Ethereum

Bitcoin

Read

<p class="is-style-lead">Investors who fell victim to the notorious Ponzi scheme, Morgan DF Fintoch, are now facing disappointment and anger as rumors circulate that the scheme has executed an exit fraud, leaving them empty-handed.</p>



<p>Operating on the <a href="https://crypto.news/learn/beginners-guide-trading-binance/">Binance</a> Smart Chain (BSC), Fintoch has bewildered investors as approximately 31.6 million USDT was mysteriously transferred to various addresses on the Tron and Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/">ETH</a>).</p>



<p>The scheme&#8217;s collapse has resulted in frustration and anxiety among affected users who cannot withdraw their invested funds.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">It appears the team behind the ponzi <a href="https://twitter.com/DFintoch?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@DFintoch</a> has likely exit scammed with 31.6m USDT on BSC after the funds were bridged to multiple addresses on Tron/Ethereum and<br>people reported being unable to withdraw<br><br>Fintoch advertised 1% daily ROI &amp; claimed to be owned by Morgan Stanley <a href="https://t.co/UD3KKfkG97" target="_blank">pic.twitter.com/UD3KKfkG97</a></p>&mdash; ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1661129110062788608?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 23, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Promising an enticing daily return of 1%, Fintoch used its Twitter account to lure in unsuspecting investors. The scheme falsely claimed connections with the reputable financial firm Morgan Stanley, strategically designed to instill trust and credibility among users. However, emerging information suggests that these assurances were a facade crafted to deceive the gullible.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/crypto-scandal-hits-south-korea-as-executives-accused-of-2-2m-scam/" class="cn-block-related-link__link">
            Crypto scandal hits South Korea as executives accused of $2.2m scam        </a>

    
</div>


<p>The exact mechanics of the alleged exit fraud remain unclear. It appears that the funds were distributed across multiple addresses on the Tron and Ethereum networks, making it increasingly challenging to trace and recover the disappeared funds. This systematic approach has only fueled suspicions among victims, reinforcing the belief that Fintoch orchestrated this elaborate scam to siphon off their money.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="How to Spot and Avoid Ponzi and Pyramid Schemes🔺" width="1020" height="574" src="https://www.youtube.com/embed/q2q4tzCGoxg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>In response to this incident, authorities and the bitcoin community are diligently working to uncover the identities of the perpetrators and bring them to justice. </p>



<p>The reported loss of $31.6 million USDT on the Binance Smart Chain resulting from the alleged exit fraud committed by Fintoch serves as a sobering reminder of the risks inherent in the volatile cryptocurrency landscape. It underscores the importance of remaining vigilant, maintaining a healthy skepticism, and making well-informed decisions while evaluating potential investment opportunities.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/bitcoin-scam-leaves-uk-couple-with-56k-worth-of-debts/" class="cn-block-related-link__link">
            Bitcoin scam leaves UK couple with $56k worth of debts         </a>

    
</div>

Fintoch ponzi actors escape with 31.6m USDT

crypto.news

在 2023年5月24日發表的其他文章

10th CLEG Burn

Rajeev Chandrasekhar, Indian IT minister, pledges support for crypto and web3

SUI drops to all-time low as market turns red

Brave Browser Introduces NFT-Gated Video Calls for Web3 Users

Introducing FART COIN: The Game Cryptocurrency Designed to Attract Luck!

Bears Dominate Arbitrum (ARB), Cardano (ADA) Gets New DeFi Partner, Crypto Whales Invest in Spark...

訂閱免費電子報，每天收取加密貨幣最新動態！