Thailand DSI reported new scam case relating FOIN

On Dec 17, The Siam Blockchain, a local Thailand blockchain news outlet, reported that the most recent The Department of Special Investigations of Thailand (DSI) had issued a complaint regarding a chain-sharing case FOIN after a victim filed it.

In there, FOIN, launched in April 2018, is a PoS (Proof of Stake) cryptocurrency for the financial sector. The FOIN started out as the project which its mother company Financial.org pushed as a response to what its creators describe as increasingly “dystopian” tendencies with the blockchain and crypto community.

According to a document posted on the LINE group of the injured person, named “Search for Truth and FOIN is Share Chain,” one anonymous user revealed the details of the case. The DSI lawsuit describes the timeline of the mother team’s fraud against the victim, with the case number is 10070.

Thailand DSI reported new scam case relating FOIN

Interestingly, the document stated that previously the company Financial.org had postponed the listing of their coins on the exchange trading to 3 rounds, and there are still many victims that still believe. In the present, we must wait and see if the DSI in Thailand will be able to seize the “mother team” to punish and return money to the victims or not.

Financial.org Company is a British company which at present the company’s website has disappeared. The company has been accused of investing hundreds of thousands of dollars from investors across Asia on behalf of the company. The Taiwan branch has been operating until recently, although there is no license to do so.

Arnaud Georges (left), founder of Financial.org in Taiwan | Source: FO Taiwan

On the other hand, during the past November, according to Taiwan News report, the Taiwanese police have arrested 10 of the FOIN team members with fraud totaling over $10 million. At that time, the management of the company, Pai Wei-hung, still free.

That company has also expanded branches in many countries, but the financial authorities of at least six have posted red flags against the U.K.-based company, including the United Arab Emirates, Malaysia, Singapore, Indonesia, and Thailand.

FOIN price today | Source: Coinmarketcap 

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