DeFi100, a cryptocurrency project from India, scammed users out of 233 million rupees (about $ 32 million in USD), according to police reports. However, the project’s managers vehemently denied all reports circulating around social media. Despite “clarifications” made by the project’s managers, concerns about the alleged robbery, committed at the end of May, persisted. Reports later showed that the creators of DeFi100 had instigated a rug pull and fled with their user’s funds, with the following message appearing on the company’s website:

“We scammed you guys, and you can’t do anything about it.”

DeFi100 explained that its website had been hacked and alleged that the message was posted said hackers. At the time of the incident, the Indian cryptocurrency was not well known in the country. Speculation around the robbery arose from a tweet by crypto influencer Mr. Madison who alerted users about the crime. More detailed information about the DeFi100 scam was circulated shortly after the United States FBI reported having received 1 million complaints about online scams and investor fraud in the industry over the past 14 months.

The United States Securities and Exchange Commission has also warned of cryptocurrency scam and thefts, publishing a manual that informed users about the crypto space and warning them about such crimes. In this case, Tracingia LLC was only able to recover $13 Million dollars which were victims referred by regulators.

Tracingia Core Values

At Tracingia our culture comes to life through these five core values:

• Do the right thing
• Put our clients first
• Lead with exceptional ideas
• Commit to diversity and inclusion
• Recover and repatriate to the victim.