Fintoch or Morgan DF Fintoch, a crypto investment platform, is under scrutiny for an alleged exit scam, with reports suggesting that $31.6 million worth of user funds have been stolen. The company, which falsely claimed to be backed by Morgan Stanley and featured a fictitious CEO, is facing accusations of fraudulent activities. Regulatory warnings have been issued, urging investors to refrain from engaging with the platform. Here’s the latest details on this developing story.
Fintoch Faces Allegations of $31.6 Million Exit Scam and User Fund Theft
According to on-chain investigator Zachxbt, allegations have arisen against Morgan DF Fintoch (https://www.fintoch.com/), a crypto investment platform, regarding an exit scam and the purported theft of $31.6 million worth of user funds.
On May 22, these funds, mainly composed of USDT on the Binance Smart Chain, were moved to numerous addresses on the TRON and Ethereum networks, giving rise to suspicions of a rug pull.
Users began reporting their inability to withdraw funds on May 23, but the company has not responded publicly, with its last tweet promoting the launch of the FINTOCH FTC Public chain in Dubai on May 23.
The company has since released three press announcements primarily explaining the project and its upcoming launch in June. However, none of these announcements include any contact details, website links, or names of the representatives.
Beware: DFintoch’s Dubious Crypto Investment Promises and False Morgan Stanley Affiliation
DFintoch entered the market presenting itself as a crypto investment platform based in the United States. The platform made bold claims of providing daily returns of up to 1% or an astonishing 365% annually. These promised returns far exceeded the industry standard offered by reputable platforms, triggering concerns and suspicion.
The company also falsely claimed to have the backing of Morgan Stanley, a prominent US banking institution, leading to a public statement from Morgan Stanley clarifying that it had no connection to Fintoch.
In the statement issued by Morgan Stanley, the renowned financial institution has addressed the issue, specifically mentioning Fintoch 分投趣 (“Fintoch”), falsely impersonating their brand. The statement clarifies that Fintoch has been utilizing Morgan Stanley’s trade name, trademark, or variations thereof without any legal authorization. Morgan Stanley firmly stated that they have no affiliations, connections, or relationships with these platforms.
The statement further emphasized that Morgan Stanley cannot be held responsible for any transactions or outcomes resulting from engaging with these unauthorized platforms. Furthermore, the financial institution highlighted that they do not send unsolicited investment offers via email, conduct business through social media or mobile applications, or directly engage in trading crypto or digital currency products on behalf of clients.
DFintoch’s CEO Exposed as Paid Actor and Questionable Claims about UAE Royal Family
Further investigation into the company by AlexaBlockchain team revealed that its CEO, Bob Lambert, is a fictitious character portrayed by a paid actor named Mike Provenzano. Provenzano has not commented on the matter, and it is unclear whether his photos were used with or without permission.
Additionally, the company’s video promoting the launch of the Fintoch Chain claimed the presence of the UAE royal family, but there is no evidence to support this.
Regulatory Alert: Monetary Authority of Singapore Exposes DFintoch’s False Claims and Advises Investors to Cease Activities Immediately
The regulatory body in Singapore, the Monetary Authority of Singapore, has recently issued a cautionary notice regarding DFintoch.
The notice clarifies that the company has made false claims about obtaining regulatory approval to conduct operations in Singapore. As a result, the authority advised investors to halt all activities and transactions with the platform without delay.
At the time of reporting, AlexaBlockchain was unable to reach Fintoch or Provenzano for comment.
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