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

Quick Take

  • The project called DF Fintoch claimed to be associated with Morgan Stanley.
  • Morgan Stanley issued a statement denying the association, while Singapore’s regulatory authority had put the project’s website on its alert list.

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.


© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AUTHOR

Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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To contact the editor of this story: Vishal Chawla at [email protected]

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