Modern Finance Chain (MFX), a project that looked to reward merchants and customers for transacting using its payment solution, appears to have gone dark — leading many to suspect that an exit scam is currently afoot.
Currently, Modern Finance Chain is still trading on the Switcheo exchange but is currently trading at $0.000419 — equivalent to less than 1 percent of its initial coin offering (ICO) price. However, the token has seen practically zero trade volume in the last month and like the project itself appears to be completely dead.
Modern Finance Chain recently took the peculiar move of completely closing down its Telegram community — instead opting to open an announcement-only channel which has a single post from January 6, 2019. The Modern Finance Chain Medium, however, hasn’t been updated since October 2018, with the last update simply announcing the addition of Binance Coin (BNB) and Credits (CS) as payment methods.

Conflicting Information
According to its most recent public announcement, Modern Finance Chain raised 2,700 ETH during its pre-ICO, at a time when Ethereum (ETH) was worth between $500 and $800 — making the total raised somewhere around $1.35 million at the minimum. Despite this, since the soft cap is listed at 4,500 ETH, it stands to reason that investors should have been refunded when the project failed to reach its minimum funding goal. However, the last (and only) announcement on the MFX Telegram channel states that the project is continuing its development, with the message reading as follows:As previously announced, we successfully closed our token sale raising 2700 ETH and meeting our soft cap goal. With 2018 being the year of the bear, we consider this a success and are excited to continue with our development.We find that this information conflicts with an earlier FAQ supplied on the Modern Finance Chain Medium, which clearly states that funds will be locked up in the smart contract, pending a refund request from the investor:
Several members in the MF Chain community have speculated that this promise was shelved after the project spent all of its money on failed marketing attempts, essentially leaving investors high and dry as far as refunds are concerned. According to its now redacted roadmap, the MF Chain mainnet and masternodes were scheduled for Q1 2019. However, with very little in the way of development, and no apparent direction, it appears that this was just another false promise.In the unlikely event MF Chain does not achieve its soft cap, ETH sent to the smart contract will remained locked until users request a refund transaction.

The Hunt Begins
When attempting to check the domain registration information, we find that the mfchain.com domain was registered in November 2016 under the registrar Cloudflare — but opted to maintain whois privacy, restricting information relating to who registered the domain. The domain was recently renewed until 2020, which is sadly perhaps the only tenable clue that the project still has long-term plans. Modern Finance Chain did recently renovate the website, however — though this appears to be thrown together from a template, rather than being a custom design, and remains incomplete. Curiously, the new website design has removed the team page that was present on the previous site version and still retains the fake stock reviews supplied with the template. According to users and our own tests, the new website appears to be almost completely non-functional, with the registration button apparently disabled. It has reportedly been this way since the new website launched in February.

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Daniel Phillips
After obtaining a Masters degree in Regenerative Medicine, Daniel pivoted to the frontier field of blockchain technology, where he began to absorb anything and everything he could on the subject. Daniel has been bullish on Bitcoin since before it was cool, and continues to be so despite any evidence to the contrary. Nowadays, Daniel works in the blockchain space full time, as both a copywriter and blockchain marketer.
After obtaining a Masters degree in Regenerative Medicine, Daniel pivoted to the frontier field of blockchain technology, where he began to absorb anything and everything he could on the subject. Daniel has been bullish on Bitcoin since before it was cool, and continues to be so despite any evidence to the contrary. Nowadays, Daniel works in the blockchain space full time, as both a copywriter and blockchain marketer.
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