Morgan DF Fintoch goes radio silent after rugging $31.6M


Morgan DF Fintoch’s $31.6 million exit scam exposes fake CEO, false claims, and triggers a warning from Singapore’s watchdog.

Cover art/illustration via CryptoSlate

Crypto investment platform Morgan DF Fintoch allegedly stole $31.6 million worth of user funds in an apparent exit scam on May 22, on-chain sleuth Zachxbt reported May 24.

On-chain data shows the funds — mainly USDT on BSC — were bridged to multiple addresses on TRON and Ethereum during the afternoon of May 22 — giving rise to suspicions that the project has rugged its users.

How To Get Free Crypto  

Users began complaining about being unable to withdraw their funds on May 23. However, the company has yet to respond publicly. Its last tweet was a Youtube video about launching the FINTOCH FTC Public chain in Dubai on May 23.

CryptoSlate was unable to reach Fintoch for comment as of press time.

Fake claims

Coincidentally, DFintoch was launched on May 24, 2022, and advertised itself as a U.S. crypto investment platform offering returns on investments of up to 1% on a daily basis — or 365% annually.

The ROI was magnitudes greater than any legitimate ROI offered in the crypto industry at the time — or since — with most exchanges offering ROIs of up to 4% annually in most jurisdictions at most.

The company also claimed to be backed by U.S. banking giant Morgan Stanley. However, the Wall Street lender has since publicly stated that it has no ties to Fintoch and that the project was using the bank’s logos and branding without permission.

Coinbase Banner  

A deeper dive into its team revealed that the company’s CEO Bob Lambert is not a real person and is actually a paid actor called Mike Provenzano.

CryptoSlate was unable to reach Provenzano for comment as of press time. It is unclear whether the actor was paid for his photos or if they were used without permission.

Meanwhile, the video promoting Fintoch Chain’s launch claims the UAE royal family was present at the event. However, there is no evidence or indication that the UAE government or royal family is involved with the project in any way.

Furthermore, the Singaporean markets watchdog recently issued a warning about the company and said it was falsely claiming to have secured the regulator’s approval to operate in the country.

FreeBitcoin Banner  

It warned investors to immediately cease all activities and transactions with the platform.

Posted In: Crime, Featured

Going full maxi: Tensions flare as Bitcoin expert maintains that altcoins are scams

People 6 days ago 2 min read

Former Paxful CEO warns users not to use platform amid spate of scams

Scams 2 weeks ago 2 min read

Go to Source
Author: Assad Jafri

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.