Did FinSoul Cheat Investors With Actors Posing As Executives?
The post Did FinSoul Cheat Investors With Actors Posing As Executives? appeared on BitcoinEthereumNews.com. Companies committing fraud for investments is nothing new. The crypto domain has a fair share of such incidences. However, it is the methods deployed by the culprits that make particular cases more interesting than others. If blockchain security platform CertiK is right, then FinSoul’s recent fund-raising will be memorable. Theatrics, Background, and a Trail of Transactions On October 10, the gaming project FinSoul allegedly carried out an elaborate exit scam. According to CertiK, FinSoul’s development team staged some actors as executives to cheat investors. As per the allegations, they even succeeded in amassing $1.6 Million using this market manipulation trick. The usage of those funds makes this even more dubious in nature. The analyst reveals that the fraudsters routed this money to themselves using a bridged Tether. The data shows that the funds were laundered through crypto mixer Tornado Cash. Notably, this is not the first fraud allegation against FinSoul’s development team. On May 23, a DeFi project made some big announcements through a press release. It claimed to have acquired the technology to create a metaverse platform. The PR stated that the company was using Cocos 2D and Unreal Engine 5 to develop a line of products. It included MMORPG, sandbox worlds, leisure experiences, multiplayer sports, and other types of gaming content too. The same day, ZachXBT, an on-chain sleuth claimed that it was a scam. Their report revealed that the team siphoned off $31.6 Million and bridged it to the Tron blockchain. Now, CertiK claims that the team has rebranded itself on social media and everywhere. It says that “Fintoch” has turned itself into “Standard Cross Finance (SCF).” The analyst even produced an image comparing the previous and current teams. Apparently, the photos look identical. It claims to have found the real names of persons branded as the…
The post Did FinSoul Cheat Investors With Actors Posing As Executives? appeared on BitcoinEthereumNews.com.
Companies committing fraud for investments is nothing new. The crypto domain has a fair share of such incidences. However, it is the methods deployed by the culprits that make particular cases more interesting than others. If blockchain security platform CertiK is right, then FinSoul’s recent fund-raising will be memorable. Theatrics, Background, and a Trail of Transactions On October 10, the gaming project FinSoul allegedly carried out an elaborate exit scam. According to CertiK, FinSoul’s development team staged some actors as executives to cheat investors. As per the allegations, they even succeeded in amassing $1.6 Million using this market manipulation trick. The usage of those funds makes this even more dubious in nature. The analyst reveals that the fraudsters routed this money to themselves using a bridged Tether. The data shows that the funds were laundered through crypto mixer Tornado Cash. Notably, this is not the first fraud allegation against FinSoul’s development team. On May 23, a DeFi project made some big announcements through a press release. It claimed to have acquired the technology to create a metaverse platform. The PR stated that the company was using Cocos 2D and Unreal Engine 5 to develop a line of products. It included MMORPG, sandbox worlds, leisure experiences, multiplayer sports, and other types of gaming content too. The same day, ZachXBT, an on-chain sleuth claimed that it was a scam. Their report revealed that the team siphoned off $31.6 Million and bridged it to the Tron blockchain. Now, CertiK claims that the team has rebranded itself on social media and everywhere. It says that “Fintoch” has turned itself into “Standard Cross Finance (SCF).” The analyst even produced an image comparing the previous and current teams. Apparently, the photos look identical. It claims to have found the real names of persons branded as the…
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