“We scammed you and you can’t do s**t about it” – Was DeFi100 hacked or is it a rug pull?

A DeFi platform recently became inaccessible and shortly after, a message was posted on its website claiming the operators had orchestrated a rug pull.
According to its Twitter page, however, the platform was hacked and it was the hackers who published the message, which has since then been taken down.

“We scammed you guys and you can’t do s**t about it!” This was the message that users of DeFi100, a decentralized finance platform, found when they tried to access the platform’s website. Was this a very daring and unapologetic rug pull or had the platform been hacked?

DeFi100 is a project by Wrapp3d, a company that claims to be working on creating synthetic assets to introduce indices and real word tradable assets to the token economy. DeFi100, in particular, claimed to be a token that tracks the value of the total DeFi sector market cap. It’s built on Binance Smart Chain, a network that has incidentally seen a number of hacks in recent months.

The troubles all started yesterday, however. On Twitter, a number of prominent crypto personalities revealed that all was not well at the project. Specifically, they pointed out that the project’s website was down. In its place, ‘someone’ had posted a very daring message:

We scammed you guys and you can’t do s**t about it. HA HA… All you moon bois have been scammed and you can’t do s**t about it. F**K YOU MOONBOIS.

For the investors in the project, it was instant panic. Had the operators conducted a rug pull, making away with the $32 million investors had put in the project? The message seemed to suggest they had. However, in most rug pulls, the perpetrators run off with the money silently. In fact, most perpetrators first pretend that all is well before it eventually becomes clear it was a rug pull.

BREAKING: DeFi100 coin exit scams, and runs away with $32 million in investors funds.

Website is now updated with the message “We scammed you guys, and you can’t do shit about it” pic.twitter.com/uyeYUDgbwo

— Mr. Whale (@CryptoWhale) May 22, 2021

“We were hacked”

DeFi100 would later come out on Twitter to claim that it had been hacked. It also claimed that the message on its website had been by the hackers. It has since then taken down the page.

However, what’s most concerning is that the project was very vague in details about the alleged hack. Most projects that fall victim to hackers are upfront about it. They reveal what vulnerability the hackers exploited, when the hack happened, whether the investor funds are safe, what steps they are taking to recover the funds and what’s next for the project.

All DeFi100 stated was:

The website was hacked yesterday and the message was shown by the hackers. It has been taken down.

Clearly, this evasive explanation didn’t convince many, who took to social media to call out the project as a rug pull.

lol.. Nice try. You rugged them.. trying to cover it up so a bigger heist may come

— ABIOLA (@A_MaleBoySon) May 23, 2021

At press time, no more information has been forthcoming from the team regarding the nature of the alleged hack or the safety of the user funds.

However, the cryptoverse has not let the perpetrators get away with just a simple “we were hacked” statement. According to one account, angry investors managed to track down the developer’s Internet footprints and his location and pointed him out to Interpol.

Good news for the @DEFI100 victims.

After the dev scammed everyone and posted this picture on the site, some angry people found his internet footprints and exposed his real identity and location.

The scammer has now been reported to Interpol and local authorities. pic.twitter.com/eSF7MGAPFz

— CryptoDragon (@CryptoDragonCD) May 22, 2021

The DeFi100 situation is reminiscent of Prodeum a project that promised to revolutionize the fruit and vegetable industry by putting it on the Ethereum blockchain. However, in 2018, the developers pulled the rug. Most memorably, the website went down, leaving just one word on the landing page – penis.

a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site pic.twitter.com/q5R4QAxvwU

— (@thelateempire) January 28, 2018

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