Scam Alert: Did DeFi100 Crypto Project Scam Investors of $32 Million?

Scam Alert: Did DeFi100 Crypto Project Scam Investors of $32 Million?
May 24
09:09 2021

A popular cryptocurrency project, Defi 100, is alleged to have scammed investors to the tune of $32 million. While the team behind the project has come out in its defence and have denied any possibility of a scam, investors are still to recover their funds.

It all started after a message appeared on their website which read: “We scammed you guys, and you can’t do **** about it.” The news spread quickly and Twitter users started talking about a probable scam. However, a little later Defi 100 came up with a clarification that their website was hacked. They also confirmed that the message was taken down.

Defi 100 is a blockchain-based project and has a total token supply of about 2.5 million tokens and the total value locked is approximately $32million. Though the project operators have clarified and blamed it on hackers, it is still unsure if the project is not a scam.
At the time of writing this article, their website is still down and there is uncertainty when it will be up and running again – if at all it will be. Following the reports, the prices of Defi 100 have plunged dramatically. Last reported it was down 25% according to Coindesk.

Scams in the crypto world are not uncommon but in 2021 the numbers have come down. The total amount lost to scammers this year so far has been significantly less than the previous when compared for the same period (Q1 ending March 31).

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Utsav K.

Utsav K.

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