Brief Look at Fintoch App
Fintoch markets itself as a cryptocurrency trading platform that allows users to borrow money and make profitable investments in other people. The platform states that the security of its decentralized finance (DeFi) platform is guaranteed by its proprietary HyBriid blockchain technology. The investment proposal seems simple enough: Fintoch offers a daily 1% return on investment for a minimum investment of $100.
One red flag about this broker is the absence of information about the founder or top management. Moreover, Fintoch made up the claim that Morgan Stanley had contributed to the project. However, Morgan Stanley issued a statement denying any knowledge of the company and cautioning against potential fraud.
Under the guise of a secure blockchain investment using the exclusive "HyBriid" technology, Fintoch perpetrated a scam, deceiving millions of investors worldwide. Fintoch abruptly ceased to process withdrawal requests on May 23, 2023, for all investors. After that, the company said that it had introduced its own blockchain and that all contracts for loans and borrowing were being moved to the FTC blockchain. It was announced that all users would be able to withdraw their funds and that the system would once again be operational on June 1, 2023. Unfortunately, it turned out that this was a false statement, and the promised withdrawals never happened—a flagrant lie.
We constantly monitor the Internet for the emergence of new fraudulent schemes to deceive traders. We have been collecting data about scam brokers for more than 10 years and we think we know every dishonest company in the market. Below we have collected for you the information about the scammers from the List of SCAM Brokers.
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