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People Behind Crypto Protocol DeFi100 May Have Absconded With $32M in Investor Funds
A not-so-classy message on the DeFi100.org website told investors they'd been fooled and "you can't do [the slightest thing] about it."
Cryptocurrency project DeFi100, a decentralized finance (DeFi) protocol built on the Binance Smart Chain, appears to have been a scam, with the people running it having taken investors' money and running.
STORY CONTINUES BELOW
- A unnamed crypto analyst on Twitter with more than 197,000 followers put the haul at $32 million. It was unclear how that figure was obtained. A message to the analyst wasn't immediately returned.
- Hours ago, a not-so-classy message greeted visitors to the DeFi100.org website telling investors they'd been fooled and "you can't do [the slightest thing] about it." While that page has since been removed, here's a screen grab of it:
- While it's possible the site has been hacked, given that there's been no public comment from DeFi100 on its Twitter feed or any other platform, it's more likely the event is a so-called "rug pull," a nasty bit of business that every now and then occurs in the crypto industry in which developers abandon a (usually tiny) project and take off with investors' funds.
- It reinforces the saying "never invest more than you can afford to lose."
- The price of D100, the native token of DeFi100, is down 25% in the last 24 hours to $0.08.
Read more: Flash Loan Attack Causes DeFi Token Bunny to Crash Over 95%
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
