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LoopX pulls exit scam, walks away with $4.5m in investor cryptocurrency

LoopX pulls exit scam, walks away with $4.5m in investor cryptocurrency (Breaches and Incidents)

File Photo LoopX has pulled an exit scam after launching a series of Initial Coin Offerings (ICOs) which earned the startup roughly $4.5 million. The cryptocurrency startup promised to give traders consistent, high returns for investing in a proprietary trading algorithm.According to a cached version of the LoopX website -- which has now gone dark -- a series of five ICOs were launched which apparently sold out of the platform's LoopX Coin (LPX) coins.In total, 276,21 Bitcoins (BTC) and 2.446,70 in Ethereum (ETH), were received from investors, and are now presumably lost to them.The LoopX team said it was formed of "high-performance professionals" which tested their algorithm for over half a year, with "great profits continuously every month." "We are here to help you make money in the emerging market of cryptocurrencies which is projected to grow up to 10 times the size of now until the next year," the company claimed.

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