Morgan DF Fintoch, a project claiming to be backed by Morgan Stanley, apparently disappeared with $32 million. The platform promised high returns but stopped communicating with investors after investors complained about withdrawal issues.
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Exit scam : le projet DF Fintoch rug pull 32 millions de dollars et ne donne plus signe de vie
Morgan DF Fintoch leaves with the fund
According to an analysis by ZachXBT dated May 24, the DF Fintoch project, which notably boasted of being supported by the American bank Morgan Stanley, would have left with the case of 32 million dollars and would not give any more sign of life.
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 and
people reported being unable to withdraw
Fintoch advertised 1% daily ROI & claimed to be owned by Morgan Stanley pic.twitter.com/UD3KKfkG97
— ZachXBT (@zachxbt) May 23, 2023
DF Fintoch’s Twitter page is still online, but the last communication dates from May 23, the day investors started complaining about not being able to withdraw their assets. The funds in question have been transferred from the Fintoch wallet to various addresses located on Tron (TRX) and Ethereum (ETH).
The platform, whose site is still online, presents itself as capable of offering returns of “1% per day, 36% for 30 days and 100% for 63 days”, which is much more than what centralized exchanges usually offer. (CEX).
From its full name “Morgan DF Fintoch”, the scam relied on the evocative association of its name with that of Morgan Stanley. A subterfuge that will have worked, although the American bank has nevertheless issued a press release aimed at ensuring that it had no direct or indirect link with this project.
“Please note that Fintoch uses the Morgan Stanley trade name and/or Morgan Stanley trademark or variation thereof without permission. We assume no responsibility for any transactions or results that may arise from the aforementioned platforms. […] Morgan Stanley does not use social media or mobile applications and does not directly trade cryptocurrency or digital currency products on behalf of its clients. »
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Several elements suggested the scam
At first glance, all the elements are present to lead one to be wary of this type of project. The site is made in a very amateurish way, not to say rude, some links simply not working, or redirecting to dubious pages. More generally, the finishes of the site are far from professional.
Figure 1 – Overview of the DF Fintoch site
Then, and this is information to always check on little-known sites or projects, the team of DF Fintoch (the one presented, at least) is completely unknown. For example, Bobby Joe Lambert, who is presented as the CEO of the company and as a serial entrepreneur, cannot be found on Google. It is the same for all the team presented on the official site.
Figure 2 – Team presented on the DF Fintoch website
Finally, although it is however more complicated to find, the Monetary Authority of Singapore has added DF Fintoch to its “Investor Alert List” intended for deceptive sites. Either way, always be extremely vigilant about the projects you plan to invest in.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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