Crypto protocol DeFi100 might have run away with $32M in investor funds
Cryptocurrency project DeFi100, a DeFi protocol built on the Binance Smart Chain, appears to have been a scam, with the people running it has taken investors’ money and running away.
According to the post shared by an anonymous crypto analyst on Twitter with more than 197,000 followers put the haul at $32 million. It was unclear how that figure was obtained. A message to the analyst wasn't immediately returned.
Hours ago, a not-so-classy message greeted visitors to the DeFi100.org website telling investors they'd been fooled and "you can't do sh*t about it." The page has since been removed.
While it is not possible the site has been hacked, given that there's been no public comment from DeFi100 on its Twitter feed or any other platform, it's more likely the event is a so-called "rug pull," a nasty bit of business that every now and then occurs in the crypto industry in which developers abandon a (usually tiny) project and take off with investors' funds. It reinforces the saying "never invest more than you can afford to lose."
Following the news, the price of D100, the native token of DeFi100, is down 25% in the last 24 hours to $0.08.