- DEFI100, the project that seemed to openly exit scam over the weekend, has denied doing so
- The failed project has been dormant since March, and there were claims that founders had run off with $32 million
- The founders have dismissed these claims, saying their website was hacked
DEFI100, the rebasing DeFi protocol that purportedly exit scammed over the weekend with an incendiary message on their website, has claimed that nothing of the sort took place and that they are working on restoring the platform. Having been dormant since March and endured a swift price collapse such an event was unsurprising to many, but the developers have vowed to carry on.
Exit Scam Message Sends Token Holders Reeling
DEFI100 went from obscurity to Twitter fame last week when a message was posted on their website stating that they had run off with some $32 million and that there was nothing users could do about it:
Understandably this caused a huge backlash, with threats made to hunt down the DEFI100 founders, but it seems that these threats may have been made in haste. In a Twitter thread posted yesterday, DEFI100 claimed that the message on the website was posted by hackers and, as of yesterday, had been taken down:
The website was hacked yesterday and the message was shown by the hackers. It has been taken down.
— DEFI100 (@DEFI100) May 23, 2021
They also added that, while the project had “failed to achieve what we hoped for”, they were still working on bringing it to life and had not exit scammed:
2/2 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.
— DEFI100 (@DEFI100) May 23, 2021
In a final retort they said that claims of $32 million being stolen were “absolutely false and baseless” because the market cap never exceeded $2 million.
DEFI100 Had a Short Life and a Quick Death
Whether or not the collapse of the project was an exit scam or not, DEFI100 still fared pretty badly – it launched in March, listed on Binance Smart Chain and Hotbit, whereupon the price of the token spiked to $3.53 and then crashed to $0.12 a month later, where it has been ever since:
However the collapse of the platform came about, it’s clear that users aren’t happy either way:
People lost 99% of their investments, you should be arrested.
— Mike Drappiano (@drappiano) May 23, 2021
please return my lost coins! I have 1600 D100 then it disappears to 800 D100
— Wawan Jumadi (@JumadiWawan) May 23, 2021
Whatever happened behind the doors of DEFI100, if they want to resurrect the protocol they will have a hard time building up trust now.
