Last Updated on May 24, 2023 by Bitfinsider
DF Fintoch, a lesser-known cryptocurrency project, appears to have fled with $32 million in user funds in a likely exit fraud.
The initiative, which called itself “Morgan DF Fintoch,” guaranteed an investment return of 1% per day. The company purportedly claimed affiliation with Morgan Stanley, according to a thread published by crypto investigator ZachXBT.
Morgan Stanley had issued a statement denying any affiliation with this initiative. The initiative also claimed that their CEO was named Bob Lambert while displaying an image of actor Mike Provenzano.
Multiple investors have reported to ZachXBT that they cannot withdraw their funds from the initiative. After examining data from numerous blockchains, he discovered that user deposits were sent from Binance Smart Chain to Ethereum and Tron.
The project garnered 71,000 Twitter followers, and ZachXBT reported that it has more than 138,000 token holders, indicating that there were numerous victims.
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