It is a bit unfortunate that in the race for speed, we often end up following the trail of fake news without realizing it. The same has happened over the past few hours with cryptocurrency project DeFi100, after it was reported in the depths of Twitter by a user @CryptoWhale that the decentralized finance protocol appeared to have been a scam and that the folks running it have disappeared with a haul of as much as $32 million. The message on their website which said “we scammed you guys and you can’t do XXXX about it” was taken as proof of guilt. The XXXX here references otherwise unparliamentary language. DeFi100 has since taken to Twitter and clarified that their website was hacked and all reports of the DeFi100 scam are absolutely false. They also say that the highest market cap the project ever had was $2 million.
The DeFi100 has a native token D100. At the time of writing this, the D100 token is trading at $0.07999 and has seen a 1.42% upward movement in the past 24 hours. The DeFi100 account on Twitter says, “The rumours of stealing $32 million are absolutely false and baseless.” They say there are no plans to exit even though investors have faced losses as the project has failed to reach its targets just yet, but attempts are being made to make the project profitable. “The website was hacked yesterday and the message was shown by the hackers. It has been taken down,” they clarify. As per DeFi100, the total supply at the beginning was 2.5 million tokens which has since increased to just less than 4 million tokens. They also say that the highest market cap the project ever had was $2 million. The website remains unavailable at the time of writing this.
The D100 is the token from DeFi100 and is essentially cryptocurrency, much like Bitcoin or Cardano or Ethereum, just that D100 is much lesser known in comparison. While a lot of digital coins have their own blockchain network, like some of the popular cryptocurrencies, tokens instead are built on an existing blockchain. The DeFi100 is built on the Binance Smart Chain, an independent blockchain which is being used for development by more than 600 digital assets including PancakeSwap, Ellipsis, Unifi Protocol as well as DeFi100.