FOIN token has dropped from $ 3,000 to $ 3 as the unregulated Financial.org has closed down
Observing the price movements of FOIN token and the activities of companies, we can see some suspicious situations. The token was launched at the end of July 2018, with a price of about $ 400. After that, FOIN token increased in value throughout 2019 and surged from $ 1,492 on November 1 to about $ 2,574 on December 15. However, the price FOIN token has dropped from over $ 3,000 to a low of around $ 6 over the past few days because the company supporting it seems to be doing an exit-scam.
Another exit-scam game appeared?
It seems that Financial.org has closed and left investors in the FOIN token extremely confused. Neither the ICO buyer nor the FOIN investors received any refunds of the principal nor the profit, though the project promised to unlock the token soon to trade.
However, the FOIN project keeps in contact with investors until the last time, promising to add merchants and unroll a payment system. And maybe because of this promise, at that time, FOIN price doubled compared to the price in December 2019. Ironically, FOIN reached ATH again just before a classic exit-scam.
Financial.org still did not respond, finally ending months of doubts over the legitimacy of the project. Surprisingly, investors felt that this project had potential because the company’s operating model was genuinely problematic. The company made the token sale. Although the Financial.org site is down, the website selling ICOs still increased and listed the FOIN price extremely high.
Financial.org has had many suspicious signs in recent months
Initially, FOIN managed by the now-defunct Financial.org site is believed to have been registered in the United Kingdom. However, Financial.org has provided investment services without regulatory permission. The company keeps a high profile, even sponsoring a logo on Formula One cars. However, Financial.org seems to be preparing to leave. They canceled their office in Canary Wharf, London, at the end of 2019. The company also abandoned its offices in Abu Dhabi.
The problem is that, despite the link between Financial.org and the FOIN project, the actual relationship between both projects is still relatively unclear for investors. Just a few days ago, CoinMarketCap posted a warning, linking FOIN to Financial.org. This allows the FOIN project to continue working forged while promising exciting new developments until the very last moment.
CoinMarketCap announcement | Source: CoinMarketCap
The shady revolves around FOIN token
For a time, everything looked like an ordinary ICO-based startup that went through growth stages. But in the case of the FOIN token, investors were soon skeptical.
First, it’s token lock time. FOIN holders realize their money has been taken and exchanged for a digital asset, depending on the company’s feelings.
After that, there were very suspicious calls about token swaps and transfers. First, investors are called upon to exchange their tokens via a dedicated website, to switch to the FoinWallet version. Afterward, FOIN holders are required to transfer their digital assets to the FoPay platform, with a two-week term and a fee of $ 8.75 to transfer each token. Sites that request token transfer now also no longer exist.
However, right in the middle of this mess, the project was bewildering with news related to AliExchange. As AZCoin News reported, cryptocurrency payments firm and wallet provider FoPay acquired Estonia-based cryptocurrency exchange AliExchange for 1,000,000 Foin tokens (FOIN tokens).
FoPay bought AliExchange for 1 Million FOIN | Source: Foiniocommunitiy
It’s funny that right in the middle of a planned scam, FoPay and Foin issued a breathtakingly happy announcement about the acquisition. AliExchange is said to have purchased for 1 million FOIN, or about $ 2.5 million in December 2019. The market was supposed to be the “home exchange” for FOIN. At that time, FOIN prices on the two exchanges HotBit and P2PB2B were very different. FOIN’s suspicious price action raises the suspicion that price growth is not organic and can be a bait for investors.
Foin’s work in Southeast Asia allowed the scam to continue while law enforcement agencies were on the right track. It is known that a crackdown in Taiwan held ten members of the Foin team. A complaint was filed against Foin in Thailand on December 17, just a few days after the news of the acquisition of AliExchange. Somehow, Foin and FoPay tried to hold back some real followers and pretended they were all excellent, just like the plan is unraveling.
Financial.org, during that time, received a warning about potential fraud from financial institutions in the United Arab Emirates, Malaysia, Singapore, Indonesia, and Thailand.
There are still many innocent FOIN token investors
Even if FOIN has all the signs of an escape scam, there are still true believers commenting that the property can detect a fair price. Other opinions view the token as a deadly coin transaction, while its blockchain is still active.
In the past, programs like OneCoin and BitConnect have continued to exist despite suppression in local markets. FOIN can still see buying efforts at new low prices, hoping the asset will undergo new price discovery. But the token is still extremely risky because there’s no guarantee it will be worth anything.
The FoPay project is still very suspicious, having been registered as a Ukrainian company, fo foins Blockchain LLC, with other local founders involved in Financial.org.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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