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.
It appears the team behind the ponzi @DFintoch has likely exit scammed with 31.6m USDT on BSC after the funds were bridged to multiple addresses on Tron/Ethereum and
people reported being unable to withdrawFintoch advertised 1% daily ROI & claimed to be owned by Morgan Stanley pic.twitter.com/UD3KKfkG97
— ZachXBT (@zachxbt) May 23, 2023
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.
Thanks to Yahoo! Finance💕💕💕https://t.co/W83sGMh5ho
— Morgan DF Fintoch (@DFintoch) May 18, 2023
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 team page on the Fintoch website names “Bobby Lambert” as the CEO when in reality he does not exist and is a paid actor.
Previously both the Singapore Government and Morgan Stanley issued warnings about this investment scheme. pic.twitter.com/SLxvOCPj1s
— ZachXBT (@zachxbt) May 23, 2023
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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