Fintoch, a crypto ponzi that is quite popular, may have turned into an exit scam based on the reports reaching us. The platform, which claimed to be cutting-edge DeFi technology, promised investors 1% daily in its yield farming resource.
In a Twitter post, ZachXBT, an on-chain investigator, said that the team behind the scheme likely made away with 31.6 million USDT on the Binance smart chain. It became apparent that the scheme had ended after investors found it difficult to make withdrawals.
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
In the post, ZackXBT stated that,
“It appears the team behind the ponzi @DFintoch has likely exit scammed with 31.6 million USDT on BSC after the funds were bridged to multiple addresses on Tron/Ethereum and “People reported being unable to withdraw.”
He further stated that the CEO of the company, Bobby Lambert, doesn’t exist, but the fraudsters behind the scheme somehow convinced many investors that his identity is real by using an actor to impersonate the non-existent personality.
A disclaimer from Morgan Stanley
He also showed a document that showed the platform was not registered with the Monetary Authority of Singapore (MAS). He also showed a release by Morgan Stanley, where the institution denied links with Fintoch. According to the investment bank,
“It has come to our attention that there are digital platforms impersonating Morgan Stanley, including Fintoch” (“Fintoch”). Please note that Fintoch is using Morgan Stanley’s trade name and/or Morgan Stanley’s trademark or a variation thereof without authorization, and we do not assume any responsibility for any transactions or results that may arise from the aforesaid platforms. Morgan Stanley does not have any affiliation or relationship with these platforms.”
Information available from the Twitter page of Fintoch shows that it has 71.7k followers. Its last post was on May 23. Its username, Morgan DF Fintoch, could have been chosen to impersonate Morgan Stanley.