Exit Scam: DeFi100 Coin Shuts Down, Runs Away With $32 Million in Investors’ Funds
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As a report has it, crypto project, DeFi100, has informed its investors that it has scammed them.

As reported by a pseudonymous crypto enthusiast, identified on Twitter as Mr. Whale, the crypto project has run away with a total of $32 million in investors’ funds.

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He added that DeFi100 coin’s official website was left with a message “We scammed you guys, and you can’t do shit about it”, which implies that the action was well planned from the launch. Currently, the DeFi100 site, defi100.org, is down.

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Mr. Whale tweeted, “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”

Mr. Whale further told his teeming followers to expect more of such incidents in the coming days:

“REMINDER: As the bull market fades, many projects will too! Expect a huge increase in exit scams over these next few months. Never invest in projects that are very new, with anonymous teams, made as memes, and have a lack of real utility. Stay safe everyone!”

The latest exit scam follows reports of two Turkish crypto exchanges allegedly performing an exit scam. The first one, known as Thodex saw about 62 people arrested by local authorities, under accusations of defrauding its clients of $2 billion worth of digital currency.

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Similarly, the second one named Vedibitcoin saw its bank accounts frozen after announcing that it would stop operation due to financial constraints.

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.