Scandal Unveiled: Web3 Game Project's $1.6 Million Exit Scam with Actors
The development team behind the gaming project FinSoul has been accused of carrying out a massive exit scam, defrauding investors of $1.6 million through market manipulation.
According to a recent report from blockchain security platform CertiK, the FinSoul team allegedly employed paid actors to pose as executives and raised funds under the pretense of developing a gaming platform.
However, instead of fulfilling their promises, the team allegedly transferred the funds to themselves, leaving investors empty-handed.
The alleged exit scam involved the transfer of $1.6 million in bridged Tether (USDT) from investors to the FinSoul team.
To obscure the origin of the funds, the developers reportedly laundered the money through a cryptocurrency mixer called Tornado Cash.
What makes this case even more concerning is that it is not the first time the FinSoul developers have faced accusations of misconduct.
Earlier this year, the decentralized finance (DeFi) project Fintoch claimed to have adopted advanced technology to develop the FinSoul metaverse platform.
The announcement boasted about the use of cutting-edge technologies such as Unreal Engine 5 and Cocos 2D to create various gaming experiences.
However, it was later revealed that the Fintoch DeFi project itself had performed an exit scam, allegedly stealing $31.6 million and attempting to launder the funds on the Tron blockchain.
In response to these allegations, CertiK claimed that the FinSoul team had rebranded as "Standard Cross Finance (SCF)" in August.
The security platform produced evidence showing that the key executives of Fintoch and Standard Cross Finance were identical individuals.
These so-called executives, including the CEO, CFO, and COO, were found to be actors
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