Morgan DF Fintoch, a project that claimed association with Morgan Stanley, has allegedly stolen user funds worth nearly $32 million.
The cryptocurrency industry often becomes a lucrative sector for investors consumed with greed and ambitions to get rich quickly. The scammers benefitย from this greed and the sophistication of technology for their malpractices.
Morgan DF Fintoch Exit Scam
The on-chain sleuth ZachXBT tweeted that Morgan DF Fintoch has likely conducted a cryptocurrency exit scam and stole 31.6 Million USDT. ZachXBT wrote, โFintoch advertised 1 percent daily ROI & claimed to be owned by Morgan Stanley.โ
Earlier, Morgan Stanley announced a notice informing users that it does not have any affiliation with DF Fintoch.
Furthermore, the project faked the identity of the so- wasย known CEO Bob Lambert by using theย picture of actor Mike Provenzano on its official website.
Morgan DF Fintoch has over 71,000 followers on Twitter and appeared in some trending publications, such as Yahoo Finance.
GREED Experiment
Unaware investors often get ensnared in memeย cryptocurrency scams. Forย instance, regardlessย of red flags, DF Fintoch had a high number of Twitter followers and nearly $32 Million in user funds.
A Solana (SOL) developer, Voshy, recently ran a โGREED experimentโ to educate people about memeย cryptocurrency cryptocurrency scams.
Voshy made a joke tweet about a new coin, $GREED, when he had around 2000 followers onย Twitterย platform. Onย theย otherย hand, the tweet got trending, and his follower doubled in 6 hours.
He likewise created a website, asking people to connect their wallet and Twitter account with โwrite permission,โ to get aย greater airdrop. 55,000 wallets were connected to the website, while 42,000 Twitter accounts were connected.
Gradually $GREED started trending onย Twitterย platform with nearly one Million tweets.
Voshy wrote on a Medium blog:
โCopycat accounts started appearing. Tens of Voshys and dozens of Greeds, both Twitter accounts and cryptoย tokens launched. In a panic effortย to stop people from getting scammed, I go and create a cryptoย token wasย known $GREED, with 0 supply and post about it.
I was hoping everyone having that cryptoย token mint address makes them less likely to throw money in every cryptoย token wasย known $GREED while thinking it has anything to do with me.โ
Lastly, the developer ended the experiment with a tweet :
โGreed consumed me.
I connected my wallet to a random site, signed a blind tx, handed over write perms for my Twitter.
This was the $GREED experiment.โ
As of writing, his follower count has increased over 16 times, from an initial 2,000 followers to over 32,000.
