Crypto investment platform Morgan DF Fintoch allegedly stole $31.6 million worth of user funds in an apparent exit scam on May 22, on-chain sleuth Zachxbt reported May 24.
On-chain data shows the funds — mainly USDT on BSC — were bridged to multiple addresses on TRON and Ethereum during the afternoon of May 22 — giving rise to suspicions that the project has rugged its users.
Users began complaining about being unable to withdraw their funds on May 23. However, the company has yet to respond publicly. Its last tweet was a Youtube video about launching the FINTOCH FTC Public chain in Dubai on May 23.
CryptoSlate was unable to reach Fintoch for comment as of press time.
Fake claims
Coincidentally, DFintoch was launched on May 24, 2022, and advertised itself as a U.S. crypto investment platform offering returns on investments of up to 1% on a daily basis — or 365% annually.
The ROI was magnitudes greater than any legitimate ROI offered in the crypto industry at the time — or sin
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