Berry Trading Platform Takes off with $31.6M in an alleged exit scam

A crypto project called Fintoch, which claimed to be backed by investment banking firm Morgan Stanley, seems to have taken off with almost $32 million of its users' funds, according to on-chain detective ZachXBT. In a thread, the crypto sleuth showed a diagram that detailed the movement of the funds. The on-chain detective alleged that the project had likely conducted an exit scam.

The fund promised a 19% daily interest for investments from users. However, users of the platform have started to report that they are now unable to withdraw their funds from Fintoch. In addition to this, while the project claims to be owned by Morgan Stanley, the investment banking company denied any ties with the project through a statement. The firm said that Fintoch used its trademarks without any authorization and that they do not assume any responsibility for transactions with the company.

The Monetary Authority of Singapore (MAS) also issued an alert against Fintoch earlier in May. According to MAS, the company “may have been wrongly perceived as being licensed or in any other way authorized or regulated by MAS.” Apart from these, reports back in March suggest that the image used by the CEO of the company, called Bobby Lambert, actually belongs to a paid actor whose real name is Mike Provenzano.

On May 23, the FBI advised U.S. citizens and individuals residing or traveling abroad to remain cautious, as these deceptive ads are often associated with labor trafficking. In April, the crypto space experienced a continued surge in crypto exploits, exit scams and flash loan attacks. According to blockchain security firm Certik, over $103 million in funds was stolen from various crypto projects and investors in the month.

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How to Get Money Back from Crypto Scams

Getting one's money back from crypto scams can be a challenging endeavor. According to industry experts, the immutable nature of blockchain transactions significantly lowers the chances of recovering lost funds. As a result, the outlook for retrieving stolen or scammed coins is typically unfavorable.

Nevertheless, it is still advisable to report fraudulent activities to legal authorities. By reporting scams, there is a possibility that government agencies can track down the criminals involved and potentially assist in recovering funds on behalf of victims.

However, it is important to note that relying solely on authorities to retrieve funds may not always be successful. Therefore, the most effective course of action is to take proactive measures to protect oneself from falling victim to scams in the future.

By implementing extra precautions and maintaining a vigilant approach, individuals can reduce their vulnerability to fraudulent schemes. This may include conducting thorough research on investment opportunities, verifying the legitimacy of exchanges or platforms, and practicing proper security measures such as enabling two-factor authentication and securely storing private keys.

While the chances of recovering funds from crypto scams are generally low due to the immutable nature of blockchain transactions, it is still advisable to report such incidents to legal authorities. However, individuals should prioritize their own protection by adopting robust security measures and exercising caution to prevent becoming victims of future scams.

For more legit information, please do your own research and visit WikiBit for thenewest and fastest insights into crypto space!