanding refunds from the company for the cryptocurrencies it claimed to represent.

Victims claimed to have been invited to various conferences held by Modern Tech as it was attempting to mobilize capital.

Speakers at these conferences claimed to be successful businesspeople and encouraged participants to invest in the company's cryptocurrencies, including iFan and Pincoin.

The company claimed the two cryptocurrencies had been established in Singapore and Dubai respectively, which contradicts data from analytics website SimilarWeb that says that 91 percent of visitors to iFan.io, the main website for the currency, are from Vietnam.

iFan, as explained on its website, is a platform used in show business to provide artists with a more effective way of connecting with their fans so they buy songs and concert tickets using iFan coins.

According to the disgruntled investors, the virtual currency had operated in a similar way to a multi-level business model, or pyramid platform. Modern Tech guaranteed that the lowest interest they would receive would be 48 percent per month, with a payback period of less than four months. In addition, if investors could find a new entrant, they would receive an additional 8 percent.

In the beginning, Modern Tech paid investors via bank transfers. However, it quickly switched to using its virtual currency, while at the same time increasing its minimum investment limit, forcing investors to pour more money in.

At the end of 2017, interest payments started to come in late, according to Quang, who claimed to have invested a total of VND130 million ($5,733) in iFan coins. When Quang raised the question in a private chat group of iFan investors, he was immediately removed with an offer of about VND10 million in compensation, just 7.6 percent of what he had invested.

Quang is among a small group of victims trying to create a public protest to demand a refund.

However, most victims are silently accepting the fact that their money has gone.

As stated on iFan’s website: “The token provided by this website carries a high level of risk and can result in the loss of all your funds.”

The alleged $650 million loss is 150 times larger than Modern Tech’s initial equity of $4.4 million invested by a group of only eight people who founded the company in October 2017.

Each investor holds between a 12 and 15 percent share in the company, which has only 9 staff members, according to Ho Chi Minh City's tax authorities.

Modern Tech's legal representative has been named as Ho Xuan Van, born in 1988.

However, the company’s phone number was answered by a woman, who claimed to be hired by Modern Tech for a few million VND to represent the company and establish the business.

A trip to Modern Tech’s supposed offices in Ho Chi Minh City also turned out to be in vain, as the building's management said the space had been empty since the lease was signed.

Despite multiple requests from the media in recent days, Modern Tech representatives have not responded to the accusations, and its founders have remained off the radar.

As cryptocurrency is illegal in Vietnam, Le Thanh Liem, vice chairman of Ho Chi Minh City, has asked the city's police to launch an investigation.

[Hurricane88]

Hold your breath! These are the most beautiful places in Vietnam

By Minh Nga April 12, 2018 | 01:25 pm GMT+7

Choose you favorite from this list compiled by CNN, or simply add them to your own bucket list.

https://e.vnexpress.net/photo/travel...m-3735767.html

[Hurricane88]

13 percent of Vietnamese flights cancelled, delayed in Q1: report

By Dy Khoa April 12, 2018 | 12:32 pm GMT+7



Late arrivals have been blamed as the main reason for the rising number of delays compared to last year.

Approximately 10,000 flight cancellations and delays by Vietnamese airlines were recorded in the first three months of 2018, according to a new report released last week by the Civil Aviation Authority of Vietnam.

The figure accounts for 13.5 percent of the total flights operated by the country's four domestic airlines, an increase of 1 percentage point from a year ago.

Among them, Jetstar Pacific registered the worst performance with 21.1 percent of its flights delayed, albeit achieving a significant reduction from 30 percent in the first three months of 2017.

VASCO was credited as the best performer of the quarter, with only 2.3 percent of its flights delayed, while another 2 percent were cancelled.

Vietnam Airlines and Vietjet Air saw 10 and 16.6 percent of their flights running off schedule respectively. The figures represent 1.4 and 3.9 percent hikes compared to the same period last year.

The report said that late arrivals were the primary cause of delays, as they affected 65.8 percent of Vietnamese flights.

Unfavorable weather and technical difficulties were cited as the main excuse for cancellations, as well as operational and commercial issues.

According to the report, total flight growth rose 10 percent year-on-year. Vietjet Air made the most of the country's air travel boom with a 26.6 percent rise in departures from the first quarter last year.

Flight delays and cancellations have left passengers unsatisfied over the years. In September 2017, the Ministry of Transport ruled that airlines must provide accommodation for passengers if they are delayed by more than six hours.

Vietnam has seen a recent boom in air travel. The country served more than 94 million air passengers in 2017, a 16 percent increase from the previous year.

[seabass]

Happy Songkran Day

[snipeshot08]

Originally Posted by snipeshot08

3rd Point ==> a good example would be most people trying to get better exchange rates but are staying at far-flung districts taking a taxi all the way down to D1 or Ben Thanh just to get maybe 20k or 30k more than if they had change in their vicinity, but unfortunately their cab fare would be much more than that 20k or 30k more, this is what I would have termed penny wise pound foolish (of cos with the exception if they changing a humongous sum rather than the average S$1K)

Cheerios......SS08 ^_^

Originally Posted by Hurricane88

already told you that my friends need billions...

Already told you I am not talking about such exceptions

Anyway how did you friends managed to bring that much of SGD into Wetnam??? Change to 1 billion VND alone already need more than SGD 50K leh, dont even neeed to talk about billions......

Cheerios......SS08 ^_^

[snipeshot08]

Originally Posted by Hurricane88

no lah...this refers to those who dun go to their telco chop to register...if you go the cso will take a photo using their cam...

Oh yah hor I totally forgotten, they did took a photo when I registered last year, somemore using their own handphone instead of those mounted webcams......lucky is a sweet looking OL (unfortunately not SYT......)

Cheerios.......SS08 ^_^

[snipeshot08]

Originally Posted by Hurricane88

I knew but too bad not sharing location...also not meeting any newbies to hold hand...

Wah you meet newbies must physically hold their hands one ah???? Tot only need to shake hands then drop liao.......I think this threat alone will already discourage them from PM-ing you liao kekekeke

Cheerios......SS08 ^_^

[snipeshot08]

Originally Posted by TonyCheong2

Oh very grey area.
This is what I always tell the girl also hahaha.

If you guys are around in mid April we can liase in private.

No same lah, I very honest person when it cums to SSSSSYTs cos all my defences became weak................

Cheerios.....SS08 ^_^

[snipeshot08]

Originally Posted by Hurricane88

Vietnamese investors fall for $650 mln cryptocurrency scam

By Staff reporters April 12, 2018 | 07:42 am GMT+7

Investors are demanding their money back, but the company's leaders are nowhere to be found.

A Vietnamese IT firm has come under fire from investors who claim it scammed VND15 trillion ($650 mln) from them in a cryptocurrency ponzi scheme.

The whole cryptocurrency thingy is a huge Ponzi scheme

How to create $$$ out of nothing then ask people to buy, use or invest....this itself is one big ? althou they tried to make it complicated and confuse everybody with all those chimology jargon on blockchain technology imagine can mine $$$ out from the virtual cyber world out of nothing using those mining servers

Cheerios......SS08 ^_^

[snipeshot08]

Originally Posted by seabass

Happy Songkran Day

So do we go around spraying our tadpoles on all the SSSSSYTs??????

Cheerios......SS08 ^_^

[Hurricane88]

Originally Posted by snipeshot08

Already told you I am not talking about such exceptions

Anyway how did you friends managed to bring that much of SGD into Wetnam??? Change to 1 billion VND alone already need more than SGD 50K leh, dont even neeed to talk about billions......

Cheerios......SS08 ^_^

that'snot my problem...haha...

[Hurricane88]

Originally Posted by snipeshot08

Oh yah hor I totally forgotten, they did took a photo when I registered last year, somemore using their own handphone instead of those mounted webcams......lucky is a sweet looking OL (unfortunately not SYT......)

Cheerios.......SS08 ^_^

is not they or telco staff wanted...is part of the gahmen regulation...

at least now when I log in to my account...I see my name instead of some other weird name...

[Hurricane88]

Originally Posted by snipeshot08

Wah you meet newbies must physically hold their hands one ah???? Tot only need to shake hands then drop liao.......I think this threat alone will already discourage them from PM-ing you liao kekekeke

Cheerios......SS08 ^_^

haha...pm me for what...no more reply to newbie regarding cheong places...only reply to those I knew them personally...

[Hurricane88]

Originally Posted by snipeshot08

The whole cryptocurrency thingy is a huge Ponzi scheme

How to create $$$ out of nothing then ask people to buy, use or invest....this itself is one big ? althou they tried to make it complicated and confuse everybody with all those chimology jargon on blockchain technology imagine can mine $$$ out from the virtual cyber world out of nothing using those mining servers

Cheerios......SS08 ^_^

haha...a friend told me that we can make lots of money in a country that busy doing small nonsensical things...now I believe what he said is correct...

[seabass]

Originally Posted by snipeshot08

So do we go around spraying our tadpoles on all the SSSSSYTs??????

Cheerios......SS08 ^_^

U get to let SSSSYTs slurp all your tadpoles EVERYDAY ! Songkran is recharge your batt day