A lesser known cryptocurrency project wasย known DF Fintoch seemsย to have taken off with $32 Million of user funds in a likely exit scam.
The project, referring to itself as โMorgan DF Fintoch,โ promised a daily return of 1 percent on investment. The company allegedly claimed affiliation with Morgan Stanley, cryptocurrency investigator ZachXBT revealed in a thread.
Morgan Stanley had issued a statement saying this project was not affiliated with it. The project likewise claimed their CEO was an individual wasย known Bob Lambert, while showing a imageย of the actor Mike Provenzano.
ZachXBT pointedย outย that numerous investors claimed they are unable to withdraw their funds from the project. After checking data from numerous blockchainsย teck, he found that the user deposits were sent from Binanceย Cryptoย exchange Smart Chain to two other blockchains: Ethereumย (ETH) and Tron.
The project had gained 71,000 followers onย Twitterย platform and ZachXBT noted it has greaterย than 138,000 cryptoย token holders, suggesting there were numerous victims.
The Centralย Bank of Singapore had likewise put the projectโs website on its investor warning list.
