ICO Alert Crypto Minute: April 14, 2018
Team behind Vietnam-based ICO flees with $660 million, top 5 cryptocurrency price changes, and more!
Executive Team of Vietnam-Based ICO Flees With About $660 Million In Exit Scam
The executive team of Modern Tech, a Vietnamese cryptocurrency company, have disappeared with approximately USD 660 million worth of cryptocurrency raised via an ICO. According to TechCrunch, Modern Tech raised the money from approximately 32,000 people through an ICO for Pincoin token. The executive team guaranteed constant returns on investment. Pincoin investors did receive cash from their investment at first, but the team started paying returns in iFan tokens, which were associated with a another ICO the team conducted. The team of seven Vietnamese nationals then fled the country.
Yahoo Japan Announces Agreement to Purchase Stake In BitARG Exchange Tokyo
On Friday, Yahoo Japan has announced one of its subsidiaries will purchase a 40 percent stake in BitARG Exchange Tokyo. According to ZDNet, neither company has disclosed other financial terms of the deal, although the deal is estimated to be worth between two billion and three billion yen. A representative of BitARG Exchange Tokyo has stated that the deal will enable the exchange to improve its “service operation and security expertise of the Yahoo Japan Group.”
Coinsecure Claims its Chief Security Officer Has Stolen USD 3.5 Million-Worth of Cryptocurrency
Coinsecure, a cryptocurrency exchange based in India, has admitted to losing over USD 3.5 million worth of cryptocurrency. According to CNBC, the exchange is blaming its Chief Security Officer, Amitabh Saxena, for potentially committing theft. The company alleges that Saxena was supposed to distribute Bitcoin Gold to customers, but stole millions-worth of cryptocurrency instead.
Russian Authorities Ban Telegram, Telegram Assures Russian Users It Will Bypass Ban
Russian authorities are blocking Telegram in the country after Telegram denied intelligence officials access to users’ encrypted messages. According to Bloomberg, Russian courts found that Telegram failed to comply with local legislation, although the decision may be appealed within 30 days. Pavel Durov, the founder of Telegram, explained that Telegram will use methods to bypass the block.
