$32M User Funds Allegedly Stolen by Morgan DF Fintoch

$32M User Funds Allegedly Stolen by Morgan DF Fintoch

Morgan DF Fintoch, a project falsely claiming association with Morgan Stanley, has allegedly conducted a crypto exit scam, stealing user funds worth nearly $32 million, highlighting the dangers of greed in the crypto industry.

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 benefit 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, “Fintoch advertised 1 percent daily ROI & claimed to be owned by Morgan Stanley.”

Earlier, Morgan Stanley announced a notice informing users that it does not have any affiliation with DF Fintoch.

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Furthermore, the project faked the identity of the so- was known CEO Bob Lambert by using the 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 meme cryptocurrency scams. For instance, regardless 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 “GREED experiment” to educate people about meme cryptocurrency cryptocurrency scams.

Voshy made a joke tweet about a new coin, $GREED, when he had around 2000 followers on Twitter platform. On the other 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 “write permission,” to get a greater airdrop. 55,000 wallets were connected to the website, while 42,000 Twitter accounts were connected.

Gradually $GREED started trending on Twitter platform with nearly one Million tweets.

Voshy wrote on a Medium blog:

“Copycat accounts started appearing. Tens of Voshys and dozens of Greeds, both Twitter accounts and crypto tokens launched. In a panic effort to stop people from getting scammed, I go and create a crypto token was known $GREED, with 0 supply and post about it.

I was hoping everyone having that crypto token mint address makes them less likely to throw money in every crypto token was known $GREED while thinking it has anything to do with me.”

Lastly, the developer ended the experiment with a tweet :

“Greed 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.”

As of writing, his follower count has increased over 16 times, from an initial 2,000 followers to over 32,000.


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