DeFi100 founders labeled the allegations as false and baseless

DeFi100 founders denied the claims of exit scam
  • DeFi100 has been allegedly charged with scamming $32 million worth of investors funds
  • The founders of the project have denied the claims and considered those false and baseless
  • The founders mentioned that the project never had a value of more than $2 million
  • Certik has still labeled the project as abandoned, and a certified rug pull

DeFi100 is a decentralized finance protocol based on the Binance Smart Chain (BSC). The protocol has appeared to be a scam, as the users claim that it took the investor’s money and ran away. The report was revealed on Saturday that the less popular crypto project was a scam. An unnamed analyst on Twitter with more than 197k followers passed a screenshot of the project’s official website with a note regarding the fraud.” However, the founder of the project denied the allegations of scams.

DeFi100 was known to have laundered $32 million

On Saturday, the official website of DeFi100 announced that the founders of the project had stolen $32 million worth of investment. Soon after, an analyst shared the screenshot of the scam event. Notably, the project did not make any comment about the scam’s message, although it went viral on social platforms. However, it is still a mystery how the scammers obtained the funds.

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On Sunday, DeFi100 tweeted to make a strong denial against the allegations of exit scam. The DeFi protocol highlighted that they are not behind any such illegal activities, and the hackers showed the message on Saturday.

Was the scam a rumor or a legitimate one?

Although the crypto analyst claimed that the founders scammed $32 million, the founders denied the allegations. According to the DeFi100, the allegations were absolutely false and baseless. 

The founders further explained that $2 market capitalization was ever the project. Moreover, as the project was not a yield farming platform, there were no investor funds with a total value of more than $32 million. Hence, following the fact, the cryptocurrency project was known to be never having such value that the founders could scam.

However, Certik, a cryptocurrency security tracking firm, has still labeled the project as a certified rug pull at press time. And allegedly that the project is a scam in which the founders abandoned it and ran with the invested funds.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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