- Justfolio has exit scammed with $66,000 worth of TRX tokens in under 24 hours
- The Tron-based platform that purported to offer TRX farming services absconded with the funds the same day it launched
- The exit scam might be the fastest in crypto history
Justfolio may be the fastest crypto scam ever, making off with $66,000 worth of funds in less than 24 hours. The platform, which only began to advertise itself on Wednesday, encouraged users to stake their TRX tokens and receive the platform’s native JFT token, but just hours after the staking started the funds were gone, along with the Justfolio website and their desire to communicate. The fact that the entire operation went from birth to death in under 48 hours may well mark it out as the quickest exit scam in crypto history.
Team Predicted “Great Demand” for Justfolio Token
The first anyone knew of Justfolio was a link to a Medium post (to date their one and only Medium post) which appeared just 48 hours ago, calling Justfolio “the first platform that allows TRX farming”. Built by a team of “DeFi natives”, whatever they are, their primary goal, apparently, was to “provide a platform that is easy enough to use for newcomers yet convenient & sufficient for experience traders”, combining a portfolio manager with a farming platform.
The team was extremely confident of the platform’s success, claiming that Justfolio would “grow extremely fast” and the tokens would soon “be in a great demand”, partly due to the touted 10,000 circulating supply.
Not only would JFT token holders be in possession of a token that would be in great demand due to the platform’s swift growth, they could also, of course, stake it to earn TRX. They were also encouraged to do the reverse – to stake TRX tokens and receive JFT tokens.
Aaaaand It’s Gone
After claiming that the Justfolio smart contract had been audited by Beosin, a Chinese blockchain auditing firm (despite providing no link to the audit), the Medium post went on to describe the farming process. It seems that a healthy number of people took up the hoe, handed over their TRX, and got farming – only to find just hours later that their tokens could not be unstaked:
It’s a scam. Search twitter for justfoliofarm. Lot’s of people can’t claim their trx.
— Jimmy Fresh (@jimmyfrsh) September 10, 2020
Worse was to come when they found that the website had been taken offline, leading to the realisation that it was all over:
Looking back through the chat in the Justfolio Telegram group, there were other clues as to what might have been about to go down in the project’s Telegram group when they revealed prior to launch that the project had no maximum supply and that their personal target was $100 per JFT token in one day:
As we have pointed out before, it’s never a good sign when a project bigs up their own token price, as it is a sign that they are more focused on the value of the token rather than building the project.
The Quickest Exit Scam in History?
The scammers received a total of just over 2 million TRX tokens from investors, worth a tidy $66,000 today, with only 24 hours elapsing between the receipt of the first token and the wallet being completely emptied:
The incredible thing about the Justfolio scam is the speed with which it was achieved – the Medium post was published on Wednesday, the staking started yesterday just after midnight Thursday, and the staked tokens were moved on less than 12 hours later, when the website also went down and the Telegram channel went to read-only and stopped updating.
Justfolio may well prove to be the quickest exit scam in crypto history, taking the Navy SEAL approach to scamming – get in, get the job done, and get out.