Experts say that FXT Token is on the list that Ngoc Trinh, Nam Thu, and Kieu Minh Tuan promote as a scam project, operating under a multi-level model.
“FXT Token is the crypto token of the FXT platform. From the peak reached in April, FXT Token is now only 0.03 USD/dong, down about 90%. Financial platform Coinmarketcap also only ranked it at the top or bottom of 3,000. It can be said that FXT Token is a junk coin,” said Mr. Phan Dung Khanh, a financial expert. Zing .
“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 In early 2021, many people lost money when Lio**** stopped working, not allowing money to be withdrawn from the account.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.
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