HomeUncategorizedWeb3 game project allegedly hired actors to pose as executives in $1.6M exit scam By Cointelegraph

Web3 game project allegedly hired actors to pose as executives in $1.6M exit scam By Cointelegraph

October 22, 2023

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On Oct. 10, the development team for gaming project FinSoul carried out an alleged exit scam, siphoning away $1.6 million from investors through market manipulation, according to a recent report from blockchain security platform CertiK shared with Cointelegraph.

The FinSoul team allegedly hired paid actors to pretend to be its executives, then raised funds for the sole purpose of developing a gaming platform. However, instead of actually creating the platform, the FinSoul team allegedly transferred $1.6 million in bridged (USDT) from investors to itself. Blockchain data indicates developers then laundered the funds through cryptocurrency mixer Tornado Cash. Surprisingly, this was not the first allegation of misconduct against FinSoul’s developers.

Fintoch and SCF key executives. Source: CertiK
FSL prices suddenly declined to near zero between 4:30 and 5 pm on October 10. Source: DEX Screener.
FSL attacker depositing funds to Tornado Cash. Source: BSCScan.
Finsoul (FSL) “V2” price. Source: DEX Screener.