DeFi100 creators rug pull investors, disappear with $32 million

The cryptocurrency market has grown significantly over the past few months, and prices of all coins such as Bitcoin, Ethereum, and all others have risen. Given the popularity of cryptocurrencies, many scams have also been set up to rob people of their money. One such recent scam is the DeFi100 Coin scam, where developers exit scammed investors for about 32 million USD, as per a report by Coindesk. Read on to know more about what is the DeFi100 Coin Scam. 

What is the DeFi100 Coin Scam?

A cryptocurrency project known as ‘DeFi100’ that was built on the Binance Smart Chain appears to have been a scam to rob investors of their money. On May 22, the DeFi100 Coin website displayed a message saying ‘We scammed you guys, and you can’t do shit about it.’. The website has since been removed, but you can take a look at the message down below in the embedded Tweet. The DeFi100 creators committed a ‘rug pull, as is called in the crypto community, where the creators/developers make large promises to get investors and when they receive the money want, they simply erase all records and escape with the money.

The 32 million amount was calculated by the same crypto analyst (Mr Whale) who uploaded the image of the website on Twitter. The crypto analyst also left a warning in one of his Tweets reminding people that as the bull market ends, many projects will commit similar rug pulls, scamming investors of their investments.

The analyst also warned people to never invest in new unknown projects that have anonymous creators and serve no real purpose such as the newly popular Safemoon or Shiba Inu Coin. While crypto markets can be highly profitable, potential investors should only look to invest in serious projects that serve a purpose like Ethereum, Polygon, Stellar Lumens, and not go after quick profits by investing in untrustworthy projects. Stay tuned for more updates on cryptocurrency news. 

 

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this websites does not constitute investment advice, financial advice or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments. 

 

IMAGE: SHUTTERSTOCK