Binance Smart Chain project suspected of scam; team says it was hacked

The team behind the DeFi100 decentralised finance protocol on the Binance Smart Chain was suspected of fraud. The developers themselves said there was a hacker attack and stressed that there was no exit scam.

Cryptocurrency analyst on Twitter under the handle CryptoWhale wrote that the project team had vanished with investors’ funds. He said the amount involved was $32 million of user funds.

BREAKING: DeFi100 coin exit scams, and runs away with $32 million in investors funds.

Website is now updated with the message “We scammed you guys, and you can’t do shit about it” pic.twitter.com/uyeYUDgbwo

— Mr. Whale (@CryptoWhale) May 22, 2021

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On the DeFi100 site appeared a message stating that investors had been deceived and that they “can\’t do anything about it”.

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Initially the project did not comment on the rumours, but later said the website had been hacked.

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The website was hacked yesterday and the message was shown by the hackers. It has been taken down.

— DEFI100 (@DEFI100) May 23, 2021

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Representatives of DeFi100 also described the information about a $32 million scam as \”false and unfounded\”. They added that \”the project\’s highest market capitalization was less than $2 million\” and it never held investors’ funds.

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\”Yes, our investors have suffered huge losses, as the project did not implement its plans. But this is not an exit scam and we are still working on finding a way to put the project on its feet,\” says the DeFi100 in the message.

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Back in March, the DeFi project TurtleDex on the Binance Smart Chain carried out an exit scam of $2.4 million.

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