Investors of cryptocurrency platform Morgan DF Fintoch suspect that the team behind the platform is committing an “exit scam.” Therefore, customers of the platform face a potential nightmare and are unable to withdraw their funds. Concerns have arisen about the legitimacy of the investment scheme of 31.6 million USDT, which was allegedly lost on BNB Chain. Here are the details…
“exit scam” on cryptocurrency platform
The team behind Morgan DF Fintoch, which advertises itself as a blockchain finance platform, is suspected of orchestrating an exit scam and leaving investors in distress. According to recent reports, the team may have escaped with a staggering 31.6 million USDT on BNB Chain. The funds are allegedly transferred to multiple addresses on Tron and Ethereum, making it almost impossible for investors to get their money back.
Alarm bells began to ring when crypto-savvy and self-proclaimed “Blockchain Detective” ZachXBT tweeted to expose potential exit scams. ZachXBT has expressed concern about Fintoch, this investment plan that promises a staggering 1 percent daily return on investment (ROI) and allegedly has ties to renowned financial institution Morgan Stanley.
One of the first warning flags surrounding Morgan DF Fintoch was the use of a well-known brand name to gain credibility. Fintoch’s website featured “Bobby Lambert” as CEO. However, upon further investigation, it turned out that this person was a paid actor. This disclosure served as a warning sign to some potential investors.
Morgan Stanley also warned
It’s also important to note that both the Singapore government and Morgan Stanley have previously warned of the dubious nature of this investment scheme. In an official statement, Morgan Stanley has disclosed that Fintoch has misused its trade name and trademark without permission. The reputable financial institution has made it clear that they bear no responsibility for any transaction originating from the platform. Morgan Stanley’s statements included the following statements:
Morgan Stanley has no affiliation or affiliation with these platforms. It should be noted that Fintoch is using Morgan Stanley’s trade name and/or Morgan Stanley’s trademark or a variation thereof without permission. Please note that we do not take any responsibility for any action or result that may result from such platforms.
cryptocoin.com As we always say, investors should be careful, especially when they come across investment opportunities that seem too good to be true. Doing due diligence can help reduce the risk of falling victim to scam schemes.
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