LoopX, a cryptocurrency startup that raised millions of dollars through several initial coin offerings (ICOs), has disappeared with the funds in what appears to be the latest exit scam.
LoopX, which promised “the most advanced trading-algorithm in the cryptocurrency market,” has suddenly vanished, shutting down its website and deleting its social media fingerprint.
According to a cached version of the LoopX website, the project raised 276.21 BTC and 2,446.70 ETH throughout a series of token sales, amounting to approximately US$4.5 million, but according to many, investors actually pledged more than US$10 million worth of cryptorrencies.
LoopX billed itself as a company that is developing a “new kind of trading software” that promises “guaranteed profits every week.”
As of February 10, 2018, its website read:
“After testing our algorithm thoroughly over half a year with great profits continuously every month, we can now finally bring all this advantages of our LoopX – Trading Software to the public.”