It seems that DeFi100, a DeFi project on Binance Smart Chain, could have been an exit scam. A tweet by a crypto analyst on the social media platform places the figure of $32 million as what was lost following the disappearance of the protocol.
Additionally, a not so nice message appeared on the website saying, ‘We Have Scammed You Guys and You Can’t Do Anything About It.’ While the website might have been hacked, no one from the DeFi100 team has come out to set the record straight.
Is DeFi100 Another RugPull?
In crypto, there’s a nasty scam known as ‘RugPull’ where developers vanish with a project’s funds and ridicule investors about their risk-taking mannerisms. It seems the same may have happened to Defi100 stakeholders. In such a case, the mantra is always that any investor should never put in money that they can’t afford to lose.
As the market continues to rally, exit scams are on the rise. Investors are always encouraged to avoid pouring all their money into new projects, especially those with an anonymous team. It’s always wise to look at a product’s whitepaper and identify whether it has real utility.
Since the news broke out, DeFi100’s token, D100, has tanked by 25 percent to $0.08.
