The ICO ended with the theft of $ 4,500,000. The LoopX project team disappeared with all the money.

[Brother]

Cryptocurrency startup LoopX, which promised users to develop a mobile application for trading cryptocurrency based on its own unique proprietary algorithm, turned out to be a fake. The LoopX developers disappeared in an unknown direction, and all of the project's social media accounts, including Facebook, Telegram and YouTube, were deleted. Now you can view only the archived version of the official website, which promised investors a large profit, which should only increase every month.

A month ago, Reddit users warned that the project looked extremely suspicious (as it turned out, practically nothing was known about the development team and the "proprietary algorithm" itself), and the ICO could turn out to be a simple fraud. But, unfortunately, few heeded this warning.

The ICO of the project started back in January 2018, and the LoopX team disappeared, collecting 276.21 Bitcoin (BTC) and 2.446.70 Ethereum (ETH) from their investors. That is, the scammers earned about $ 4.5 million from the sale of LoopX Coin (LPX) tokens.

It is especially ironic that last week all users were sent emails in which the developers promised investors a "surprise".

Judging by user posts posted on Reddit and discussion of what happened on the BitcoinTalk forum, some of the victims have already turned to law enforcement, and users are hoping to go to court with a class action lawsuit.

It should be noted that this is far from the first ICO that ended in such a deplorable way. For example, quite recently, the Lithuanian startup Prodeum turned out to be the same fake, the ICO of which started on January 20, 2018 and was supposed to last until mid-March. This project raised several hundred dollars, instead of the planned 6,000,000, and also disappeared (however, according to ICOWatchlist, the scammers were still more successful and stole about $ 500,000). As a result, where the site of a "promising blockchain project" was recently located, there was only a blank white page with one single word: "penis".

Earlier, in the fall of 2017, the investors of the Confido project found themselves in a similar situation. Then users invested more than $ 370,000 in the startup, but the project suddenly disappeared from the network, along with the official website and all social media accounts.