The website read: “We scammed you guys, and you can’t do sh*t about it”

This weekend, a cryptocurrency analyst tweeted that the DeFi100 crypto was running a $32 million scam. Since then, the website and inflammatory message have been taken down. The website reads: “Oops, looks like that page is lost” at the time of writing.

The native token of DeFi100, the D100, slipped 25% in valuation since the hacking news. 

Are DeFi100 scammers or hacking victims?

The people behind DeFi100 called claims of a scam “false” and “baseless” in a recent tweet. DeFi100 says the website was hacked.

They added: “The highest market cap project ever had was less than $2 million” and the “project never held any investors funds”.

“Total tokens sold during IDO were 750,000 at $0.80 per token.”

DeFi100 has still not put out a statement on the incident. 

“The rumours of stealing $32 million are absolutely false and baseless. We reiterate it again that we have not made any exit.”

Defi 100 on Twitter

DeFi may be a ‘rug pull’ scam

Crypto experts call this type of scam a “rug pull.” Coin Market Cap says this is where “developers of a project abandon it and disappear with investor funds.”

The Twitter user who originally posted about the scam also warned their followers that they expect more of such instances to happen:

“Never invest in projects that are very new, with anonymous teams, made as memes, and have a lack of real utility. Stay safe everyone!”

Do we need to be more aware of crypto scams?

This comes after another scam targeting cryptocurrency investors. The new hack targets people interested in crypto by faking celebrity giveaways. Among these celebrities is Telsa CEO Elon Musk.

The U.S. Federal Trade Commission has reported a jump in complaints about cryptocurrency fraud.