FOIN token price has tanked from over $3,000 to lows of around $6 in the past few days, as the firm backing it seems to be performing an exit scam.
FOIN token crashes hard
This scenario is happening right now, as the unregulated fintech company Financial.org has closed down, crashing the value for investors in blockchain startup Foin, which turned out to be related to the Financial.org scheme. Thus, both ICO buyers and other investors in the FOIN asset were left without their coins, despite promises they would be unlocked for trading very soon.
To add insult to injury, the Foin project was communicating until the last, promising to add merchants and unroll a payment system. The FOIN token price flew high, doubling its price in December, peaking just before what looks like a classic exit scam.
The Financial.org site remains unresponsive, finally ending months of doubts over the legitimacy of the project. The way this scheme managed to gain funds is a classic – the firm simply performed a rolling token sale. Despite the…