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LoopX gets $4.5 mln and vanishes after holding ICO

12 February 2018 21:00, UTC

Initial coin offerings not only often become targeted by hackers, but such offerings themselves can be rigged from the start. The latest example is LoopX, a new scam which disguised as a new and cutting-edge trading program with speedy transactions and algorithms. The marketing campaign was held in most popular social media websites, but fraudsters, unlike those who managed Confido, another ICO scam, swiftly deleted almost every trace of their presence online, with only one source remaining - an old thread on BitcoinTalk.

The criminal group behind LoopX has designed a roadmap the promises of which were, of course, not fulfilled, which indicates how important it is to deeply assess ICOs and other cryptocurrency-related projects before investing in them. You can read how to do this in a separate article by Bitnewstoday.

A member of Reddit who made an assessment a month ago is now receiving comments that he was completely correct. According to the post, he decided to look into this project after his friend who trades cryptocurrency and tokens but lacks financial expertise asked for his opinion.