Morgan DF Fintoch, a project claiming affiliation with Morgan Stanley, has been accused of stealing almost $32 million in user funds. On-chain detective ZachXBT uncovered the alleged scheme, which promised lucrative investment opportunities with a 1% daily interest rate.

However, users have reported being unable to withdraw their funds, suggesting an exit scam. Morgan Stanley has publicly distanced itself from DF Fintoch, and regulatory authorities are working to combat the growing prevalence of crypto scams and rug pulls.