The FOIN token price has tanked from $3,000 to almost a $0 price level in the past few days as the company seems to be performing an exit scam as we are reading in our latest altcoin news below.
The unregulated finetch company Financial.org shut down and crashed the value for the investors in the blockchain startup Foin which eventually turned out to be related to the entire Financial.org scheme. Both of the ICO buyers and other investors in the Foin coin were left without their assets despite the promises they would be unlocked for trading in the upcoming days. To add even more drama, the foin project was communicating until the last and promised to add the merchants to the platform and to unroll a payment system.
The Foin token price increased immensely and doubled its price in December, peaking just before what it seems to be a classic exit scam. The Financial.org website is unresponsive and ended months of doubts over the project’s legitimacy. The way that the scheme managed to gain funds is simple since the platform performed a rolling token sale. Despite the Financial.org site being down, the ICO sale site is still up and lists sky-high Foin prices. The platform was created back in 2016 and spread over the southeast Asian market keeping a high profile and sponsoring a logo of the Williams Formula One team cars.
Financial.org was prepared for its exit and even emptied out the offices in Canary Wharf London at the end of 2019. The company abandoned its Abu Dhabi offices as well. The problem was that despite the link between Financial.org and the FOIN project, this was not a relevant fact to the investors. CoinMarketCap even posted a warning linking the token to the platform. This allowed the token to fake its activity while promising new development until the last moment. Just as the Coin holders expected their tokens to be usable, the startup posted another delay in allowing the withdrawals but the company now announced the acquisition of the Estonian-based exchange AliExchange.
Foin shows all of the signs of an exit scam but there are true believers out there that the asset could find a stable price level.
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