SCAM * SCAM * SCAM
CROSS FINANCE
crossfin.io
Here is a full description, evidences, pictures and links for this high roller SCAM criminal DeFi project based on Binance BSC. Hundreds of users lost their investments.
(Application for Binance BSC security is underway. I hope that Binance will justify the proclaimed policy of user protection and block the contracts and address of this SCAM project)
It was on this thread that I read the latest for the new video, looked at it and became interested in the project. I have been following VOSK Youtube channel since 2017, and I consider it relevant. Over 153,000 Youtube followers and lots of good videos.
Also, I liked that the project is on Binance Smart Chain technology, because Binance has already shown that it cares about its customers and has already successfully returned the money for another SCAM project.
https://www.binance.com/en/news/top/1602980CROSS FINANCE presented itself as an innovation in the DeFi world, where you participate in the Liquidity pool with just one token. Professionally complex site, and everything around it you need (Telegram, LinkedIN (later we'll see it's fake), Medium publications, DappRadar volume (also fake) etc ...)
The point is that you in nature invest in 4 "pools" with different interest rates (depending on the period of "locking" the token: Bronze, Silver, Gold, Diamond).
When you invest CROSS FINANCE, the amount of your BNB tokens is converted into their own
stablecoin "USDY" at the current value on the day of investment.You get interest in their DeFi token "CRP".
Upon expiration of the "investment" (day, week, month ...) you get the USDY value of your investment (part in USDY, part in CRP).
Sounds great, doesn't it?Now begins the interesting part.
As before any potential "investment", I looked in detail at VOSK's video, DeFi telegram of the group, CROSS FINANCE WEB, EXCHANGE ... everything looks fine.
CRP token has daily inflation (which is normal in DeFi World)
USDY is a stablecoin, picture from CROSS FINANCE exchange:
On the medium they even explain that minor oscillations are possible but to always return the initial value.
After 2 days following the "investment", I accidentally noticed on another exchange (BurgerSwap) that the value of USDY "stablecoin" is significantly less than 1USD.
At the same time, the CROSS FINANCE exchange is still 1USD, but when you try to change USDY to USDT (or BUSD), you get a significantly smaller amount. Upon further monitoring, I realize that their “stablecoin” USDY is losing over 10% of its value every day.
I contact them via Telegram, as it is possible that they have a published price of 1USDY = 1USD and their “stablecoin” is currently changing around 0.5USD. Over 50% value loss. They respond succinctly that it is temporary. I warn them that I have made a significant investment based on misrepresented information. They answer that it is a "bug" and an error on Exchange !!! I am asking for a return on investment due to misleading, but there is no answer.
With this kind of fraud, each user lost a minimum of 50% of the investment, and I believe thousands are at stake because they are described "as the second largest DeFi project at BSC", "the best DeFi Farm" ...
But that's not all.If you look at the LinkedIN profile of their CEO:
https://www.linkedin.com/in/romancrp/and compare it to the LinkedIN profile of the same name and the same photo:
https://www.linkedin.com/in/romanandriychuk/?originalSubdomain=uaSomeone here is lying and misrepresenting themselves.
I believe this is more than enough evidence to show that this is a sophisticated SCAM, and I am sure Binance will respond.
If additional evidence is needed, there is more.
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