LoopX Exit Scam: Cryptocurrency Startup Reportedly Steals $4.5 Million

LoopX made a number of bold claims to investors, including the promise of 'guaranteed profits every week'

Image Credits: Chesnot/Getty Images.

After raising more than $4.5 million in a series of initial coin offerings (ICO) the creators of the cryptocurrency startup LoopX have disappeared—along with the cash that investors provided—in what appears to be the latest exit scam to plague the cryptocurrency community.

Once a company with an active online presence, LoopX has entirely disappeared from the internet. The company’s website is no longer online and its entire social media footprint—including Facebook , Twitter , YouTube and Telegram —have been deleted.

The founders of LoopX promised their early backers they were building an investment platform that would utilize a proprietary trading algorithm. According to a cached version of the company’s website, it planned to offer the “most advanced loop trading software to date.”

According to the company, the promised trading platform would make use of an algorithm that produced “great profits continuously every month” during its “over half a year” of testing.

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