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DeFi100, a Crypto Project, Allegedly Scammed Investors of $32 Million

 

According to reports and tweets, DeFi100, a cryptocurrency project, allegedly defrauded investors out of $32 million (roughly Rs. 233 crores). The project has now released a denial of the allegations, but some skepticism appears to still exist. After a very distasteful message appeared on their website on Sunday, rumors of people behind the project fleeing with the money began to circulate. The message on the DeFi100 website read, "We scammed you guys, and you can't do **** about it." DeFi100 has since clarified that their website has been hacked and that the hackers had placed the post, which has since been removed.

“DeFi100 coin exit scams, and runs away with $32 million, and leaves a message for all of us. Feels like the summer of 2017,” tweeted Cryptokanoon, co-founder Kashif Raza. 

DeFi100 is a cryptocurrency similar to Bitcoin, Dogecoin, and Ethereum, among others. It is, however, much less well-known than the other well-known digital assets. The website was still down at the time of publishing. “Oops, looks like the page is lost. This is not a fault, just an accident that was not intentional,” is what it says now. 

On Sunday, the crypto project announced on its official Twitter account that it had not exited as previously thought. “Firstly, total supply of D100 at present is less than 4 million tokens. At the beginning of the project, total supply was 2.5 million tokens. Secondly, D100 was never a yield farming protocol, which was holding investors funds with TVL over 32 million,” it said in a tweet. 

“Thirdly, total tokens sold during IDO were 750,000 at $0.80 per token. These facts are available in public for checking their authenticity. The rumours of stealing $32 million are absolutely false and baseless," it added in the subsequent tweet. "We reiterate it again that we have not made any exit." 

Although the DeFi100 founders have stated that they did not defraud the investors, nothing can be said before the website is up and running again. The value of D100, DeFi100's native token, has dropped 25% in the last 24 hours to $0.08, according to a Coindesk article (roughly Rs. 6). 

The reports of DeFi100 developers defrauding their investors came just days after the FBI, the US's main law enforcement agency, announced that it had received a record 1 million complaints related to online scams and investment frauds in the previous 14 months.

Miscreants Scamming Users into Buying Antivirus Software


Some independent security software affiliates are scamming people by sending emails with the false message that their antivirus is expiring and renew their license, whereby if the user does so, they can earn a commission. A software affiliate program is a marketing technique in which the affiliate recommends the software to customers or visitors and earns a commission on each purchase. Now, these programs have strict rules and guidelines to protect their software and customers from false advertising and being tricked into buying.


BleepingComputer discovered this scam last week when two of their seniors reported it. The mails tell the users that their Norton and McAfee antivirus software is expiring, the very day and to renew their license. The scam starts with emails containing a subject similar to "WARNING: Anti-Virus Can Expire " Sun, 26 Apr 2020", which includes a link stating, "Your Protection Can Expire TODAY!", writes BleepingComputer in their blog. If the link in the mail is clicked, it takes the user DigitalRiver affiliate network, and after dropping a tracking cookie, redirects the user to the purchase page of Norton or McAfee antivirus. If it goes smoothly and the user purchased the software, the affiliate party would get a $10 commission or 20% of the total sale. For this particular scam, they earned around $10 per transaction.

How to protect yourself from these scams 

Most antivirus usually notifies their customers of the expiry date via a notification from the software. If that's the case, you can rest assure that it is legitimate and go ahead with the renewal. But unfortunately, some companies email their users to remind the customer about the expiring article. A simple way to check their authenticity is to look for the name of your antivirus.

Since these rogue fake mails are sent in bulk they probably don't know which software you're using. The next step is to open your antivirus software and check when the software is expiring. Even if it is expiring, it's better to renew it from their website then to rely on these links from the mail.