The Ministry of Public Security VietNam warned the Winsbank of signs of using cryptocurrency for illegal payments

By Selena On Jul 15, 2020

According to the Department of Cyber Security and Crime Prevention, which uses high technology (the Ministry of Public Security), the Winsbank system has signs of using cryptocurrency as a means of raising capital and doing business in an illegal multi-level mode.

The Ministry of Public Security warns of multi-level cryptocurrency investment by Winsbank

The Department of Cyber Security and Hi-tech Crime Prevention (Ministry of Public Security) has detected a group of subjects showing signs of illegally organizing business in cyberspace, via the website. WINSBANK.IO. Winsbank investment activities casino, betting, lottery; Cryptocurrency loans, and WinCoin (Win), and Eshare (ESR).

To attract investors to join the system, Winsbank has made many “promises” about the future of Win and ESR stock price. Winsbank also offers a lot of economic benefits to deceive people into investing money in the Winsbank system. Winsbank system “promises” to investors will have a fixed interest rate of 2% to 12%/year, after participating in the system by purchasing WinCoin, with 13 WinCoin investment packages valued at 100 Win up to 100,000 Win (equivalent from $ 100 to $ 1 million). Or buy ESR shares with 16 packages offered by Winsbank from $ 100 to $ 1 million.

In addition to being “promised” to receive static interest when investing in Wincoin or the profit from the increase of ESR shares, investors can also earn additional profits when participating in introducing new members to invest in the system. WinsBank follows the multi-level business model and will be rewarded up to 10 levels.

Shut down the system and run away with the money raised

Notably, the Winsbank system is organized by a group of subjects in Vietnam, without business registration and a headquarters in Vietnam.

In essence, Winbank does not have production activities, creating valuable products and services, mainly operating under the multi-level model, taking money from the following participants to pay interest and commissions to people. When the money is raised large enough, the subjects will stop paying interest to the participants, at the same time, collapse the system and run away with the funds raised.

Also according to the Department of Cyber Security and Crime Prevention, using high-tech technology, the model of selling ESR shares and WinCoin business, WinBank’s prize payment showed signs of multi-level business activities, not yet The Ministry of Industry and Trade is licensed under the Government’s Decree No. 40/2018 / ND-CP dated January 3, 2018.
Illegal multi-level marketing activities, disguised in any form, will be handled according to Article 217a of the Criminal Code 2015, amended in 2017 on charges of “violating regulations on business activities utilizing multi-level consciousness.”

The Ministry of Public Security continued to warn that at present, Vietnam has not recognized any type of cryptocurrency, investors will bear a lot of risks when investing in activities of investing in cryptocurrencies and virtual products.

At the same time, the Ministry of Public Security also urged anyone who had participated in investing in the Winsbank system can go to the nearest police office or contact the Cyber Security and Crime Prevention Department using high technology to report and provide information.

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