DeFi Project Fintoch Accused of Defrauding $31.6M
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May 25, 2023

The team of DeFi project Fintoch team has allegedly committed an exit scam by withdrawing $31.6 million in digital assets, according to blockchain researcher ZachXBT.

According to him, funds in USDT have been transferred from the BNB Chain network to various addresses on the Tron and Ethereum blockchains. Some users have informed the expert that they are unable to withdraw their money from Fintoch.

The US company claimed to be owned by Morgan Stanley and promised a 1% daily return on investment.

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In the last few months alone, Fintoch has held public events in Malaysia, South Korea and Dubai to promote it.

ZachXBT believes the project was a Ponzi scheme. The purported co-founder and CEO of Fintoch is Bob Lambert, who does not actually exist. His role was played by a hired actor.

The researcher has highlighted Singapore authorities and Morgan Stanley had previously issued warnings about the investment scheme.

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