A crypto project called Fintoch, which claimed to be backed by investment banking firm Morgan Stanley, seems to have taken off with almost $32 million of its users' funds, according to on-chain detective, ZachXBT.
In a thread, the crypto sleuth showed a diagram that detailed the movement of the funds. The on-chain detective alleged that the project had likely conducted an exit scam.
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 andpeople reported being unable to withdrawFintoch advertised 1% daily ROI & claimed to be owned by Morgan Stanley pic.twitter.com/UD3KKfkG97The fund promised a 1% daily interest for investments from users.
However, users of the platform have started to report that they are now unable to withdraw their funds from Fintoch. In addition to this, while the project claims to be owned by Morgan Stanley, the investment banking company, denied any ties with the project through a statement.Read more on cointelegraph.com