Cryptocurrency investment platform Morgan DF Fintok allegedly stole $31.6 million worth of user funds in apparent exit fraud on May 22, on-chain detective reported May 24th.
According to on-chain data, funds (mostly USDT from BSC) were bridged to multiple TRON and Ethereum addresses on the afternoon of May 22, raising suspicions that the project is harassing users. ing.
Users started complaining about being unable to withdraw funds on May 23, but the company has yet to publicly respond. That last tweet was a Youtube video about the launch of the FINTOCH FTC public chain in Dubai on May 23rd.
At the time of writing, CryptoSlate was unable to reach Fintoch for comment.
Coincidentally, DFintoch launched on May 24th, 2022 and touted itself as a US cryptocurrency investment platform that offers up to 1% return on investment per day, or 365% per year.
This ROI is far greater than any legitimate ROI offered in the cryptocurrency industry at the time, or even since then, with most exchanges offering up to 4% annual ROI in most jurisdictions.
The company also claimed to be backed by US banking giant Morgan Stanley.But Wall Street financiers have since publicly said It revealed that it had no relationship with Fintoch and that the project had used the bank’s logo and brand without permission.
A deep dive into the company’s team reveals that the company’s CEO, Bob Lambert, is not a real person, but is in fact a paid actor called “The Actor”. Mike Provenzano.
At the time of writing, CryptoSlate was unable to reach Provenzano for comment. It is unclear if the actors were paid for the photos or if they were used without permission.
Meanwhile, a video promoting the launch of Fintoch Chain claims that the UAE royal family was present at the event. However, there is no evidence or indication that the UAE government or royal family are involved in any way with the project.
In addition, Singapore’s market surveillance agency recently caveat The company has falsely claimed to have received regulatory approval to operate in the country, he said.
Investors have been warned to immediately cease all activity and transactions with the platform.
The story of Morgan defender Fintock going radio silence after a massive $31.6 million dump first appeared on CryptoSlate.