Yet again, another ICO exit scam that has hit the market. Only a few days after the US regulatory body the SEC hearing on digital currencies.
Cryptocurrency start up known as LoopX has appeared to have completely vanished, with all of its investors monies. The start up’s website no longer exists and have deleted all of their social media accounts; Facebook, Twitter, YouTube and Telegram.
They had promised to their investors and traders, consistent high returns for investing in a proprietary trading algorithm. Some literature from their marketing documentation noted the following, “After developing over months and testing successfully with great profits, we can release now with great confidence the LoopX trading algorithm,” the LoopX marketing read. “This software will give us all the opportunity to make more money online then we could ever do in real life.”
As mentioned above, the SEC only had a hearing last week, in which they particularly stressed their concerns about the ICO market and the scams that persistently continue to do the rounds within the market. Therefore, they are keen to for regulation to be explored in order to protect all of those involved.
Investors should ensure they carry out thorough due diligence on any ICO investment, because unfortunately, these companies are not always what they promise to be.
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