Have people behind DeFi100 cryptocurrency project run away with Rs 233 crore of investor funds?

Representative image/Pixabay

Reports have claimed that people behind cryptocurrency project DeFi100 may have absconded with investor funds worth USD 32 million (approx Rs 233 crore). Such reports appeared after a message on the cryptocurrency project’s website – DeFi100.org – scared visitors with a message saying they had been “scammed” and that they can’t do anything about it.

Analysts on Twitter pegged the “scam” at USD 32 million. It was not clear how the figure was obtained. “DeFi100 coin exit scams, and runs away with $32 million, and leaves a message for all of us. Feels like the summer of 2017,” Twitted Cryptokanoon co-founder Kashif Raza.

However, the reports of the alleged scam may not be true.

The scam message has now been removed from the DeFi100 website. People behind this cryptocurrency project have claimed that their website was hacked yesterday (May 22, 2021) and the scam message was shown by hackers. “The website was hacked yesterday and the message was shown by the hackers. It has been taken down,” DeFi100 tweeted.

At the time of writing this report, DeFi100 website was down, showing errors with a message “Oops, looks like that page is lost.”

ALSO READ | Decrypting Cryptocurrency: Is this the right time to invest in Bitcoin and others?

DeFi100 is a decentralized finance protocol built on Binance Smart Chain.

Investing in cryptocurrency is a risky affair. Investors are advised to exercise caution before risking their hard-earned money with unstable and uncertain cryptocurrencies. And of late several reports of crypto scams have come to light. recently, several reports said that Elon Musk impersonators have scammed around USD 2 million from investors in the last six months. Several people fall victim to crypto fraudsters as they chase easy money and quick returns.

In the last few days, prices of several popular cryptocurrency coins like Bitcoin, Etherium, Dogecoin etc have fallen sharply. Experts advise investors to educate themselves about the underlying value of the crypto assets in which they want to invest.