Defi100 Scammed Investors and Took $32M of Funds?

Reportedly, A Decentralized Finance Protocol (Defi) built on the Binance smart chain called “Defi100” is officially scammed its investors and took about $32 million in investors’ funds.

The reason why I used the term “Officially” is because the website that the scammers owned, has been edited after hours ago to telling investors “We scammed you guys and you can’t do shit about it” The page and the entire website is down at the time of writing. But here’s a screenshot of it.

The news initially reported by the Twitter handle @CryptoWhale. But there’s no resource for the news. According to CoinDesk, they had tried to contact the Twitter analyst to clear how the figure was obtained.

After minutes ago, the Twitter user replied to the above post mentioning,

“As the bull market fades, many projects will too! Expect a huge increase in exit scams over these next few months. Never invest in projects that are very new, with anonymous teams, made as memes, and have a lack of real utility. Stay safe everyone!”

However, there are no public posts or comments from Defi100 on its every social media profile. But the question is do they really scammed their investors and took $32 million?

According to Defi100, the answer is no. DeFi100 has clarified that their website was hacked and the hackers had put the message. They said on Twitter,

“Total supply of D100 at present is less than 4 million tokens. At the beginning of the project, the total supply was 2.5 million Tokens. Secondly, D100 was never a yield farming protocol which was holding investors funds with TVL over 32 million.”

D100 is the native cryptocurrency of the project Defi100. They further say that the highest market cap they ever had with D100 was less than $2 million and the project never held any investors’ fund. And also said rumors of scamming for $32 million are false and baseless.

According to my opinion, this makes something. Yes, the market cap should be more than just $2 million if they rose their funds to over $32 million. As they claim the project never held any investors’ funds, the scam news should be completely false and pointless.

However, they reiterate again that they have not made any exit. Anyways, things like scams everywhere regarding crypto. Do the best research you can before you invest in any platform or project to minimize the risk of getting scammed.

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