CertiK Identifies $1.6m Exit Scam Involving FSL Token Linked to SCF Finance

Security Auditor CertiK has detected a substantial exit scam involving the FSL token, wherein approximately $1.6 million was allegedly defrauded from users. In a detailed investigation, CertiK linked the FSL token to SCF Finance, a rebrand of the previously exposed exit scam, Fintoch.On October 11, the auditor reported an exit scam where approximately 97 million FSL tokens were exchanged for about 1.68 million USDT. This sum was subsequently swapped for BNB and deposited into Tornado Cash, a privacy-focused Ethereum mixer.The scam witnessed the FSL token's value decrease by approximately 98% after the deployer offloaded 97M FSL for 1.68M BNB, swapped it for about 8,000 BNB, and then deposited the haul into Tornado Cash.Detailed scrutiny by CertiK revealed that the FSL token address was actively promoted on the SCF Telegram channel and was part of the project’s FinSoul product. Analysis of the marketing materials on SCF’s website and social media channels affirmed that the project is a rebranded iteration of Fintoch. Fintoch had been previously exposed as an exit scam by independent crypto investigator Zachxbt.Another concerning revelation was that both SCF and Fintoch presented the same people as their core team, who CertiK determined to be actors. The firm successfully traced four of the six individuals involved. The individuals posing as the CEO and COO were found promoting both Fintoch and SCF at assorted events and in video clips.This case signifies an escalating trend of fraudsters employing actors to impersonate key positions in Web3 projects. CertiK's ongoing efforts this year have revealed several such incidents, with this FSL scam being the most substantial so far.For a comprehensive analysis of this scam and insights into the continuation of the Fintoch scandal, CertiK has published a detailed blog on the subject.