Vietnam plans to investigate the ICO fraud after the suspected scam. After the alleged 32, 000 investors lost which is equal to $658 million just recently, the Prime Minister of Vietnam instructed the Government Agencies to be more active when it comes to scams in ICOs and the Cryptocurrency deals. The Prime Minister also declares cryptocurrency regulations and proposition.

Most of the coin offers barely affects the sigs of schemes which includes the Ifan and claims a risk-free environment. On the other hand, Pincoin, an online digital currency company, guarantees the user about the benefits of up to 40% every month of reward structure that helps investors after the alleged scam. Inquiries remain to be up regarding the correct degree and the organizers of the ICO as well as the organization that does not appear to be the main authority of reactions.

Modern Tech Join Stock, a Vietnamese company has allegedly propagated two scams on ICO which is identified by Pincoin and iFan, the Prime Minister of Vietnam, Nguyễn Xuân Phúc, decided to make a guideline to make all the government agencies to be more active and playing their role as mandated on the rules and standard concerning cryptocurrency. According to the country’s Prime Minister, the Ministry of Justice shall be the one to assume the sole responsibility for perfecting and proposing the legal framework for handling and the management of the virtual money assets. The Ministry of Finance should also do its part in proposing and practicing the issuance and the measures of the digital currencies.

The announcement made by the Prime Minister took after the report of a specific news office in Vietnam which powers the Ho Chi Minh city. The alleged scams netted a total of 15 trillion dong which is worth $658 million from the portion of the total of 32,000 investors. Just recently, protestors gathered outside the Modern Tech’s headquarter. The investor of iFan guaranteed month to month interest towards the 50% range, and to make the payment in cash. And as what promised by the company, they might settle the speculations within four months.

It was also reported that they are planning to convince other investors to purchase in and accept an 8% requisition. As stated in the report, the latter speculation allowed, was $1,000. After the decrease of the iFan token, most of the organization started to pay the interest toward the local holdings of the expected rate instead of the fiat coin.

The government of the Ho Chi Minh City also guaranteed that it may have based and has urged the police to explore and investigate the fraud claims. The deputy chief of the Ho Chi Minh City central bank, Nguyen Hoang Minh, sworn to participate in all the proceedings and police examination. He then noted, that despite the central bank’s alleged cryptocurrencies status, he still believed that it is essential to help all the defrauded investors.