LOOPX

DESCRIPTION OF EVENTS

"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 company claimed. "The LoopX system gives you guaranteed profits every week thanks to the most advanced trading software out there to date!"

“After developing over months and testing successfully with great profits, we can release now with great confidence the LoopX [t]rading [a]lgorithm,” the LoopX marketing read. “This [s]oftware will give us all the opportunity to make more money online then we could ever do in real life.”

“Our software handles over 10,000 trades per second and calculates over 100 currencies at a time,” it continued. “Always looking for those opportunities to make profits bigger then 10%, which will payed out to our members on a weekly basis.”

"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." "A lending project is usually considered risky. Any person who would like to participate needs to understand the risks. However, LoopX has the most trustworthy Team behind the project and is here to help you make money."

"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.""

"As many of you have followed and heard from the media this last few days, the EU and especially Germany and France would like to heavily regulate business with cryptocurrencies. Because of this hostile attitude towards this revolutionary technology and the uncertainty about which regulations we facing in the EU, the LoopX team had to make a decision. We spent the last week relocating our company to the crypto friendly environment of Switzerland. We feel safe here and are confident that LoopX has found a home here where we are welcome and can grow as a company in the long term."

"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."

"Now the final, fifth ICO is complete, the LoopX website, Facebook account, Telegram, and YouTube channel have vanished." "The company has since also pulled its website and deleted its social media fingerprint, including Facebook, Twitter, YouTube, and Telegram accounts."

"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 anonymous team behind LoopX apparently had a new trading algorithm which was working to generate a reliable return (guaranteed), and they needed investors funds. Investors happily sent their funds. The anonymous team disappeared.

HOW COULD THIS HAVE BEEN PREVENTED?

The primary issue was that the anonymous team had no incentive to keep their word, and no verification on their algorithm. Under our framework, firms must be run by teams of known people in a multi-sig, and there would be a requirement of 2 separate industry reviews. A project without a real basis could not launch.

Check Our Framework For Safe Secure Exchange Platforms

LoopX pulls exit scam, walks away with $4.5m in investor cryptocurrency | ZDNet (Dec 12)
LoopX - LOOP TRADING ICO (Dec 27)
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@moneywithtim Twitter (Dec 27)
@carlos1card Twitter (Dec 27)
@CryptoLogic13 Twitter (Dec 27)
@Cryptokoala_Aus Twitter (Dec 27)
ICO Updates: Acorn Collective, LoopX, Adbank and Icon - YouTube (Dec 27)
LoopX (LPX): Successful Buy & How To Buy ICO - YouTube (Dec 27)
ICO Review: LoopX - Peer-to-Peer trading platform - YouTube (Dec 27)
Loopx.io just exit scammed : CryptoCurrency (Dec 27)
Discussion: Loopx - a scam ICO? : CryptoCurrency (Dec 27)
LoopX ICO - Most Advanced Loop Trading Software to Date - YouTube (Dec 27)
BitConnect wannabe LoopX exited as a scam. Steals 4.7 million from users - YouTube (Dec 27)
LoopX Exit Scam - Bitai Update - YouTube (Dec 27)
LoopX Update/How to check your balance - YouTube (Dec 27)
LoopX Coin ICO Review | 10 MILLION TOTAL SUPPLY ONLY ? - YouTube (Dec 27)
Cryptocurrency startup LoopX pulls exit scam after raising $4.5M in ICO (Dec 27)
[ANN][LPX]LOOPX Coin ICO - NEW ARBITRAGE LENDING PLATFORM beginning 2018![ANN] (Dec 27)
Cryptocurrency startup LoopX exit scams with $4.5M in ICO – Naked Security (Dec 27)
LoopX Startup Pulls ICO Exit Scam and Disappears with $4.5 Million (Dec 27)
LoopX (LPX) ICO Rating, Reviews and Details | ICOholder (Dec 27)
What's a Cryptocurrency Exit Scam? How Do You Spot One? (Jan 19)
Worldwide crypto & NFT rug pulls and scams tracker - Comparitech (Dec 15)

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