Called a project Fintoch is accused of disappearing approximately BRL 150 million worth of cryptocurrencies from its investors. According to researcher ZachXBT complaintthe project promised a return of 1% per day, which resembled a pyramid scheme.
In addition to the unrealistic returns, Fintoch also claimed to be owned by Morgan Stanley. In a note published a few months ago, the bank denied any involvement.
On social networks, several users report problems withdrawing their investments. “Please talk about the withdrawal request issue”said a possible victim this Wednesday (24).
Project accused of coup hired Hollywood actor to act as CEO
Besides the lies about his connection to Morgan Stanley, it is also impressive that the company’s CEO is a Hollywood actor. Although he is referred to as Bob Lambert by the company, his real name is Mike Provenzano.


Provenzano’s connection to the project is unclear. That is, the actor could be part of the scheme, but everything indicates that he was paid to take on the character, perhaps thinking it was a work of fiction.
“Ladies and gentlemen, we have important news, we have our CEO on the way. Make some noise for Bob Lambert”, a third person notes. Then Provenzano takes the microphone and promotes the company accused of coup.
Promises of steady income above the market were another red flag.
In addition to the false connection to the Morgan Stanley bank and the fictitious CEO, Fintoch also promised exorbitant profits, with investors doubling their money every 100 days. Deposits were made in the Tether cryptocurrency (USDT), the largest stablecoin on the market.
Another option offered by the scheme was reinvestment, where returns would increase from 1% to 1.5% per day. A way to prevent looting and slow down the collapse of the pyramid.
However, the benefits didn’t stop there. Fintoch also had affiliate, bonus and commission systems where both higher percentages and lump sums were offered based on your efforts.
Project disappeared with customer investment
Since any pyramid scheme is unsustainable, on-chain transactions suggest that Fintoch may have made its final move, leaving all victims at a loss.
“It seems that the team behind the Fintoch Ponzi scheme probably ran a USD331.6 million exit scam on BSC after the money was transferred to different addresses on Tron/Ethereum”ZachXBT commented this Wednesday (24). “People have reported that they cannot withdraw [seus fundos].”

In a tweet published this Tuesday (23), Fintoch announced its launch in Dubai, where it asks investors to welcome the “royal family”. However, several investors took advantage of the space to report problems with their investments being withdrawn.
“You should at least say something about profit withdrawal. Fintoch has been and always will be the best, but the loot doesn’t work!!!!”
You guys should at least say something about extracting profit. Fintoch has been and always will be the best, but recordings don’t work!!!!
— 𝕿𝖎𝖙𝖆𝖓 (@akinurguy) May 23, 2023
Finally, it is reported that the project was aimed at the Asia region, that is, there is no information that Brazilians have been victims of the scheme. However, the scam serves as a warning to others behaving in a similar manner.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.