Creators of Fintoch crypto project were accused of stealing $31.6 million from clients

The Fintoch project team has withdrawn its assets and announced. That due to the transition to the new network in the coming days on the platform there may be temporary problems with the deposit or withdrawal of funds

The creators of the crypto project Fintoch stole 31.6 million USDT from customers, on-chain detective ZachXBT reported. The platform’s team withdrew funds to various addresses on Tron and Ethereum networks. Users then began complaining that they couldn’t access their assets.

The Fintoch platform positioned itself as a project of Morgan Stanley, a multinational corporation. And it provided diversified financial services. Also among other things, it offered a 1% daily return on investment. The platform assured that HyBriid’s exclusive blockchain security technology allows users to “enjoy blockchain investments with zero risk.

ZachXBT recalled that Morgan Stanley previously said it had nothing to do with Fintoch. And the Singapore government had warned investors that the project was falsely presented as licensed.

The blockchain analyst also revealed that someone like Bobby Lambert. Who is listed as the CEO on the project’s website, does not actually exist. His role was probably played by actor Mike Provenzano, ZachXBT suggested, attaching a photo.

Also the Fintoch project was widely advertised and held large-scale conferences and other events in various countries. For example in Vietnam, Malaysia, South Korea, UAE and Indonesia (in Bali).

Fintoch page in the Medium social network is now closed. And in the May 24 telegraph channel of the project was published an announcement of the upcoming launch of the public network FTC. According to the announcement, there will be a “migration and deployment of system data” in the coming days.

Our experts warn that it is necessary to check each project very carefully. And if there is news that the company is cheating somewhere, it should be the first signal to withdraw your money from such a project.