Fintoch DeFi Operators Disappeared With $31.6M from Customers

The operators of the DeFi project Fintoch appear to have carried out an exit scam and stole the cryptocurrency owned by their investors, totaling $31.6 million.

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According to media reports, for many, the disappearance of Fintoch did not come as a big surprise. The fact is that in recent months several scandals have occurred around the platform at once.

For example, Fintoch operators claimed that the project was supported by the financial conglomerate Morgan Stanley, and the corporation was forced to refute these statements in a rare press release. Morgan Stanley said that Fintoch used the trademarks without any permission, and stressed that they do not bear any responsibility for transactions with this company.

In addition, Fintoch reported that they had a license from the Monetary Authority of Singapore, but they quickly denied this information, and in early May they issued an official warning to investors, expressing doubts about Fintoch and its management.

Fintoch was also accused of using images of a hired actor, whose portrait the company passed off as a photo of its CEO on the official website.

As blockchain researcher ZachXBT has now revealed, the company has gone into hiding with all the funds of its customers who are reporting en masse that they cannot withdraw the money. He also published detailed data detailing the movement of stolen assets.