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LoopX Startup Pulls ICO Exit Scam and Disappears with $4.5 Million (bleepingcomputer.com)
Catalin Cimpanu, writing for BleepingComputer: A cryptocurrency startup named LoopX has pulled an exit scam after collecting around $4.5 million from users during an ICO (Initial Coin Offering) held in the recent weeks. The LoopX team disappeared out of the blue at the start of the week when it took down its website and deleted its Facebook, Telegram, and YouTube channels without any explanation. People who invested in the startup are now tracking funds move from account to account in a BitcoinTalk forum thread, and banding together in the hopes of filing a class action lawsuit.
HA, HA!!
>> People who invested in the startup are now tracking funds move from account to account in a BitcoinTalk forum thread, and banding together in the hopes of filing a class action lawsuit
Would it be possible to get a list of the rubes who invested into this "initial coin offering"? (Because I have a few more things I'd like to sell them, starting with the Brooklyn Bridge.)
This is bad. I bought into the offering. Is it possible to get my money back? I want to get in the lawsuit too.
Those of us with brains warned them about the scam. They didn't listen. Perhaps I could sour their lawsuit by demonstrating that they were given fair warning to NOT invest.
Still waiting on Serviscope_minor to wake up to fucking reality and realize that Jessica Price isn't going to fuck him.
Why would a class action lawsuit be preferable to reporting the crime to the police?
Here's the link to the BitcoinTalk forum our useless editors failed to provide:
https://bitcointalk.org/index.php?topic=2521307.0
I have to admit: it IS pretty funny!
Play stupid games, win stupid prizes.
Stupidity should be painful
I don't respond to or upvote ACs
Every single ICO is a scam. You're investing money into a a shitty alt coin or a shitty fake coin running on a shitty alt coin (Ethereum), with the promise that you can take the shitty alt coin or shitty fake coin and resell it to some other investor later down the line, exchange it for a decent coin, and then exchange it for regular currency.
There's not even the pretense of investing in an actual platform or currency, you're investing on a do-nothing proxy built on top of one, and you're subject to the dangers of both.
If the person running the ICO bolts, you're screwed.
If the person running the ICO somehow isn't an outright scammer, but nonetheless fails to get their honest attempt at a project off the ground and into profitability, you're screwed.
If the crypto currency the ICO is pegged to declines in value, the ICO itself has just declined in value (they keep their coins in the blockchain as a sign of good faith to potential investors - until they abscond / quit).
If the crypto currency the ICO is pegged to increases in value, you've lost out on that increase since you traded one type of coin for a proxy running on top of it.
If the ICO's coin never gets picked up by a major exchange, you won't every be able to profit from it even if you're way up on paper.
If the ICO's coin or the crypto currency the ICO is pegged to get banned by governments, exchanges, or payment processors, you're screwed.
The only good ICO's are the ones that give a fixed group of people coins as an initial air-drop to bootstrap the ecosystem. Hold onto those "free" coins until they have value and the coin is tested for reliability. Once you feel comfortable with it a year or two later, then you can begin investing. Did this for Decred... no regrets.
Now this will of course push some activity back towards Bitcoin, but that 'coin' is completely useless for its stated purpose and is doomed to fail long term.
Seriously, how utterly, bafflingly, astonishingly, utterly astronomically dumb are you people? Everything about cryptocurrency is a total scam. EVERYTHING. Anyone who has had even glancing experience with investing could have seen the warning signs from a million miles away. The best part for me is how it has primarily affected "techno-libertarians". In 100 years this will all be the primary example used when people talk about the dunning-kruger effect.
Cue the replies claiming they made money so it must be "legit". For you folks I'll just ask again: WHY ARE YOU SOOOOOOOO STUPID?
There is a reason the SEC exists...not that companies haven't pulled equally dishonest things under their watchful eye.
When Fascism comes to America, it will call itself Anti-Fascism, and tell you to give up your guns.
Things typically *appear* out of the blue. It would be more appropriate to say they disappeared into the black, if an idiom of that sort were necessary.
At least the summary doesn't state that investors are "back at ground zero"!
Well I never would have thought. A bitcoin scam (wink).
This is getting hilarious.
You wanted an unregulated currency, you got one.
The things people have always said in support of cryptocurrency always rang like "we totally want an environment where people can rip you off because it's free from interference from the gummint".
This is what that looks like.
This is why regulations in the first place, because people are lying, cheating bastards and someone will always do this kind of stuff.
Hell, that financial meltdown in 2008? Companies knowingly packaged together junk debt, got someone in on the scam to give it a AAA rating, and then sold it to other people who took that rating as real. The actual banking industry is full of crooks and thieves, the unregulated digital currency market even more so.
'Oh, Fiddle Sticks!!!!'
That's what I say to you all who put in CC into something that exists only in bits glowing on a boob tooob:
Fiddle Sticks to you all!
Most Respectfully Yours Mark Allyn Bellingham, Washington
I was reading the forum, and just couldn't stop giggling at the acronyms that probably should have sent red flags everywhere. Coin Type: Proof of Stake (PoS) - Yeah, everyone now knows it was a PoS. Coin Abbreviation: LPX (also Louisiana Pacific stock exchange ID) - Yeah, everyone got railroaded. And their "proofen concept" definitely proved they had what it takes. Or they now have what they took. Schmucks.
lol cointards lol lol
The LoopX Team was formed in September 2016 of a core group of high performance professionals to build a new kind of trading software based on our own Loop-Algorithm. After testing our algorithm thoroughly over half a year with great profits continuously every month, we can now finally bring all this advantages of our LoopX – Trading Software to the public. 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 LoopX System gives you guaranteed profits every week thanks to the most advanced Trading Software out there to date! We do not make daily payments since we consider that the margins are smaller. For us the priority is the safety of your investment. It took us little bit over a year to bring you the final product so you can benefit from the most advanced technology too.
This is from Bing's cached page of their website.
So honestly, if you read After testing our algorithm thoroughly over half a year with great profits continuously every month and didn't fall over laughing at the obvious Ponzi nature of the scheme, you kind of deserved what happened to you.
Why did they get rid of their website and all of their accounts? What is the point in that? You're basically just telling everyone that you scammed them. Wouldn't it make more sense to just walk away and leave everything up, keep them guessing for a little while?
first to invest in the ico? certainly not post, this is way down the page sucka.
There are _tons_ of stock and other investing scams that get carried out under the eyes of financial regulatory agencies...but you can bet there would be tons more if there were no regulation. You have to admit it's pretty brazen to just disappear with investors' money, not even pulling a Mt. Gox and claiming they were "hacked."
I would imagine that most of the "investors" in this ICO either had tons of play-money Bitcoins they didn't care about losing, or were starry-eyed latecomers drawn in by the Bitcoin millionaire stories in the press. It sucks for both groups, but this is what bubbles and unregulated markets get you. Plenty of fraudsters exist in the stock market, but at least they have to follow some rules and make up a plausible scheme to take investors' money. ICOs where the founders disappear to some non-extradition country with millions of dollars and can't even get a slap on the wrist fine enforced on them are just licenses to steal.
They shouldn't be hard to find, they will be driving this https://pbs.twimg.com/media/DV...
A fool & his money are soon parted. "Coin offerings" scream "fools - shop here!".
Why are you talking about the olympic games?
#DeleteFacebook
If so-called cryptocurrencies are really currency, why no company/store can use Bitcoin as currency anymore?
Because the price of Bitcoin proved to be extremely unstable to use as a currency?
Would the result be different, if Bitcoin replaced by any other "cryptocurrency"?
Aren't all work the same way?
Or, they are not actually virtual currency but virtual investment?
But, if they are actually investment, why we need/want them?
What would happen to world economy, if people invested in virtual investments, instead of real investments?
Or, all so-called cryptocurrencies are actually just a modified (made decentralized and paying variable interest) Ponzi Schemes?
(Price of cryptocurrencies would keep increasing in the long term (by their design), so it is equivalent of paying variable interest to all long term investors.)
As more and more people invest in cryptocurrencies, it will become harder and harder to ban their trading everywhere!
All cryptocurrencies need to be banned globally before it is too late!
The whole point of crypto currency is to evade the law. Being able to buy things online is just coincidental.
All the people freaking out who lost a bunch of real, actual money and whining about it now were trying to MAKE money through speculation, meaning they wanted to GET more money than they had, without doing any actual work, for having loaned the crypto currency issuer some cash. This is really no different from putting it in a bank, except in this case the bank was promising return rates higher than (or at least different from and irrespective of the performance of) the rest of the market. They might accomplish this through lack of regulation of the nascent market, or by offering takers the additional perk of not having to report gains, facilitating the avoidance of taxes, judgements, liens, fines, etc. The downside to doing business with such a bank is the high risk that theyâ(TM)re not legitimate.
I feel no pity for the crooks and would-be crooks, trying to get to have more money than they should by exploiting some thing or some one, who then in turn got exploited themselves, who got ripped off by other crooks it sounds like, in this case.
Our reign has gone on long enough. Indeed. Summon the meteors.
Just a reminder, the other 99% of crypto enthusiasts know that all ICOs are scams. It's been called kickstarter with less accountability. Stupid people will throw their money away somehow, this is just how they chose.
How's life in the hypocrite lane?
time anything's 'disappeared out of the blue'. Usually they Appear out of the blue and Disappear into thin air...