The $32 million scam cryptocurrency project provokes investors

After fleeing, the leaders of this project also left provocative messages for those who were scammed.
The DeFi100 cryptocurrency project, which went public this past February, appears to have turned into a $32 million scam. On the evening of May 22, many visitors to the DeFi100 website received a message that they had been scammed.

Scam notice on DeFi100 website. Screenshots. “We fooled everyone and nobody could do anything about it,” said the statement, signed by Devsin, who is said to be the head of the DeFi100 project. According to the above information Coinmarketcap , DeFi100 is a project to create a simulated value fund, that is, the value of D100 issued will depend on the total value of the decentralized financial market (DeFi). The team that developed this project took the name Wrapp3D, but all members hid their true identities. This project’s D100 coin has been released on the Binance Smart Chain network since February. After that, some users warned about the dangers of DeFi100. On Twitter, user Tom suggested that DeFi100 was originally intended to issue a token with a price-adjusted supply (rebase token). However, when this plan failed, they planned to switch to the liquidity pool model. “This whole project is a scam. Devsin manipulates and deceives investors,” user Tom asserts. The price of D100 coin has been decreasing steadily over the past week, and dropped sharply after the scam information. Screenshots. According to the account Mr. Whale on Twitter, who claims to be a crypto analyst, total scams from the DeFi100 project amounted to $32 million. “When the market is no longer going up, many projects will disappear. Don’t be surprised that many scam projects will be reported in the next few months. Never invest in projects that are too new, with development teams. anonymous development, created as a joke and has no real purpose”, account Mr. Whale warned. According to the CoinDesk , does not rule out the possibility that DeFi100’s website was hacked to post the aforementioned notice. By the morning of May 23, the notice on the DeFi100 website had been removed. The value of the D100 coin has fallen nearly three times in the past week, from $0.2 to $0.077. DeFi100’s Twitter account has had no new announcements since March. In the crypto world, a developer scam is also known as a “rug pull”. This is a fairly common form of fraud, especially with decentralized finance (DeFi) projects, when all transactions are conducted by code, not by an organization.