DEFI100 (D100), a DeFi project dealing with virtual assets, has gone down.
At the time of writing, visitors to the DeFi project’s website are being displayed a “404 – Not Found” message.
It is not clear whether D100 has gone down as a result of a hack, or if instead the project has done a so-called rug pull – that is, an exit scam by intentionally becoming unavailable, disappearing with all of the funds.
$32 Million USD Estimated Vanished
Similar to other times where DeFi projects were messed with, the bad actors accompanied their misdeeds with a little taunting. An analyst know as CryptoWhale on Twitter has shared the news, speculating $32 million USD in investor funds have been siphoned off.
The team behind D100 claims instead they have been hacked, with the malicious actors leaving a message (which has been taken down).
They have also publicly stated that the rumours of rug-pulling are utterly false and they are trying to bring the project back up and running.
It is worth remembering that this is not the first time a DeFi project is suffering this kind of situation. However these claims are being treated with great suspicion by Twitter users, with some arguing this is just a cover-up before maybe an even bigger heist is pulled off.
DYOR Reminder
Whether the project stole the funds or just suffered an attack by anonymous bad actors, the website remains down and the price of D100 has plummeted by over 50 percent, currently being traded around $0.08 AUD.
The same analyst who broke the news also reminded everyone to be wary of shady projects with anonymous devs, especially in periods of bear market – which might encourage malicious players to take their bags and go home. As always, Do Your Own Research.
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