CRYPTOCURRENCY: A DECENTRALISED FINANCE (DEFI) PROTOCOL BUILT ON THE BINANCE SMART CHAIN APPEARS TO HAVE BEEN A SCAM

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”.

https://www.coindesk.com/people-behind-crypto-protocol-defi100-may-have-absconded-with-32m-in-investor-funds

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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