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DeFi lending protocol Fintoch is reportedly attracting investors for $31.6 million
Fintoch, a decentralized finance (DeFi) protocol that offers peer-to-peer (P2P) lending and investing services, has disappeared in an apparent exit scam involving $31.6 million worth of cryptocurrencies from investors. Twitter today saw several tweets from Fintoch users complaining about being unable to withdraw their assets, confirming suspicions that the platform had disappeared with investors' funds. Fintoch Rug Attracts Users Famous Web3 expert and on-chain analyst ZachXBT announced the rug pulled on Twitter late Tuesday, suggesting that the team behind Fintoch had defrauded users on the Binance Smart Chain (BSC). Zach gave...
DeFi lending protocol Fintoch is reportedly attracting investors for $31.6 million
Fintoch, a decentralized finance (DeFi) protocol that offers peer-to-peer (P2P) lending and investing services, has disappeared in an apparent exit scam involving $31.6 million worth of cryptocurrencies from investors.
Twitter today saw several tweets from Fintoch users complaining about being unable to withdraw their assets, confirming suspicions that the platform had disappeared with investors' funds.
Fintoch Rug attracts users
Famous Web3 expert and on-chain analyst ZachXBT announced The rug pulled on Twitter late Tuesday, suggesting that the team behind Fintoch had defrauded users on the Binance Smart Chain (BSC).
Zach revealed that at approximately 12:58 p.m. UTC on May 22, Fintoch transferred 31.6 million worth of Tether (USDT) to multiple addresses on the Tron and Ethereum networks. The platform's move caused panic among investors as they said they were unable to withdraw their assets.
After Fintoch remained silent on the withdrawal issue, several users flocked to the comments section of the platform's latest tweet, posted on May 23, demanding an explanation. Users who attempted to reach the company through its customer support channel were greeted with automated responses.
A pyramid scheme?
Fintoch lured investors with the promise of a daily return on investment (ROI) of 1% and claimed to be affiliated with American multinational investment banking and financial services firm Morgan Stanley.
However, Morgan Stanley denied any connection with Fintoch and clarified that it had no connection to the DeFi protocol, which used its brand without permission. The multinational company distanced itself from any responsibility related to transactions or results arising from Fintoch.
Additionally, the Monetary Authority of Singapore (MAS) added Fintoch to its Investor Alert List earlier this month. The list included firms that “may have been mistakenly perceived as being licensed or otherwise authorized or regulated by the MAS.”
Meanwhile, Zach argued that Bob Lambert, the CEO of Fintoch - as stated on the platform's website - does not exist and is a paid actor.
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