Investors have found themselves unable to withdraw funds after Fintoch moved the stolen 31.6 million USDT to different wallets on Tron/Ethereum, leaving investors with no access to their money.
The Fintoch website lists “Bobby Lambert” as the CEO, but it turns out he is actually a paid actor. Both the Singapore Government and Morgan Stanley have also issued warnings about this scheme. Morgan Stanley stated that Fintoch is using their name and logo without permission, and they are not responsible for any transactions or outcomes from the platform.
Please note that the information in this article was sourced from Coincu News. Fintoch token contract address can be found here for users who want to know more: FintochSTO | Address 0x19a00e359990Ec7dAf6e9dD9A2Fb7664014bB5f7
Broadly speaking, such scam schemes generally refer to returns that are significantly above the average or expected returns of a similar investment.
For example, if a project claims to offer a 1% daily return on investment (ROI), which is equivalent to a 3,678% annualized ROI, that would be considered an incredibly high return that should raise some red flags. High returns usually come with high risks, so you should keep your expectations realistic and be wary of projects offering such returns.
Do your own research before investing in any scheme that promises high returns or uses a well-known brand name without authorization.
This means that you should not blindly trust the claims or recommendations of others, but verify them with reliable sources and your own judgment. Some of the steps involved in doing your own research are:
- Reading the whitepaper of the project, which is a document that explains the problem, solution, technology, and roadmap of the project.
- Checking the team members and their background, experience, and reputation in the crypto space.
- Comparing the project with its competitors and assessing its unique value proposition and market potential.
- Evaluating the metrics of the project, such as its price, market cap, supply, volume, liquidity, and adoption.
- Reviewing the community engagement and feedback of the project on social media, forums, and review sites.
Be aware of new projects or tokens that have no clear use case, team, or roadmap, and that may disappear after raising funds from investors.
This means that you should be cautious of investing in projects that have no clear purpose, vision, or direction, and that may be scams or failures. Some of the signs of such projects are:
- They have no whitepaper or a poorly written one that does not explain the problem, solution, technology, and roadmap of the project.
- They have no team members or a team with no relevant experience, reputation, or track record in the crypto space.
- They have no roadmap or a vague one that does not show any milestones, deliverables, or timelines for the project development.
- They have no community engagement or feedback on social media, forums, or review sites.
- They have no competitors or a weak value proposition compared to other similar projects.
Investors should avoid investing in such projects unless you have done extensive research and are willing to take high risks.
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