$32 Million Stolen As Crypto Project DeFi100 Pulls The Rug

Cryptocurrency project DeFi100 (CRYPTO: D100) has informed its investors that it defrauded them of their funds.

What Happened: According to a Saturday tweet by a cryptocurrency analyst, DeFi100 announced that it scammed its users in the following unkind and inelegant message: “We scammed you guys, and you can’t do s**t about it.”

According to the analyst, the scammers behind the project made away with $32 million in investor funds. The Twitter user also warned his followers that he expects more of such instances to happen:

"As the bull market fades, many projects will too! Expect a huge increase in exit scams over these next few months. Never invest in projects that are very new, with anonymous teams, made as memes, and have a lack of real utility. Stay safe everyone!"

The DeFi100 site (defi100.org) is now down.

See also: Is Crypto a Good Investment?

Wild West Market: The news follows April reports of two Turkish cryptocurrency exchanges allegedly performing an exit scam. The first one, Thodex, saw local authorities detain 62 people under accusations of defrauding its customers of $2 billion worth of cryptocurrency.

The second one, Vedibitcoin, saw its bank accounts be frozen after announcing that it would cease all of its activities due to financial strains.

Image by Pete Linforth from Pixabay.