On April 15, 2018 (February 30, 2018 in the lunar calendar), the beginning and end of the ICO fraud case in Vietnam. Vietnam's current ICO fraud case/review of the case On April 15, 2018, according to foreign media reports, in Vietnam's cryptocurrency company ModernTech launched an initial coin offering (ICO) for its token Pincoin and raised US$660 million in funds from 32,000 investors. When ModernTech launched Pincoin's initial token offering, it promised investors a fixed income. Later, the company released another token, iFan, a Social networks token for celebrities. Piccoin investors initially received a cash return, and then the team provided iFan tokens to Pincoin investors as a return on investment. In the end, ModernTech suddenly disappeared. This is also the largest exit scam in the field of initial coin offerings. ModernTech was founded by seven Vietnam. After defrauding funds from public investors, they seem to have fled Vietnam, and the deceived investors can only gather outside the company's headquarters to ask for answers. According to Vietnam media reports, the real planner behind the project is a team of seven Vietnam people. To encourage investors to participate in initial coin offerings, they have held meetings in Hanoi, Ho Chi Minh City and even remote areas. At these meetings, investors were told that they could pay a monthly interest rate of 48% on their initial investment and would recoup all their investment after four months of investment. In addition, each new member introduced to the network will receive an 8% commission in return. Pincoin lets users introduce others to participate in the project and then reward them, a unique but familiar form. Since January this year, ModernTech has stopped providing cash returns to investors and switched to iFan tokens. Last month, the company was empty, leaving only a website that could still be accessed. ModernTech detailed its mission on its website: "The PIN project is based on the sharing economy, blockchain technology and cryptocurrency to create an online collaborative consumption platform for the global community." Very similar to other scams, ModernTech does not provide founder, consultant information or specific assumptions on its website. In short, the company just spent money to create a beautiful website that convinced thousands of investors of its legitimacy. Interestingly, the price and exchange rate of cryptocurrencies based on the Ethereum platform are provided on the iFan page, indicating that there is a direct relationship between Ethereum and iFan. This also shows once again that current unregulated initial coin offerings are using this most interesting system to make fools lose money.