Monday, Jun 14th 2021 3:40 PM

Market Digest Nigeria


Cryptocurrency firm admits investors lost money


Cryptocurrency firm admits investors lost money after site was hacked


A day after it was alleged that individuals who invested in cryptocurrency platform, DeFi100, lost $32 million worth of investment, the company admitted investors recorded losses, but not up to the stated amount.

The debate about investors losses on DeFi100 started when a message on the cryptocurrency developer’s website informed investors that they have been scammed, and the investment can’t be retrieved.

“We scammed you guys, and you can’t do shit about it.” the message reads. Ripples Nigeria had reported the incident on Sunday. DeFi100 took down the post on its website later, blaming hackers for the message.

The decentralized finance protocol platform, which was built on the Binance Smart Chain, was said to have lost $32 million in the process according to Crypto Whale, which stated that more exit scams or rug pulling will be recorded in the coming months by unknown crypto investment platforms.

In its response to the claim that investors lost $32 million, DeFi100, on Sunday, admitted that its investors lost their investment, but not up to the amount stated by Crypto Whale.

DeFi100 said its investors don’t have up to $32 million, as total investment ever recorded was below $2 million. DeFi100 also stated that it doesn’t plan to do exit scam.

“It’s been said that DEFI100 scammed for $32 million. The highest market cap project ever had was less than $2 million and project never held any investors fund! Rumours of scamming for 32 mil are false and baseless.

“Yes, our investors faced huge losses as project failed to achieve what we hoped for. But there is no exit scam and we are still working on finding a way to bring the project back on its feet.” a statement published on the company’s Twitter page revealed.

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