Vietnamese ICO scammers disappear with $660 million

32,000 people "invested" $660 million in an initial coin offering (ICO) for a token called Pincoin. Now, the seven seven Vietnamese nationals behind the unregulated ICO, which operated as a ponzi scheme, are nowhere to be found.

From Tuoi Tre News:

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.

It has been alleged that some 32,000 people had been duped into pouring money into the Ifan and Pincoin projects, which are in fact a multilevel marketing scheme, where older investors are paid with revenue generated by new investors.