The organisers of the LV Finance DeFi project falsified audit results to misappropriate investors’ funds. The Chinese analytics firm SlowMist reports this.
On the LV Finance site, the project’s founders described their offering as a ‘community-owned DeFi ecosystem’ based on Ethereum. They promised to launch ‘genesis farming’ soon.
On September 19, one Twitter user said he could not withdraw funds from LV Finance pools. He asked a question in the project’s Telegram channel, but he was blocked.
So far unable to withdrawl from any pool. 4 failed attempts and was instantlyi banned when i brought the issue up in telegram. Stay clear!
— J.P. Kinney (@stacheisback) September 19, 2020
According to SlowMist, after a brief fundraising period the organisers disappeared. As of writing, the LV Finance website is unavailable, and social media accounts have been deleted.
Earlier in the exit scam the EOS-based DeFi project EMD was suspected. According to some reports, from the contract “emeraldmine1” $780,000 USDT, 490,000 EOS and 56,000 DFS were withdrawn.
In September, after a two-day campaign, the organisers of the DeFi project Yfdexf.Finance disappeared with $20 million of user funds.
Also, note that in June the Ukrainian crypto investment fund Bitsonar carried out an exit scam. Read in ForkLog’s special report how a former official built a financial pyramid.
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