- A web3 game project called FinSoul has been accused of carrying out an exit scam and stealing $1.6 million from investors.
- The project allegedly hired actors to pretend to be its executives in order to raise funds for a gaming platform that was never developed.
- The team behind FinSoul has been accused of previous misconduct, including another exit scam where $31.6 million was stolen and laundered through the Tron blockchain.
- Certik, a blockchain security platform, has uncovered evidence showing that the supposed executives of the project are actually actors from the entertainment industry.
- The team rebranded as “Standard Cross Finance” after the previous scam and continued to promote FinSoul on social media platforms.
- Blockchain data shows that the project deployed its token contract and transferred funds into a liquidity pool on PancakeSwap.
- The price of FinSoul’s token initially rose to $17.5774, then suddenly collapsed back to near zero.
- CertiK claims that the team behind FinSoul has now launched a new version of the project with a new token contract.
- Rug pulls or exit scams have been a recurring issue in the decentralized finance (DeFi) space, with investors losing significant amounts of money.
- Investors are advised to exercise due diligence and research new projects before investing in them.
Full Article: coinpostman
