LoopX Pulled Another Exit Scam

LoopX Pulled Another Exit Scam

It is hardly surprising that cryptocurrency-related scams are now happening on a regular basis. The interest is enormous, the market is growing and startups are emerging every hour. This time it was LoopX that disappeared along with $4.5 million, raised through ICO.

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It is hardly surprising that cryptocurrency-related scams are now happening on a regular basis. The interest is enormous, the market is growing and startups are emerging every hour. This time it was LoopX that disappeared along with $4.5 million, raised through ICO.

Currently, the startup’s pages on social media are gone and its website is dark as well. LoopX lured investors with promises of massive gains thanks to the revolutionary trading algorithm. And a total of 2.446 Ether tokens and 276 bitcoins were invested in the above-mentioned algorithm if there was any. No Twitter, no YouTube, no Telegram nor Facebook, each page is deleted.

LoopX used quite brag and cliché statements when marketing their product – “This [s]oftware will give us all the opportunity to make more money online then we could ever do in real life.”

Nevertheless, the startup never revealed any specific technical details about the software. The shared info states that the software settles 10,000 trades a second and converts more than 100 currencies simultaneously. On BitcoinTalk it could be seen that the startup once had plans to launch its platform in February. Yeah, sure.

Unfortunately, LoopX joins the already long line of exit scams that took place this year. Earlier in January, Bitconnect shut down its site stating that it has legal issues. More recently, Prodeum vanished out of thin air as well, leaving the word “penis” behind. Davor and BitGrail are also suspected of fraudulent activities, with Davor’s site already taken down.

It is overwhelming that a Reddit user warned the community about LoopX over a month ago but the question is – how many people paid attention. It is advisable that all of you guys, who are considering a dive in the crypto ocean to first research the projects that you’d like to invest in, instead of recklessly pouring money in.

 

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