“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 In early 2021, many people lost money when Lio**** stopped working, not allowing money to be withdrawn from the account.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.

Guaranteed 100% capital, interest? Talking to reporters Workers On the evening of April 20, an investment participant on Coolcat said that she was introduced by an acquaintance as a 100% capital and profitable money investment application. “That person said that it was good to invest, considering the daily market money, so I joined and transferred there 3.8 million VND” – she said. The above investor mentioned that after investing, she was instructed to install the application and each day click to predict Bitcoin price, gold price up and down. After each day of playing, investors will have a profit of 2-3 USD. When collecting enough interest at least 10 USD, players will be withdrawn. “I see no matter what the prediction goes up or down, I eat all the money so I giddy. With 2 times profit totaling 22 USD within 20 days, the application crashes, as if I lost the remaining capital” She said she wanted the authorities to step in to clarify the case and handle the fraudster. The woman also said that her investment in the Coolcat app is very small compared to many others. In her group, there were many people who lost a lot of money and did not know how to get it back. However, many people still dream of getting back the lost money. On the Facebook page “Coolcat Vietnam – Safe investment”, a member named PBT posted an article with the content: “Anyone who is fooled at Coolcat, join the group with their determination to get back”. Similarly, another member named DMT also advertised a reasonable method of playing with support tools so that players could get their lost money back from Coolcat. Even the members said that after the Coolcat app collapsed, a smaller amount of capital could be invested in similar apps and more profitable than the lost amount. Notably, these articles have been interacted and responded to by quite a few members. People who lost money because of the Shopping Mall app went to Vinh Phuc province police to denounce. Photo: NVCC Many forms of fraud Another money-making platform also attracts investors, making many people “disillusioned”, called Shopping Mail. News source Workers said the Criminal Police Department (PC02) Vinh Phuc province police received a denunciation from the user of the Shopping Mail shopping app (http://shop555.cc). As a reflection, this person is introduced to you Shopping Mail app with conditions to register for an account, then top up at the shop to hunt for orders and receive commissions according to rank. Specifically, level 1 receives 16%; level 2 receives 8%; Level 3 receives 4% of the order value received. Content of money transfer is the phone number registered app. “Due to the referral, I registered to open an account, then transfer the money to the account numbers provided by the app. On April 14, I could not access the website http://shop555.cc , the entire deposited amount is lost “- said the applicant. Another investor shared that she lost tens of thousands of dollars just because she participated in profitable financial investment projects. In it, at a project called NDT, she lost up to 40,000 USD, affecting her family happiness. “The initial amount to participate in financial investment projects is my savings. After that, I lost money, I borrowed more to invest, but lost money, debts piled up” – she lamented. Financial expert Phan Dung Khanh said that the current financial investment scams are as many as mushrooms after the rain, targeting those who are only interested in the advertised profit without being equipped with knowledge, lack of knowledge. alert. It is easy to see of these fraudulent exchanges in Vietnam, according to Mr. Phan Dung Khanh, that “cover losses, burn accounts, commit profits” … Vietnam offices of these floors are often discreet in high-rise buildings, without signs, only a few sets of temporary furniture and can disappear in just a few hours … Or the floors are introduced to offices, headquarters abroad but in fact is without a license. Therefore, putting money into these exchanges, “investors” will not be protected by the law in case of incidents and the risk of empty-handedness is very high. Therefore, people need to be careful, learn carefully.