Modern Tech to Steal $ 660M From Investors, Media Reports

Authorities of Vietnam started an investigation into Modern Tech's activity
12 April 2018   787

The Vietnamese authorities have launched an investigation into the company Modern Tech, which is suspected of fraud and misappropriation of 32 thousand ICO-investors in the amount of 15 trillion dong ($ 660 million). This is reported by Nikkei Asian Review.

The reaction of the authorities was followed after the ICO participants held a mass action in Ho Chi Minh City in front of the headquarters of Modern Tech, demanding compensation for their funds.

Victims of Modern Tech at Ho Chi Minh Street Action
Victims of Modern Tech at Ho Chi Minh Street Action

Modern Tech positioned itself as an authorized Vietnamese representative of the projects Ifan and Pincoin, responsible for conducting two ICO on their behalf. The first project is registered in Singapore, and Pincoin is in Dubai. However, as indicated by the local media, they are followed by seven Vietnamese citizens.

Modern Tech promised investors of these projects an extremely high return on investment - more than 570% per annum, comparing it with "miserable" 16% of income from bank deposits and 17% of investments in real estate. In addition, for attracting new participants, "investors" were offered an additional remuneration of 8%.

Ifan was positioned as the "most advanced social network" for celebrities and artists, which allowed users to communicate with their idols, as well as buy albums, tickets and various goods for tokens.

Pincoin was presented as an "investment opportunity", promising 40% of the monthly profit.

The investor's anxiety increased significantly after the company started paying commissions in tokens, rather than in fiat money. At the same time, there was no way to cash out these tokens or exchange them for another crypto currency.

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Tezos Bug to Slow Down the Network in 20 Times

The issue looks fixed now and Tezos network works in the standard transmission mode
25 September 2018   165

In the main network of the Tezos block project, a bug was discovered one week after its official launch. According to, on August 24, due to the vulnerability, the release time of the blocks increased from 1 to 20 minutes.

The user of the service for hosting IT projects GitLab under the nickname "Jérémie" reported on block freezing for 45 minutes. Later in Riot chat he learned that developers are aware of the problem and they are working on its solution.

Bug between the baker and the node. The two communicate over json but the json serializer incorrectly handled some control characters. Immediate fix was to patch the serializer. Medium term fix is that the baker and node really should communicate using the binary RPCs instead.

murbard at Reddit

Soon after the discovery of the bug, one of the developers posted an urgent fix at GitHub, which was proposed to be installed by all the bakers. Currently the Tezos network operates in normal mode, and the units are released every minute.

As of September 25, 08:00 UTC network of Tezos worked in the standard transmission mode - 1 block per 1 minute