DeFi100: Hack or Rug Pull?

The defacing of the website for DeFi100-Rebase, a Binance Smart Chain-based index token, has sparked a flurry of speculation about a possible heist and a brazen rug pull.

On May 22, a message materialized on the DEFI 100 website homepage reading: “WE SCAMMED YOU GUYS AND YOU CANT [sic] DO SHIT ABOUT IT HAHA…All you moon bois have been scammed and you cant do shit about it. FUCK YOU MOONBOIS.” The message was signed “DEVISIN” and has since been deleted.

On May 23, the DeFi100 Twitter account posted that their website had been hacked the previous day, and that the hacker had written the profane message. But the account said no money had been stolen.

Image: Screenshot of DeFi100 website

It didn’t take long for rumors to swirl on crypto Twitter about what went down. Mr. Whale, a self-styled contrarian crypto analyst, reported that DeFi100 “runs away with $32 million” in investor funds, although he didn’t provide details or a source for that claim.

“Baseless Rumors”

The same day, another player dubbed CryptoDragon posted that some angry people found the DeFi100 dev’s online footprints, discovered his real identity, and reported him to Interpol, the international law enforcement agency.

On May 23, the DeFi100 account said there was no scam, and that it would have been impossible to abscond with $32 million because the project’s market cap never exceeded $2 million. “The rumors of stealing $32 million are absolutely false and baseless,” the statement said.

Designed to track the total market value of the decentralized finance crypto market with its D100 token, the DeFi100 project had been struggling to hit its goals and reward investors. Its managers say that they are still working on a way to bring the project back to its feet.

While the episode is still wrapped in mystery, one thing is clear — it’s yet another reminder that investors should proceed with caution.

The Defiant has reached out to all relevant parties for comment, and will update accordingly.