Fintoch, a high-profile investment platform, has been at the center of controversy over various allegations regarding its operations and credibility. Concerns were raised regarding the legitimacy of the Fintoch audit conducted by Certik, the biographies of the paid CEOs, the alleged normal status of the COO, the removal of articles about Fintoch by Binance Blog, and the denial of any link by Morgan Stanley. Lawsuit with Fintoch and allegations of fraud by the company in award winning at Web3 Submit HK. Fintock previously offered a staking bonus of 1%, but critics say such a return is unrealistic and raises suspicions of a pyramid scheme. The purpose of this article is to summarize and shed light on the main points of the Fintok controversy.
Fintoch Doubtful Audits and Key Persons:
One of his main concerns with Fintoch is the legitimacy of the audits conducted by his Certik, a reputed blockchain security firm. Many officials have claimed the audit was fraudulent, casting doubt on Fintoc's claims of security and reliability. Additionally, allegations have surfaced against Fintoch's CEO, suggesting he may be a paid actor rather than the seasoned professional portrayed in the company's portfolio. The COO has also been questioned, with some arguing that he is a civilian based in Cambodia and does not qualify for executive positions.
Removal of Binance Blog Post and Morgan Stanley Statement:
Fintoch Another element fueling the controversy is the removal of articles about the company from the Binance blog. The article's deletion has raised suspicion among observers as it suggests an attempt to suppress negative information or distance itself from Fintok. In addition, Morgan Stanley, a well-known financial institution, has publicly stated that it has no relationship with Fintoc, further undermining the company's credibility and reputation.
Alleged Deception and Improper Promises:
Mr. Fintock's promise of a fixed 1% rate of return on betting has led many to question the sustainability of its earnings. Critics argue that generating a steady daily profit at this level would require a substantial revenue stream, raising concerns about the legitimacy of Fintoc's business model. While offering platform tokens as rewards may be within their control, critics argue that the promised USDT rewards hint at a potential Ponzi scheme. They generate a 2.5% profit covering the 1% payouts to investors, plus a 1% profit for the company, given that even high-profile investors like Warren Buffett have much lower returns. He argues that the odds of that happening are very low.
Fintoch Investment Strategy Changes:
According to various sources, Fintoch offers USDT-FTC coupon packages with uncertain profitability as Fintoch generates daily profits using shares promised to investors. switched to Some people consider this change in strategy to be a fallacy, likening it to a friend borrowing money and promising to pay it back with interest, then diverting the money to his own business. Investors now have to wait until the company is profitable before getting their money back, exposing them to potential losses.
Conclusion:
The controversies surrounding Fintoch have raised significant concerns about the platform's credibility and legitimacy. The dubious audit, allegations of paid actors in key roles, article removal from Binance Blog, Morgan Stanley's denial of affiliation, and the unrealistic promises of daily profits have fueled skepticism among many observers. The shift in Fintoch's investment strategy has further contributed to doubts regarding the platform's transparency and intentions. Investors are advised to exercise caution and conduct thorough research before engaging with Fintoch or any other investment opportunity,