Besides Dogecoin, the posts also list a variety of cryptocurrencies with animal names, inspired by dog ​​breeds such as Akita, Shiba, Poodle… On many cryptocurrency discussion groups, administrators have voiced doubts about these articles, and commented that it is lame to rank FXT Token on a par with Dogecoin or Shiba. Posts promoting cryptocurrencies by many famous people in Vietnam. Posting about cryptocurrencies but don’t understand what “moon” is The fact that a series of artists have posted articles promoting the purchase of cryptocurrencies has many unusual signs. First, all articles have the same content, no difference in punctuation. They all only last a few hours before being deleted. In the comments section, many artists seem to lack the basics of cryptography. Actor Kieu Minh Tuan does not know the term “moon”, which is often used to refer to a sharp increase in money. Previously, singer Cao Thai Son was the first artist to publicly enter the cryptocurrency market with a portfolio that included Dogecoin. He often shares about his activities on his personal page. Post by Kieu Minh Tuan on personal Facebook. “Should you buy crypto right now? Advice: Buy as an asset with idle money, no leverage or interest,” the male singer wrote in a May 11 post. In the last week, when Dogecoin rose sharply, Cao Thai Son once posted to cheer for this coin, calling for everyone to invest. However, right after Dogecoin fell deeply, this singer posted a photo with the words “back to being a singer, no more analyzing stocks, crypto”. After Cao Thai Son, Ngoc Trinh also attracted attention when she published a post criticizing a cryptocurrency exchange that did not authenticate users (KYC) and claimed that she had been scammed by the exchange. While, delay in KYC is normal in exchanges. After that, she continued to post showing off her wallet on the exchange owning many millions of dollars worth of cryptocurrency. However, Ngoc Trinh deleted these posts, posted the article “duplicating the original” of other KOLs and then deleted it again. “Not only Huobi, many exchanges allow withdrawal of small amounts without KYC. Only when a large amount of money needs to be withdrawn does the user have to do KYC. It is incorrect to deposit such a large amount of money into the exchange without first finding out, and posting a post saying that the exchange is a scam,” commented Nguyen Vinh, co-founder of a large cryptocurrency investment company in Vietnam. Artists install advertising messages for multi-level? In the list of cryptocurrencies posted by the artists, in addition to the animal coins, there is a different coin, placed in the middle of the list is FXT. Previously, FXT was used as a fiat currency used for Lio****’s project. This project acts as a forex trading platform combined with binary options. This form of binary trading has long been warned as multi-level gambling. Instead of having to play on their own, investors in Lio**** are guaranteed to pay interest daily. The total profit for the whole year of this project is up to 2.3 times the original capital. The project has been warned by many domestic experts as a scam. In early 2021, many people lost money when Lio**** stopped working, not allowing money to be withdrawn from the account. The FXT coin is said to be directly related to the Lio**** multi-level project. Photo: VTV. Reply anonymously to Zing , a technology expert, and an administrator of the largest group of digital currencies in Vietnam, thinks that putting FXT in the middle of the list in the article is how artists advertise the product. by Lio****. “I think that a celebrity like Ngoc Trinh showing off a million-dollar e-wallet may be an implicit advertising act for FXT, not Dogecoin or Shiba. Because the time shown in the photo is quite different from when it was posted. Not to mention, the fact that many Vietnamese artists and celebrities share the same post content is very suspicious, “said this expert. On the same day, May 11, many screenshots of posts by Vietnamese artists were widely shared by the FXT Token community. “To Ngoc Trinh, Kieu Minh Tuan, Kha Nhu… still participating, what are you waiting for?”, the content of the status line reposted the screenshot of the person claiming to be the leader Lio****. In this article, the artist group also put the hashtag #trust. Trust English means “trust”, but can also refer to Trust Wallet, a software wallet technology that stores cryptocurrency. Previously, in the group of users who were deceived by Lio****, there were many warnings not to send money to Trust wallet to avoid losing evidence. On cryptocurrency discussion groups, members also pointed out that FXT is a suspicious name, because this coin has been launched since the end of 2020, and the call for investment has many signs of multi-level resemblance. . “These artists may be creating the image of a new multi-level project, aiming to attract a lot of small investors to clean up a big catch,” said LN, which runs a group on crypto. Many risks when investing in “junk coin” In the world of cryptocurrencies, in addition to large-cap coins with a good technology platform behind them, there are many so-called “junk coins” (very low value, arbitrarily created coins, copy the source code of reputable systems and some are served to scam groups). They are built on the available blockchain technology, often have no applications or come up with very simple applications, very low value but very high supply. Many experts warn that low-value, animal-based cryptocurrencies that have grown several times in the past few days are also very risky investments. These coins have a common model of using a cute image of an animal, a very small price, buying and selling many times to grow quickly. “These currencies all start at very cheap prices, at a fraction of a few tens of millions of dollars. They are created, then sent 50% to a certain celebrity for image, and then sold on exchanges. They use money to buy and sell themselves on these exchanges to increase the price thousands of times, creating momentum to put on the big floor. Because the number is so small, when the coin increases to a certain level, it has grown thousands of times, creating trust for ignorant people. When it comes time to be dumped, only those people will suffer,” said Vuong Le Vinh Nhan, founder of the VNDC trading platform. The Dogecoin price rose rapidly and reached an all-time high of $0.72 before cooling off. Photo: Coinmarketcap. Before that, the most successful animal crypto story was Dogecoin. Created as a joke, Dogecoin has been growing strongly for nearly a year as Tesla CEO Elon Musk repeatedly mentioned the coin. Over the past week, the price of Dogecoin has also fluctuated by tens of percent every day. Mike Novogratz, founder and CEO of Galaxy Digital, believes that two sharks own 30% of all Dogecoin today. In addition, Dogecoin also does not have a supply limit like Bitcoin. “The rise of Dogecoin is a prime example of the theory that fools more at play,” said David Kimberley, analyst at investment app Freetrade.

However, in the comments section, the artists showed a lack of basic knowledge about cryptocurrencies. After receiving many reactions, on the morning of May 12, the posts on the website simultaneously “evaporated”. “This is an advertising campaign” Duong Nguyen Huy, owner of a cryptocurrency trading community in Vietnam, said that the series of artists posting about cryptocurrencies is an advertising campaign, because the shared content is the same. both the image and the spelling, no different from a semicolon. “Artist’s posts have started to have an impact. From official accounts (with green ticks), information is widely spread on the Internet, becoming a topic of discussion at offices and cafes. coffee after only a few hours”, Mr. Huy said that this campaign has attracted the attention of many people. Posts promoting cryptocurrencies by many famous people in Vietnam. Photo: Huynh Loc. Not only Dogecoin, Shiba Inu also increased in price thanks to Tesla CEO. On May 7, responding to a Twitter user’s comment, Musk said “looking for a Shiba dog”. Immediately after this statement, the Shiba Inu (SHIB) coin rose sharply. After just a few days, the price of Shiba Inu has increased by almost 40 times. With nearly 400,000 billion SHIB coins in circulation, the market capitalization at one point surpassed the 20 billion USD mark. Besides, according to Mr. Huy, the cryptocurrency market has many potential risks. For example, the cryptocurrency market has experienced a sharp decline in the period from 2018 to early 2020 regardless of whether it is Bitcoin or Ethereum. However, the artist’s posts on the evening of May 11 did not have any risk warnings. Because of the ambiguity, need the prestige of the celebrity In the list of cryptocurrencies posted by the artists, in addition to the animal names, there is a different coin, placed in the middle of the list is FXT Token. Unlike the other cryptocurrencies on the list advertised by the artists, FXT Token is an anonymous coin. “Anonymous is because it is not listed by big and reputable exchanges, but can only be purchased through small exchanges. The total transaction volume of this coin is only about 500,000 USD/day. That means anyone with about 200,000 USD will also can manipulate its price,” analyzed Dinh Tran, co-founder of a blockchain investment fund in Ho Chi Minh City. Meanwhile, other coins on the list of artists listed have daily transactions from a few hundred million to several billion dollars a day. “Putting FXT Token into the list of worth investing in is very ignorant. It is this ambiguity that makes FXT Token need to rely on celebrity advertising,” said Mr. Dinh. The artist’s post is then captured, shared immediately in multi-level groups, calling for investment. Talk to Zing , the founder of the largest Crypto information platform in Vietnam, said that FXT Token is trying to borrow the influence of celebrities to reassure investors and create fear of missing out (FOMO) to blow. price of this currency. As a result, screenshots of posts by Vietnamese artists were widely shared by the FXT Token community in hundreds of online earning groups. “To Ngoc Trinh, Kieu Minh Tuan, Kha Nhu… still participating, what are you waiting for?”, the content of the status line reposted the screenshot of the person claiming to be the leader Lio****. This shows the significant influence of using artist reputation to promote “junk” cryptocurrency. The predecessor of FXT Token is a binary exchange, similar to the gambling model. Screenshots. The fact that artists have no knowledge, but still promote Dogecoin, Shiba Inu or FXT Token can be misleading, even causing many people to participate in scam projects. The above articles can also have a negative impact on the capital investment sector, which has many things that are not properly understood. “Celebrities have no expertise, knowledge and experience in the field of cryptocurrencies… This sector is easily fooled by bad projects, created just to make money, selling ‘junk’ to homes. investment,” said Mr. Huy. Before the invitation to invest in cryptocurrencies, Mr. Huy advised participants to carefully research information on official sources, absolutely do not invest if invited by friends, or join invitation groups. rich prospect when “playing” coin. Do apps that promise big profits help you get rich? Thanks to the development of technology, new type of multi-level fraud models easily raise capital and disappear faster, leaving no trace.

“FXT Token is a junk project” Launched at the end of 2020, FXT’s investment calling activity has many signs of multi-level resemblance. At its official website, FXT Token claims to be a “comprehensive financial solution that allows users to control their assets. A platform for providers and avails of financial services in cryptocurrency in when circumventing cross-border regulatory restrictions”. Post by Kieu Minh Tuan on personal Facebook. Do Phuong Quynh, a financial expert from Ant Group, Shanghai, China, said that FXT is “a junk project, the information in the White Paper is completely unhelpful. The individuals who run the project are not clear.” Quynh said. FXT is used as a fiat currency used for Lio****’s project. This project acts as a forex trading platform combined with binary options. This form of binary trading has long been warned as a type of multi-level combination gambling. Phuong Quynh assessed that FXT Token works in the same scenario as Wefinex’s WIN and Bitconnect’s BCC. “The project hits people’s ignorance and greed, by building a binary options platform, taking advantage of the reputation of the Forex trading market to trick investors into participating. Investors are promised. promise to pay interest every day, instead of planning to build a trading strategy like real traders,” added Quynh. Instead of having to play on their own, investors in Lio**** are guaranteed to pay interest daily. The total profit for the whole year of this project is up to 2.3 times the original capital. In early 2021, many people lost money when Lio**** stopped working, not allowing money to be withdrawn from the account. “FXT builds systems following the classic ponzi model to pay F1 and F2 players with the aim of enticing more people to join the system. Investors who do not have a background in finance often consider it This project is like a solution to help them earn money without labor”, Ms. Quynh warned. Sharing the same opinion, Mr. N. T, a representative of a blockchain incubator investment fund, said that FXT Token is associated with an unsustainable business model, mainly hitting greed. He said there are two types of people who will invest in FXT. “First, investors are ignorant of the mechanics and nature of the cryptocurrency market and forex investment. They are easily attracted by things that sound new, the stories are made up sounding. logic, terms that they are unlikely to understand, such as ‘technology 4.0’. This number may account for 80-90%,” said Mr. T. T. The second group of people listed by expert N. T are investors who understand the nature of these scam models, but think they can control the risks themselves. “They think they are quick, can invest early, withdraw early. But they themselves can’t control their greed later on. This number accounts for about 10-20%,” added Mr. T. The FXT coin is said to be directly related to the Lio**** multi-level project. Photo: VTV. FXT Token is only listed on small, less reputable exchanges like Bilaxy, FatBTC. In addition, the head office of the project is located in Vanuatu, the eastern island of Australia. The recommended company size is 51-200 employees. However, on Linkedin, there is only information of 4 profiles, including an individual who is Vietnamese. “To solve the biggest fear of investors is not being able to withdraw money, FXT has listed FXT Token on specialized exchanges or called ‘junk’ exchanges. In fact, these exchanges have no liquidity. , the value is manipulated, whether it can be sold or not is another story. Many investors are also deceived by the term ‘international exchange'”, said Mr. T. Sharing information about the listing standards of the world’s crypto exchanges today, Mr. T said that this standard is getting lower and lower, especially in less-known exchanges. “Currently, there are hundreds of exchanges. These exchanges want to ‘make a living’ also through coin listing. The less reputable the exchange, the lower the listing standard. They are willing to do everything for the money.” Mr T said. Expert N. T warns users if they lose money when trading on these exchanges, if they lose money, they are not protected by any party. ”A part of artists are aiding scams” Nearly a day after public opinion and crypto experts voiced the possibility of FXT Token’s fraud, Vietnamese artists who posted ads for this coin remained silent, with no statement to correct the incident. . “These days are crazy, people can teach each other things that are not their expertise. A part of the artist world is no longer aware of how dangerous their influence can be. to the people,” commented Mr. Phan Dung Khanh. Posts promoting cryptocurrencies by many famous people in Vietnam. Vietnamese artists should only do things related to entertainment, stay away from industries that are not well understood. “The fact that the official press channels warn of the possibility of fraud of dirty financial projects shows an attempt to clean up the national financial system. However, the artists defiantly ignored the scene. This is also an act of abetting fraud, disregarding the people and the law,” Quynh said.

Be wary when Vietnamese artists openly promote virtual currency The incident is said to have originated on May 11, when a series of worthless, anonymous coins were “inflated” thanks to a status line of US billionaire Mark Zuckerberg. Tech billionaire, the boss of Facebook posted a photo of two goats. It is worth noting that the caption about the goat name Max and Bitcoin has made the virtual currency investment community extremely excited. Cryptocurrency investors immediately thought that the Facebook boss was implicitly showing special interest in the current Bitcoin virtual currency. By the afternoon of the same day, the virtual currency fever began to spread rapidly in Vietnam when many Vietnamese artists posted identical statuses, alluding to this virtual currency fever.
A series of names such as Ngoc Trinh, Kieu Minh Tuan, Le Duong Bao Lam, Kha Nhu … were involved in posting an advertisement for virtual currency. In the top line, the idea is just to mention the potential of some virtual currencies (cryptocurrency, digital currency, aka coin) whose origin is related to Meme Doge (animated image of the image) a dog), in the middle is the FXT Token that makes the online community “wake up”. This virtual currency is said to be related to the Lion multi-level virtual currency project, which has signs of fraud. Investing in FXT Token is promised daily profit, which can be up to 2-3 times the capital, that’s why many people turn their eyes to this project. However, internationally, this virtual currency has been warned that it has a multi-level fraud factor, can only be listed on small exchanges, and is considered a “junk coin”.
The name FXT Token has been warned by some mainstream media in Vietnam about signs of fraud. This incident has been warned by the Da Nang City Police since the beginning of February 2021. Accordingly, Lion Group’s activities do not comply with the law, investors who lose money will not be protected by law.
About a week ago, press agencies started to report on the perversion and fraud of Lion Group. A few days ago, Lion Group’s multi-level exchange disabled participants’ ability to withdraw money. That is, FXT buyers are now holding onto a pile of illiquid, worthless virtual currency.

In Vietnam, the State Bank has repeatedly issued recommendations to organizations and individuals not to invest, hold and perform transactions related to virtual currencies.
Owning, buying, selling, and using virtual currencies as an asset has many potential risks for people and is not protected by law. Currently, the State Bank of Vietnam does not accept virtual currencies as currency as well as legal means of payment in Vietnam.
Meanwhile, the lawyers acknowledged that it is a violation to publicly advertise goods that are not allowed by law in Vietnam. Artists who openly promote cryptocurrencies should be punished for administrative violations. At the same time, the cultural and information management agency must also issue a warning because these are the people who influence the public, when advertising any service or goods, they must find out the origin.

It is impossible for money to turn a blind eye to false advertising, affecting many other people, not to mention aiding scammers. Because artists and celebrities on social networks have a lot of followers and followers, their behavior is often considered by the public as a measure, even a standard, so it is easy to cause mass effect. .