Startup disappears after collecting millions of dollars

LoopX has managed to get users stoop up after collecting millions of dollars from their funds. LoopX is a crypto startup that has launched several ICOs as a scam in order to steal the invested money from the traders.

The platform was promising the most advanced algorithm for trading on the market, but ended up with running away with all the money. The LoopX ICO has closed its gates without leaving any sort of trace. The website has been deleted and all the social media posts have vanished.

According to a saved version of the website, that has been kept inside Google’s cache, the project managed to collect a number of 276 BTC and 2446 ETH through a numerous number of ICOs, that means around 4.5 million dollars lost.

They have posted on their website on February 10 that their algorithm and technology has been tested for several months and they can finally provide their users with the Soft Trading LoopX advantages. LoopX was claiming that they could process up to 10,000 transactions per second so that the exchange of the coins is optimized.

The investors have been disappointed with 48% profits in one month just to keep the LPX digital coin in their wallets.

This incident comes after more and more platforms are being opened just to raise an amount of money and then close and disappear with users’ holdings. The same thing has happened after Confido did the same thing and disappeared with 374,000 dollars raised through an ICO.