Morgan DF Fintoch, a project that claimed association with Morgan Stanley, has allegedly stolen user funds worth nearly $32 million.

The crypto industry often becomes a lucrative sector for investors consumed with greed and ambitions to get rich quickly. The scammers take advantage of this greed and the sophistication of technology for their malpractices.

The on-chain sleuth ZachXBT tweeted that Morgan DF Fintoch has likely conducted a crypto exit scam and stole 31.6 million USDT. ZachXBT wrote, “Fintoch advertised 1% daily ROI & claimed to be owned by Morgan Stanley.”

Earlier, Morgan Stanley issued a notice informing users that it does not have any affiliation with DF Fintoch.

Moreover, the project faked the identity of the so-called CEO Bob Lambert by using the image of actor Mike Provenzano on its official website.

Morgan DF Fintoch has over 71,000 followers on Twitter and appeared in some well-known publications, such as Yahoo Finance.

Unaware investors often get ensnared in meme coin scams. For example, despite red flags, DF Fintoch had a high number of Twitter followers and nearly $32 million in user funds.

A Solana developer, Voshy, recently ran a “GREED experiment” to educate people about meme coin crypto scams.

Voshy made a joke tweet about a new coin, $GREED, when he had around 2000 followers on Twitter. But the tweet got popular, and his follower doubled in six hours.

He also created a website, asking people to connect their wallet and Twitter account with “write permission,” to get a bigger airdrop. 55,000 wallets were connected to the website, while 42,000 Twitter accounts were connected.

Gradually $GREED started trending on Twitter with nearly one million tweets.

Voshy wrote on a Medium blog:

“Copycat accounts started appearing. Tens of Voshys and dozens of Greeds, both Twitter accounts and tokens launched. In a panic attempt to stop people from getting scammed, I go and create a token called $GREED, with 0 supply and post about it.

I was hoping everyone having that token mint address makes them less likely to throw money in every token called $GREED while thinking it has anything to do with me.”

Lastly, the developer ended the experiment with a tweet :

“Greed consumed me.

I connected my wallet to a random site, signed a blind tx, handed over write perms for my Twitter.

This was the $GREED experiment.”

As of writing, his follower count has increased over 16 times, from an initial 2,000 followers to over 32,000.

How to 10x your Twitter followers in 3 easy steps:

1. Make a sh*tcoin called $GREED
2. Get 50,000 people to trust you
3. Teach them a lesson on security

Thanks @voshy for the valuable lesson! pic.twitter.com/dxXprsSSUN

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The post Rug Pull: Morgan DF Fintoch Commits $32M Crypto Fraud appeared first on BeInCrypto.

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