Published
02/07/2025, 09:37The organiser of MCN Coin admitted to fraud and publicly apologised to the citizens of Kyrgyzstan. Isradin Subanbekov, one of the creators of the project, stated that MCN Coin initially did not have a stable blockchain and its activities were illegal.
Subanbekov said he did not have a regular job before joining the project - he resold goods on the market. He worked at MCN Coin for a year and a half, admitting that the project did not have its own blockchain and had difficulty integrating into one of the exchanges. According to him, the team used the Binance blockchain and acted solely in their own interests.
The organiser admitted that he had earned about $2.5 million from the project, having bought himself luxury housing and a Lexus 570 car. He said MCN Coin's activities covered all seven provinces of Kyrgyzstan but were illegal because the State Service for Regulation and Supervision of Financial Market (FinNadzor) refused to register the project five times.
Subanbekov said the team would not be able to recover depositors' money because all promotions and advertising for the project were organised illegally and based on deception. ‘It was all a scam. I apologise to all the people of Kyrgyzstan,’ he said.
Recall that on 5 February, officers of the State Committee for National Security of Kyrgyzstan detained several people involved in the activities of MCN Coin.
One of the suspects was arrested while trying to fly to Dubai. According to preliminary reports, hundreds of people who had invested significant sums in the cryptocurrency project fell victim to the fraudulent scheme.
The investigation is ongoing, and authorities are urging victims to contact law enforcement agencies to file reports.
