At the time of its crash, Coolcat was said to have more than 68,000 members. The full amount of money submitted to this application by investors cannot be withdrawn.
On April 23, Ho Chi Minh City police received hundreds of denunciations from people about being cheated by the financial investment application of Coolcat Company.
Some people in the group filing the denunciation said more than 600 applications have been sent to the authorities from April 19 to the present. Investors practiced more than 400 denunciations to send to the Ho Chi Minh City Police on the afternoon of April 23. Photo: TA According to the accusers, Coolcat introduced as the company providing investment transaction insurance platform. Coolcat has an exchange that specializes in trading gold, USD, Bitcoin, short-term price prediction trading. The participants in the system only need to download the Coolcat software to their mobile phones and log in with their phone number to start investing. The job of each investor is to press to predict the price of Bitcoin, gold, and foreign currency up or down. If their guess is correct, they receive 73% of the winnings. If they are wrong, their capital will be deducted. But when losing 6 times in a row, the investor must stop and report to the system for 100% compensation. The insurance reimbursement is committed automatically by Coolcat within the same day. In addition to predicting the price of Bitcoin, gold, and foreign currencies up or down to earn interest or receive insurance money. Investors also make money by introducing new members, commissions up to 1.8 million VND each time. The Coolcat Company’s website advertises that they have a British holding corporation and is licensed by the Bahamas Securities Commission. This company also introduced a representative office located on Nguyen Huu Canh Street, Binh Thanh District. Coolcat Company has held many events at 5-star hotels to increase trust with investors. Photo: Website Coolcat. This website also introduces them as the only company that insures 100% of trading capital in Vietnam, so “absolutely safe, not afraid of losses”. Coolcat has 2 main websites: https://www.coolcat.com.vn and https://coolcatvietnam.com. Currently both websites are inaccessible. According to those who have played Coolcat, Coolcat has organized many events at 5-star hotels and invited investors to attend to increase confidence. On the night of April 17, all the applications related to the Coolcat system suddenly crashed. The websites related to this company cannot be accessed. The entire amount of money the investors submitted to the application are paralyzed, not withdrawn. One investor said that by the time the Coolcat application “collapsed”, there were more than 68,000 members. Many of them have billions of dong frozen in the application. Investors then went to Coolcat headquarters in Binh Thanh district to work with the representative, and found that this was just a virtual location, without any representative offices or people in charge.
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