On 24 May, Coindesk reported that cryptocurrency project DeFi100, a decentralized finance (DeFi) protocol built on the Binance Smart Chain, appears to have been a scam, with the people running it having taken investors’ money and running. One unconfirmed source put the loss at $32 million. Coindesk says that while it’s possible the site has been hacked, given that there’s been no public comment from DeFi100, it’s more likely the event is a so-called “rug pull”.
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