DeFi100 Coin Scam: DeFi100 creators rug pull investors, disappear with $32 million

cryptocurrency market has grown significantly over past few months, and prices of all coins such as Bitcoin, Ereum, and all ors have risen. Given popularity of cryptocurrencies, many scams have also been set up to rob people of ir money. One such recent scam is DeFi100 Coin scam, where developers exit scammed investors for about 32 million USD, as per a report by Coindesk. Re on to know more about what is  DeFi100 Coin Scam. 

What is DeFi100 Coin Scam?

A cryptocurrency project known as 'DeFi100' that was built on Binance Smart Chain appears to have been a scam to rob investors of ir money. On May 22, DeFi100 Coin website displayed a message saying 'We scammed you guys, and you can't do shit about it.'. website has since been removed, but you can take a look at message down below in embedded Tweet. DeFi100 creators committed a 'rug pull, as is called in crypto community, where creators/developers make large promises to get investors and when y receive money want, y simply erase all records and escape with money.

32 million amount was calculated by same crypto analyst (Mr Whale) who uploed image of website on Twitter. crypto analyst also left a warning in one of his Tweets reminding people that as bull market ends, many projects will commit similar rug pulls, scamming investors of ir investments.

analyst also warned people to never invest in new unknown projects that have anonymous creators and serve no real purpose such as newly popular Safemoon or Shiba Inu Coin. While crypto markets can be highly profitable, potential investors should only look to invest in serious projects that serve a purpose like Ereum, Polygon, Stellar Lumens, and not go after quick profits by investing in untrustworthy projects. Stay tuned for more updates on cryptocurrency news. 

DISCLAIMER:  information provided on this website is for educational and entertainment purposes. information provided on this websites does not constitute investment vice, financial vice or tring vice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Reers should do ir own research on cryptocurrencies and consult ir financial viser before making any crypto investments. 

IMAGE: SHUTTERSTOCK