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

The FinSoul team apparently worked with paid stars to pretend to be its executives, then raised funds for the sole function of developing a gaming platform. Rather of really creating the platform, the FinSoul team apparently moved $1.6 million in bridged Tether (USDT) from investors to itself. The rebranded “Standard Cross Finance” group continued to promote FinSoul on YouTube and Telegram, the report states.

Source: BSCScan.According to CertiK, the Standard Cross Finance team has actually managed to encourage financiers to when again invest in its job, in spite of twice draining pipes funds from financiers. Source: DEX Screener.Cointelegraph got in touch with the Standard Cross Finance group but did not get a response by the time of publication.The story of FinSoul serves as a cautionary pointer that crypto financiers must investigate new projects before devoting funds to them. In 2021, the PopcornSwap exit rip-off resulted in over $11 million in losses to investors and led to criticism of the BNB Chain advancement team that still continues to this day.Collect this post as an NFT to maintain this minute in history and reveal your support for independent journalism in the crypto area.

The FinSoul group apparently hired paid actors to pretend to be its executives, then raised funds for the sole function of developing a gaming platform. Rather of in fact creating the platform, the FinSoul group supposedly transferred $1.6 million in bridged Tether (USDT) from investors to itself. The rebranded “Standard Cross Finance” group continued to promote FinSoul on YouTube and Telegram, the report states. Source: BSCScan.According to CertiK, the Standard Cross Finance group has actually handled to persuade financiers to when again invest in its project, regardless of twice draining pipes funds from financiers. Source: DEX Screener.Cointelegraph contacted the Standard Cross Finance team however did not receive a reaction by the time of publication.The story of FinSoul serves as a cautionary tip that crypto investors need to examine brand-new jobs before devoting funds to them.

Other Questions People Ask

What happened with the Web3 game project that allegedly hired actors to pose as executives in a $1.6M exit scam?

The Web3 game project, known as FinSoul, reportedly hired actors to impersonate its executives to attract investors. Instead of developing the promised gaming platform, the team allegedly siphoned off $1.6 million in bridged Tether (USDT) from investors. This fraudulent activity highlights the risks associated with investing in new crypto projects without thorough research.

How did the rebranded Standard Cross Finance continue to operate after the alleged exit scam?

After the alleged exit scam, the rebranded Standard Cross Finance team continued to promote FinSoul on platforms like YouTube and Telegram. Despite having previously drained funds from investors, they managed to convince some to reinvest in their project. This situation raises concerns about investor vigilance and the need for thorough due diligence before committing funds to any crypto initiative.

What lessons can investors learn from the FinSoul Web3 game project exit scam?

The FinSoul exit scam serves as a cautionary tale for crypto investors, emphasizing the importance of conducting extensive research on new projects. Investors should verify the legitimacy of team members and their backgrounds before investing. Additionally, understanding the project's roadmap and previous funding history can help mitigate risks associated with potential scams.

What role did social media play in the promotion of the Web3 game project involved in the exit scam?

Social media platforms like YouTube and Telegram played a significant role in promoting the FinSoul project, even after it was rebranded as Standard Cross Finance. The team's continued presence on these platforms helped maintain investor interest despite past fraudulent activities. This underscores the need for investors to critically evaluate information shared on social media regarding new crypto projects.

Why is it crucial for crypto investors to investigate projects like the FinSoul Web3 game project?

Investigating projects like FinSoul is crucial for crypto investors to avoid falling victim to scams. The case illustrates how easily fraudulent teams can create a façade of legitimacy through hired actors and misleading promotions. By thoroughly researching a project's team, technology, and community feedback, investors can better protect themselves from potential losses.