Thailand officially warned about the Foin scam project with a total damage of up to $ 3,471,555
The infamous Foin scam project is back and storming the market. But at this time, the losing investors did not keep quiet. Moreover, when things were booming, the famous media in Thailand was involved.
The Foin business model is essentially a multi-level business
According to Thai news SiamBlockchain, the victims presented evidence that they were being tricked into investing in a seeming scam project, with a promise of dividends of up to 16% per month, paid directly in USD.
Moreover, one of the attractions for the naive investors is that the model that the Foin project is using is the ladder reward system – the more clearly the level of their multi-level.
As investors share, in 2017, dividends were paid in USD as usual. But then, in 2018, which was also the time when the cryptocurrency market was in a storm of depreciation, Foin offered to change it to pay dividends in the form of cryptocurrencies and Foin.
So far, the government has been unable to keep quiet. Thai officials and related departments held an emergency meeting on June 30, deciding to crack down on the Foin project – a project considered to be a “virtual currency” scam under the old investment label promissory note. The Bank of Thailand also issued a warning to Forex investors about this project.
The victims have decided to speak up!
According to statistics based on complaints from victims and damage value, there were more than 1,200 complaints, 38,000 investors cheated, the total damage was more than 390,000 million baht, equivalent to $ 12,536,171.
Those who participated in the investment revealed the following. While investing in the project, Foin has held many seminars at famous cafes. The format of these seminars makes it seem reliable. Moreover, during those sessions, investors were recommended continuously to buy Foin at that time. It is known that the price of a Foin was $ 580; Far different from the current price that has dropped below $ 1.
Besides, the leaders also use the sweet words that, once trading Foin on the stock market, the price of Foin will increase to $ 2,000 per coin. If you only buy $ 15, investors will still get about millions of dollars if they continue to follow the long-term project. These attractive invitations and lucrative profits have made many investors continue to spend about 500,000 baht (equivalent to $ 16,072).
But in the end, Foin was unable to trade on the stock market (this is obvious). And at this point, all new investors discovered they had been scammed.
Progress of this case is currently labeled as a “special emergency” in Thailand. Previously, there was a time when the price of Foin dropped rapidly from 90,000 baht to 90 baht in just a few minutes. This shows that many investors (or the project bosses) are “smart” and have quickly sold Foin to escape this “jinx” project.
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