Polywhale Finance Founders Accused of $1M Exit Scam


The developers of Polywhale Finance, one of the leading yield farms on the Polygon network, abandoned the project, allegedly taking over $1 million. 

June 22, 2021, | AtoZ Markets – Developers of Polywhale Finance, one of the leading yield farms on the Polygon network, have abandoned the project, taking over $1 million, according to crypto news outlet Crypto Briefing.

The founders of Polywhale Finance are accused of a “soft rug” exit scam by selling their tokens during the recent price crash in the crypto market.

Polywhale Finance cited the bad economy in the token market, the overall bad condition of the market, and competition as the reason for their exit in the project’s Telegram group. However, community members think that the founders’ departure from the project was for malicious purposes.

After Polywhale Finance’s official Telegram group was also permanently shut down, community members began to think the project was a scam. Restless community members created a new Telegram group called “Polywhale Rugged” and pinned the following message:

ATTENTION: THE [TREASURY] WALLET HAS BEEN DRAINED ALMOST ENTIRELY INTO THE DEV WALLET AND then 1.04 MILLION REDEEMED FROM THERE.”

The project’s Treasury wallet contained 5 million tokens on June 9, according to “Exceptional”. Another community member named “SK” recently noticed that there are only 1.6 million left in the wallet. After that, the member was removed from the chat room and his post was deleted.

The message stated, “The wallet contains only $200,000. $1.4 million has been transferred to the developers’ wallet.”

Polywhale Finance claims on its website that a total of $3.6 billion is locked across the entire platform. Yield farm was started by an anonymous group in April 2021.

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