The Coolcat Ponzi project collapsed, causing billions of VND in damages to more than 2,000 Vietnamese investors

The cryptocurrency market on uptrend days is always attractive to people. At this time, many Ponzi projects disguised as true cryptocurrency also appeared. Recently, the 100% capital insurance application Coolcat has deceived nearly 2,000 Vietnamese investors, with familiar high-return and low-risk financial investment promises.

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What is Coolcat? Is it a Ponzi scheme?

Coolcat is the first capital insurance trading platform in Vietnam. This exchange is advertised as an exchange of gold, USD, Bitcoin, short-term price prediction trading, and other products authorized and regulated by the Securities Commission of The Bahamas, connected Real-time international data and public and transparent transaction results. Coolcat is a financial investment application released by digital exchange Coolcat. It is known that the application allows the deposit of currency pairs such as gold, USD, and cryptocurrency, such as Bitcoin.

When investing in Coolcat, investors will have income from the main source: Income from trading and receiving agent commissions. Players download Coolcat software to their mobile phones, log in with their personal phone numbers. Each person is given a separate code, the job is to press to predict the price of Bitcoin, gold price up or down. If the guess wins, you receive 73% of the winnings. If you lose six times in a row, you must stop, report back to get 100% insurance. Meanwhile, Coolcat experts will support game 7 users with a commitment to winning 80% – 90% to compensate for the loss. If not, Coolcat will pay 100% of the previous 6 losses.

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Since the beginning of the year, Coolcat launched advertisements to introduce an investment transaction insurance company, operating for more than 5 years, with a parent corporation in the UK and licensed by the Securities Commission of The Bahamas. In Ho Chi Minh City, the company’s headquarters is located in the Binh Thanh district. Coolcat’s website writes that it grows worldwide with 6 million members, highly regarded by national financial regulators. Coolcat claims to be the only company that insures 100% of trading capital in Vietnam, so it is absolutely safe, not afraid of losses.

Insurance application with 100% capital Coolcat scam, thousands of Vietnamese investors are at risk of losing billions of money

According to the Vnexpress website, more than 30 people jostled in front of the gate of the Ho Chi Minh City Police Investigation Agency on Tran Hung Dao Street, District 1, to file 488 accusations against the Coolcat application. Accordingly, about a week earlier, more than 60 people also filed denunciations of Coolcat to the Ho Chi Minh City Police. There are no complete statistics, but it is estimated that the amount of money people pay for Coolcat is up to hundreds of billions of VND. Currently, the domain names of the company including coolcat.vn, coolcat.com.vn, coolcat.link and coolcatapp.com cannot be accessed.

Investors also make money by introducing new members to Coolcat, commissions up to 1.8 million VND each time. The day before being inaccessible, on April 15, Coolcat announced its commission increased to 46 million VND. Members massively invited acquaintances to join, to receive brokerage money. With the mentality of 100% insurance, many investors said they loaded hundreds of millions for Coolcat on April 14 and 15. Someone has not had enough time to experience the price guessing, the application has crashed.

At this time, investors rushed to the Coolcat headquarters in Binh Thanh district to know that it was a virtual address. There are no complete statistics, but it is estimated that the amount of money people pay for Coolcat is up to hundreds of billions of VND.

Despite filing a complaint to the authorities, however, as AZCoin News reported, Vietnam is still in the gray area when it comes to cryptocurrency regulation. As a result, it seems that it will be long before Vietnamese investors get their money back.

You can see the BTC price here.

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