According to a tweet by ZachXBT, a prominent anti-fraud analyst on Twitter, a cryptocurrency investment scheme claiming to be backed by Morgan Stanley has allegedly scammed 31.6 million USDT.
The Founder of the Project Promising 1 Percent Daily Profit Allegedly Lost
ZachXBT reports that the team behind Fintoch, a platform that promises 1% daily returns to its investors, has moved funds from Binance Smart Chain (BSC) to multiple addresses on the Tron and Ethereum networks, preventing its users from withdrawing funds.
He also revealed that Fintoch's CEO, Bobby Lambert, is a paid actor with a false identity and that the Singapore Government and Morgan Stanley have previously warned of this scam scheme.
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 withdrawFintoch advertised 1% daily ROI & claimed to be owned by Morgan Stanley pic.twitter.com/UD3KKfkG97
— ZachXBT (@zachxbt) May 23, 2023
ZachXBT said Fintoch is mainly targeting people in financially illiterate regions and urged its followers to be cautious and do their own research before investing in any crypto project.
ZachXBT is a Twitter user known for his analytics and fight against scams in the crypto space. It frequently exposes fraudulent projects, scams, and malicious individuals targeting innocent investors. It also monitors the movements of stolen funds and reports them to authorities and exchanges.
*Not investment advice.
