Aleksei Dmitry Melnik 
A cryptocurrency project Fintoch, which claimed to be supported by the investment banking firm Morgan Stanley, is suspected of conducting an exit scam, escaping with almost $32 million of users funds .On-chain investigator ZachXBT provided evidence of fund movements which indicated that the project likely orchestrated the scam .
False Claims and User Complaints Surround Fintoch
Promising a daily return of 1% on investments, Fintoch currently faces user accusations as individuals report being unable to withdraw their funds .The project’s assertion of being owned by Morgan Stanley has been cancelled by the investment banking firm which stated the fact that Fintoch used its trademarks without any authorization and disclaiming any responsibility for dealings with the company .
Regulatory Warnings and Fake CEO Identity Unveiled
In May, the Monetary Authority of Singapore (MAS) released a warning regarding Fintoch, which emphasized that the company should not be mistaken for being licensed or regulated by the MAS .Additionally, investigations suggest that the CEO of Fintoch, Bobby Lambert is portrayed by a paid actor named Mike Provenzano, raising further suspicions about the project’s authenticity.
In related news, FBI has alerted the public about a rise in fraudulent job postings in the cryptocurrency sector that is often linked to labor trafficking .The FBI advises individuals including US citizens and those traveling abroad, to exercise caution and be vigilant in case of meeting deceptive employment ads.
Investment Banking Firm Distances Itself from Scam-hit Project
Following the alleged exit scam by cryptocurrency project Fintoch, investment banking firm Morgan Stanley has explicitly denied any affiliation with the project .The company released a statement explaining that Fintoch had used its trademarks without authorization and stressed that they bear no responsibility for any dealings with the fraudulent entity .
According to blockchain security firm CertiK Crypto; exploits, exit scams and flash loan attacks have been on the rise, with over $103 million stolen from various cryptocurrency projects and investors in a month alone. As the industry faces ongoing challenges, users are urged to exercise vigilance and remain cautious when engaging with new projects .
