DeFi project Fintoch suspected of fraud for $31.6 million


The Fintoch DeFi project team allegedly committed an exit scam, withdrawing digital assets of clients in the amount of $31.6 million, according to on-chain researcher ZachXBT.

Funds in USDT were transferred from the BNB Chain network to several addresses on the Tron and Ethereum blockchains. Some users have reported to the expert that they cannot receive their money from Fintoch.

The US company claimed to be owned by Morgan Stanley and promised a 1% daily return on investment.

In recent months alone, Fintoch has held public events to promote Malaysia, South Korea and Dubai.

ZachXBT believes the project was a Ponzi scheme. The co-founder and CEO of Fintoch on the site is Bob Lambert, who does not exist in reality. His role was played by a hired actor.

The researcher noted that the authorities of Singapore and Morgan Stanley had previously issued warnings regarding the investment scheme.

Recall that in May the team DEX Swaprum, based on Arbitrum’s L2 network, escaped with $3 million in user assets, draining liquidity pools.

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