FOIN: A scam or an injured investment?
You who are positive and up to date on the latest developments in the cryptocurrency world must have heard of FOIN at least once, right?
You know for sure if there is a rumor that the rumors are raging, that today FOX prices hovering around 4,000 USD has suddenly dropped to 2 USD! In other words, FOIN almost lost 100% of its value!
FOIN price all-time | Source: Coingecko
How could that be? And the more important question to answer is, what or who is FOIN?
FOIN is a cryptocurrency product of Financial.org, a UK-based company. FOIN is an acronym for ‘Financial.Org blockchaIN system’.
Financial.org describes itself as a business that wants to share and distribute financial education. They also boast over 200,000 active members.
The controversy began around Financial.org when they managed hundreds of thousands of dollars of Asian investors, even though they did not have a license to do so. Investors who have invested in Financial.org claim that their money has been invested in the US stock market.
Financial.org promises regular passive returns to its investors and this certainly raises suspicion for those who are really good at investing.
There is a fishy fish smell right?
Financial.org is trying to establish itself as a firm with integrity and reputation when sponsoring Williams in the Formula One race. It is not the company’s idea to be a sponsor of the F1 team!
But financial regulators in Malaysia and Singapore have earlier blamed something wrong with Financial.org’s investment offering when they listed Financial.org in their warning list.
Then, in June 2018, Financial.org suddenly announced that they had closed all investor accounts and their investment money was transferred to FOIN! This has angered many investors as they claim to be given no notice or warning ahead of the Financial.org action.
Worse, investors can only activate their FOIN accounts when they invest up to $ 7,000! FOIN CEO Arnaud Georges is proud to warn any investor who intends to sue FOIN for their actions, potentially losing their investment.
Following this, regulatory bodies in Britain, Thailand, Indonesia, Laos, the Philippines and the UAE have also listed Financial.org in their watchlist for unlicensed investment firms that need to be addressed by investors. Even when you open CoinMarketCap, an early warning is given to anyone who wants to invest in FOIN.
But all this does not break the spirit of FOIN and their fighters. They continue to promote FOIN, and even confidently claim that FOIN will be better than Bitcoin and Ethereum!
Everything looks good and good for FOIN and its fighters. Starting from around $ 500 in September 2018, it continues to plummet to reach $ 4,000 by the end of 2019!
But strangely, during that time, investors were not allowed to withdraw their investment money to get cash. But that is not enough to raise doubts about investors who remain loyal to FOIN’s investment model.
Their confidence was even higher in the blue sky in mid-December 2019, FOIN bought Ali Exchange for 1 million FOIN (about $ 2.1 billion), making it the largest and most significant exchange platform purchase in history.
Everything looked good and optimistic for FOIN investors until FOIN announced that investors could withdraw their investment for the next day (January 2, 2020). In the blink of an eye, FOIN’s price drops like a worthless error.
As the saying goes, “All hell is gone.”
What happened to FOIN is a classic example of how many investors are still deceived by sweet promises of huge returns and rewards. From the outset, too many symptoms indicate that Financial.org and later FOIN are fraudulent investments, but these signs continue to be ignored by greedy and greedy investors who want immediate returns.
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