By Joshua Waddles
23 May 2021
Everyone loves an unregulated currency market. The problem with that is, from time to time, it begins to act like an unregulated currency market. With hundreds of alt-coins competing with the major cryptocurrency players (Such as Bitcoin and Etherium), the markets are subjects to pump-and-dump schemes, manipulation from high-profile figures (*cough* Elon Musk *cough*) and articles spreading FUD (Fear, Uncertainty, Doubt) to scare away investors.
Scams and hacks are both huge issues for the industry, as DeFi100 investors found out on May 21. Visitors to DeFi100’s website a few days ago were greeted with a rather inconsiderate message.
Financial journalists jumped onto the issue right away, citing anonymous claims that developers absconded with 34 million in investor funds. This all did cause a rather predictable dip, although, according to the graphs by World Coin Index, the dip didn’t seem to do much damage to the coin, which has already been experiencing a steady decline since its spike in value on May 2.
Financial journalists jumped onto the issue right away, citing anonymous claims that developers absconded with 34 million in investor funds. This all did cause a rather predictable dip, although, according to the graphs by World Coin Index, the dip didn’t seem to do much damage to the coin, which has already been experiencing a steady decline since its spike in value on May 2.
The operators of DeFi100’s Twitter Account posted statements on May 22, refuting claims that investors lost 34 million and also promising investors that they did not make an exit. The announcement says that the website was hacked and the message was left as a mean prank. The fact that the website deleted the message shortly after it was posted would seem to support the hacking claim.
DeFi100’s Twitter manager admitted investors did lose a lot of money and that the project did not accomplish what they’d hoped for, but they promised investors that the coin was not a scam and they were still doing everything they could to get the project back on its feet.
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