Among what we focus on on the Arab Bitcoin website is the detection and warning of fraudulent currencies and ways to prevent their consequences.

We have previously talked in a detailed topic about Foin and why it is a fraudulent currency and warned us about it:

Beware the Foin scam prevented investors from withdrawing their funds… Find out the details!

After that, the fraud was confirmed, the price of Foin fell by more than 99.9 percent, the official website was closed, and the staff disappeared.

FOIN price crash:

This scenario occurs as the unregulated company shuts down, which leads to a collapse in the value of the coin for Foin investors that turns out to be linked to the Financial.org scheme.

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Thus both ICO buyers and other FOIN investors were left without their coins, despite promises made that they would be open for trading soon.

It is worth noting that the Foin project was connected until the last moment, promising to expand the adoption of the currency and spread it on the large trading platforms, so that the price of the FOIN symbol increased and doubled in December, and the performance of the currency became similar to the performance of any other normal currency recently.

But Financial.org remained unresponsive, raising several doubts about it and foin.

As for the way the project was able to earn money by selling tokens despite the downtime of Financial.org, the scammers continued to sell the ICO currency to those wishing to invest in it.

FINANCIAL.ORG Question marks have been showing for months:

Financial.org was created in 2016, according to ReutersIt has spread across Southeast Asia under the guise of activism in the digital economy.

The company has maintained a high profile and aura, even sponsoring a logo on the Williams F1 team cars.

Despite this, Financial.org seemed ready to abandon its craft, as it emptied its offices in Canary Wharf in London at the end of 2019.

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The company also abandoned its offices in Abu Dhabi.

The problem is that despite the association between “Financial.org” and the “FOIN” project, this fact has remained relatively obscure to investors.

This allowed this project to maintain its pseudo-activity, continuing to maneuver and promise exciting new developments until the last minute.

For a while the project looked like a startup project preparing to transition from ICO mode to the final operation of its mainnet.

And that things are normal, and the stage the project is going through is only a stage of growth.

But recently, many investors began to have doubts about the reality of their FOINs.

Where the project management carried out a symbolic lock-up period.

FOIN owners find their money has been seized and exchanged for a digital asset, according to the whims of project management.

Then there were suspicious calls for token exchanges and questionable transfers.

Investors were then invited to exchange their tokens through a dedicated site to go through FoinWallet.

The FOIN holders then had to transfer their digital assets to the FoPay platform, with only a two-week lead time and an $8.75 fee to transfer each token.

Read:One of the founders of Skype keeps his personal fortune in the form of Bitcoin and Ethereum

Bloating and then erupting:

FOIN Gained Blowing After Announcing Its Listing On The ALIEXCHANGE Trading Platform Acquired By FOIN.

What appears is the cunning that they were plotting behind the project to deceive many of the victims users who were drawn behind this fake as the acquisition of AliExchange platform was announced for the amount of 1 million FOIN.

FOIN was trading at that time on only two suspicious platforms:

HotBit and P2PB2B.

The price of FOIN on HotBit was completely different from that of P2PB2B.

As he told us, the FOIN project was targeting the East Asian market.

But recently, law enforcement forces in Taiwan arrested 10 members of the FOIN project.

A complaint was also issued against Foin in Thailand on December 17, a few days after the news of the AliExchange acquisition.

Somehow Foin and FoPay managed to keep some true believers and pretend that everything was fine.

But the scheme is already falling apart.

At the same time, Financial.org has been warned that it may be carrying out fraud, the warning issued by the financial authorities in the United Arab Emirates, Malaysia, Singapore, Indonesia and Thailand.

Coinmarketcap also blocked access to currency information, noting above the data that the coin is associated with a project with Financial.org.

For the currency, as mentioned in the title of the article, to collapse by more than 99%, and its price breaks from 3000 dollars to 8 dollars, as it shows Source:

The following chart shows the size of the drop:

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