Exit scammers run off with $660 million in ICO earnings
John Biggs, writing for TechCrunch:
A Vietnamese cryptocurrency company Modern Tech launched an ICO for its Pincoin token, raising $660 million from approximately 32,000 people. The company first ran the Pincoin ICO, promising constant returns to investors, and then launched another token, iFan (a social network token for celebrities). Picoin investors first received cash from their investment and then the team began paying out rewards to Pincoin investors in iFan tokens.
Then the team disappeared.
Source: https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/
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