Massive Alleged Exit Scam Soars as Project Nets $31.6 Million
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Another Big Ponzi Scam
Crypto investigator ZachXBT has raised suspicions of an exit scam involving Fintoch, a cryptocurrency venture that purportedly received backing from investment banking firm Morgan Stanley. Evidence presented by ZachXBT in a comprehensive diagram showcased the movement of approximately $32 million across various Tron and Ethereum addresses, strongly suggesting fraudulent activity.
Fintoch enticed users with a promise of 1% daily interest on investments. However, numerous users have come forward, expressing their inability to withdraw funds from the platform, indicating a potential collapse. Moreover, despite Fintoch's claims of affiliation with Morgan Stanley, the renowned financial institution officially disavowed any connections with the project. Morgan Stanley emphasized that Fintoch misused its trademarks without authorization and emphasized non-involvement in any transactions with the company.
Adding to the skepticism, the Monetary Authority of Singapore (MAS) issued a warning against Fintoch in early May. The regulatory body clarified that Fintoch lacked proper licensing or authorization, challenging any misconceptions about its regulatory compliance.
Further suspicions arise from earlier reports in March, which unveiled that the image of Fintoch's supposed CEO, Bobby Lambert, actually belonged to a paid actor named Mike Provenzano. This discovery further tarnishes the credibility of the project and raises concerns about its true intentions.
As the investigation progresses, investors and users of Fintoch find themselves entangled in a potentially extensive financial deception that demands urgent action.
Fintoch enticed users with a promise of 1% daily interest on investments. However, numerous users have come forward, expressing their inability to withdraw funds from the platform, indicating a potential collapse. Moreover, despite Fintoch's claims of affiliation with Morgan Stanley, the renowned financial institution officially disavowed any connections with the project. Morgan Stanley emphasized that Fintoch misused its trademarks without authorization and emphasized non-involvement in any transactions with the company.
Adding to the skepticism, the Monetary Authority of Singapore (MAS) issued a warning against Fintoch in early May. The regulatory body clarified that Fintoch lacked proper licensing or authorization, challenging any misconceptions about its regulatory compliance.
Further suspicions arise from earlier reports in March, which unveiled that the image of Fintoch's supposed CEO, Bobby Lambert, actually belonged to a paid actor named Mike Provenzano. This discovery further tarnishes the credibility of the project and raises concerns about its true intentions.
As the investigation progresses, investors and users of Fintoch find themselves entangled in a potentially extensive financial deception that demands urgent action.
