The Block: Crypto project disappears with $32 million of funds in likely exit scam

A lesser known crypto project called DF Fintoch appears to have taken off with $32 million of user funds in a likely exit scam.

The project, referring to itself as “Morgan DF Fintoch,” promised a daily return of 1% on investment. The firm allegedly claimed affiliation with Morgan Stanley, crypto investigator ZachXBT revealed in a thread .

Morgan Stanley had issued a statement saying this project was not affiliated with it. The project also claimed their CEO was an individual called Bob Lambert, while showing a picture of the actor Mike Provenzano.

ZachXBT noted that multiple investors claimed they are unable to withdraw their funds from the project. After checking data from multiple blockchains, he found that the user deposits were sent from Binance Smart Chain to two other blockchains: Ethereum and Tron.

The project had gained 71,000 followers on Twitter and ZachXBT noted it has more than 138,000 token holders , suggesting there were many victims.

The Monetary Authority of Singapore had also put the project's website on its investor alert list .

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