Is DeFi100 a scam? That’s what many people are wondering after rumours circulate that the company’s website has been hacked in May 2021. Let’s take a look at the DeFi100 cryptocurrency, what happened and what investors can do now.
Digital or virtual currencies, known as cryptocurrencies, are said to be ‘safer’ than regular currencies due to the fact that they’re secured by cryptography. However, the emergence of new cryptocurrencies looks to have caused some issues in the industry.
WHAT IS DEFI100?
DeFi100 is a cryptocurrency. Much like Bitcoin, Dogecoin, Ethereum and more, the DeFi100 is another cryptocurrency coin, however, it’s lesser-known than the current leaders in crypto.
DeFi100 joined Twitter in November 2020, so it’s a cryptocurrency that has joined the market relatively recently.
Other cryptocurrencies such as Bitcoin were formed in 2009, while Litecoin was released in 2011 and Dogecoin, 2013.
IS DEFI100 A SCAM?
On May 22nd, 2021, it looked as though DeFi100 investors had been scammed as a message appeared on the company’s official website reading: “We scammed you guys and you can’t do s*** about it“.
It was reported by Twitter user @CryptoWhale that the company simply posted the message and disappeared from the market with $32m of investors’ money.
However, it’s unclear how this figure was estimated.
WAS THE DEFI100 WEBSITE HACKED?
DeFi100 took to Twitter on May 23rd to state that their website had been hacked: “The website was hacked yesterday and the message was shown by the hackers. It has been taken down“.
The cryptocurrency’s Twitter page is still active, however, the DeFi100 website is currently down.
The DeFi100 scam rumours may be false, the website could have been hacked, however, the value of the coin has now dropped considerably.
With recently emerging cryptocurrencies, investors should be warier. YouTuber EverythingIsCrypto said in a 2021 video that the DeFi100 team was anonymous which was a “red flag” for him when it came to the cryptocurrency.