Founder of MCN Coin Confesses to Fraud
Isradin Subanbekov, one of the founders of the virtual asset MCN Coin, has recently confessed to fraud. In a video published by Ala-Too 24 TV channel, Subanbekov admitted that the organizers of MCN Coin traveled to all regions of Kyrgyzstan and operated illegally.
Despite being refused registration by the State Service for Supervision over the Financial Market five times, Subanbekov and his team continued to work unlawfully. As a result, they are unable to refund money to investors and have acknowledged that they deceived people through false promotions.
In response to this situation, the State Service for Supervision over the Financial Market had previously cautioned citizens against investing in MCN Coin, as the virtual asset had not been officially registered and was not listed in relevant registers. The agency has since provided all necessary information and documentation to the State Committee for National Security regarding this matter.
This revelation by Isradin Subanbekov serves as a cautionary tale for individuals considering investing in virtual assets and highlights the importance of conducting thorough research and due diligence before engaging in any financial transactions. It also underscores the need for regulatory oversight to protect investors from potential fraud and scams in the cryptocurrency market.
