LoopX Exit Scam - Revision history

Azoundria at 19:47, 10 May 2024

2024-05-10T19:47:42Z

← Older revision		Revision as of 13:47, 10 May 2024
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	[[File:Loopx.jpg\|thumb\|LoopX]]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.		[[File:Loopx.jpg\|thumb\|LoopX]]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.

	This is a global/international case not involving a specific country.<ref name="zdnet-4893" /><ref name="loopxarchive-4894" /><ref name="loopxcointwitter-4895" /><ref name="moneywithtimtwitter-4896" /><ref name="carlos1cardtwitter-4897" /><ref name="cryptologic13twitter-4898" /><ref name="cryptokoalaaustwitter-4899" /><ref name="youtube-4900" /><ref name="youtube-4901" /><ref name="youtube-4902" /><ref name="reddit-4903" /><ref name="reddit-4904" /><ref name="youtube-4905" /><ref name="youtube-4906" /><ref name="youtube-4907" /><ref name="youtube-4908" /><ref name="youtube-4909" /><ref name="thenextweb-4910" /><ref name="bitcointalk-4911" /><ref name="nakedsecurity-4912" /><ref name="bleepingcomputer-4913" /><ref name="icoholder-4914" /><ref name="investopedia-5778" />		This is a global/international case not involving a specific country.<ref name="zdnet-4893" /><ref name="loopxarchive-4894" /><ref name="loopxcointwitter-4895" /><ref name="moneywithtimtwitter-4896" /><ref name="carlos1cardtwitter-4897" /><ref name="cryptologic13twitter-4898" /><ref name="cryptokoalaaustwitter-4899" /><ref name="youtube-4900" /><ref name="youtube-4901" /><ref name="youtube-4902" /><ref name="reddit-4903" /><ref name="reddit-4904" /><ref name="youtube-4905" /><ref name="youtube-4906" /><ref name="youtube-4907" /><ref name="youtube-4908" /><ref name="youtube-4909" /><ref name="thenextweb-4910" /><ref name="bitcointalk-4911" /><ref name="nakedsecurity-4912" /><ref name="bleepingcomputer-4913" /><ref name="icoholder-4914" /><ref name="investopedia-5778" /><ref name="comparitech-10032" />

	== About LoopX ==		== About LoopX ==
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	<ref name="icoholder-4914">[https://icoholder.com/en/loopx-17448 LoopX (LPX) ICO Rating, Reviews and Details \| ICOholder] (Dec 27, 2021)</ref>		<ref name="icoholder-4914">[https://icoholder.com/en/loopx-17448 LoopX (LPX) ICO Rating, Reviews and Details \| ICOholder] (Dec 27, 2021)</ref>

	<ref name="investopedia-5778">[https://www.investopedia.com/tech/whats-cryptocurrency-exit-scam-how-spot-one/ What's a Cryptocurrency Exit Scam? How Do You Spot One?] (Jan 19, 2022)</ref></references>		<ref name="investopedia-5778">[https://www.investopedia.com/tech/whats-cryptocurrency-exit-scam-how-spot-one/ What's a Cryptocurrency Exit Scam? How Do You Spot One?] (Jan 19, 2022)</ref>

			<ref name="comparitech-10032">[https://www.comparitech.com/crypto/cryptocurrency-scams/ Worldwide crypto & NFT rug pulls and scams tracker - Comparitech] (Dec 15, 2022)</ref></references>

Azoundria at 16:34, 14 April 2023

2023-04-14T16:34:40Z

← Older revision		Revision as of 10:34, 14 April 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/loopxexitscam.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/loopxexitscam.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Loopx.jpg\|thumb\|LoopX]]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.		[[File:Loopx.jpg\|thumb\|LoopX]]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.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="zdnet-4893" /><ref name="loopxarchive-4894" /><ref name="loopxcointwitter-4895" /><ref name="moneywithtimtwitter-4896" /><ref name="carlos1cardtwitter-4897" /><ref name="cryptologic13twitter-4898" /><ref name="cryptokoalaaustwitter-4899" /><ref name="youtube-4900" /><ref name="youtube-4901" /><ref name="youtube-4902" /><ref name="reddit-4903" /><ref name="reddit-4904" /><ref name="youtube-4905" /><ref name="youtube-4906" /><ref name="youtube-4907" /><ref name="youtube-4908" /><ref name="youtube-4909" /><ref name="thenextweb-4910" /><ref name="bitcointalk-4911" /><ref name="nakedsecurity-4912" /><ref name="bleepingcomputer-4913" /><ref name="icoholder-4914" /><ref name="investopedia-5778" />
	<ref name="zdnet-4893" /><ref name="loopxarchive-4894" /><ref name="loopxcointwitter-4895" /><ref name="moneywithtimtwitter-4896" /><ref name="carlos1cardtwitter-4897" /><ref name="cryptologic13twitter-4898" /><ref name="cryptokoalaaustwitter-4899" /><ref name="youtube-4900" /><ref name="youtube-4901" /><ref name="youtube-4902" /><ref name="reddit-4903" /><ref name="reddit-4904" /><ref name="youtube-4905" /><ref name="youtube-4906" /><ref name="youtube-4907" /><ref name="youtube-4908" /><ref name="youtube-4909" /><ref name="thenextweb-4910" /><ref name="bitcointalk-4911" /><ref name="nakedsecurity-4912" /><ref name="bleepingcomputer-4913" /><ref name="icoholder-4914" /><ref name="investopedia-5778" />

	== About LoopX ==		== About LoopX ==
Line 65:		Line 64:
	!Description		!Description
	\|-		\|-
	\|February 11th, 2018 ~~12:00:00 AM~~		\|February 11th, 2018
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			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.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

	== Prevention Policies ==		== Platform Prevention Policies ==
	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.		{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

			{{Prevention:Regulators:End}}

	== References ==		== References ==
	<references><ref name="zdnet-4893">[https://www.zdnet.com/article/loopx-pulls-exit-scam-walks-away-with-4-5m-in-investor-funds/ LoopX pulls exit scam, walks away with $4.5m in investor cryptocurrency \| ZDNet] (Dec 11, 2021)</ref>		<references><ref name="zdnet-4893">[https://www.zdnet.com/article/loopx-pulls-exit-scam-walks-away-with-4-5m-in-investor-funds/ LoopX pulls exit scam, walks away with $4.5m in investor cryptocurrency \| ZDNet] (Dec 12, 2021)</ref>

	<ref name="loopxarchive-4894">[https://web.archive.org/web/20171222143116/http://www.loopx.io/ LoopX - LOOP TRADING ICO] (Dec 26, 2021)</ref>		<ref name="loopxarchive-4894">[https://web.archive.org/web/20171222143116/http://www.loopx.io/ LoopX - LOOP TRADING ICO] (Dec 27, 2021)</ref>

	<ref name="loopxcointwitter-4895">[https://twitter.com/loopxcoin Twitter / Account Suspended] (Dec 26, 2021)</ref>		<ref name="loopxcointwitter-4895">[https://twitter.com/loopxcoin Twitter / Account Suspended] (Dec 27, 2021)</ref>

	<ref name="moneywithtimtwitter-4896">[https://twitter.com/moneywithtim/status/948602302042132480 @moneywithtim Twitter] (Dec 26, 2021)</ref>		<ref name="moneywithtimtwitter-4896">[https://twitter.com/moneywithtim/status/948602302042132480 @moneywithtim Twitter] (Dec 27, 2021)</ref>

	<ref name="carlos1cardtwitter-4897">[https://twitter.com/carlos1card/status/960024565287215105 @carlos1card Twitter] (Dec 26, 2021)</ref>		<ref name="carlos1cardtwitter-4897">[https://twitter.com/carlos1card/status/960024565287215105 @carlos1card Twitter] (Dec 27, 2021)</ref>

	<ref name="cryptologic13twitter-4898">[https://twitter.com/CryptoLogic13/status/962760239836573696 @CryptoLogic13 Twitter] (Dec 26, 2021)</ref>		<ref name="cryptologic13twitter-4898">[https://twitter.com/CryptoLogic13/status/962760239836573696 @CryptoLogic13 Twitter] (Dec 27, 2021)</ref>

	<ref name="cryptokoalaaustwitter-4899">[https://twitter.com/Cryptokoala_Aus/status/957966843448184833 @Cryptokoala_Aus Twitter] (Dec 26, 2021)</ref>		<ref name="cryptokoalaaustwitter-4899">[https://twitter.com/Cryptokoala_Aus/status/957966843448184833 @Cryptokoala_Aus Twitter] (Dec 27, 2021)</ref>

	<ref name="youtube-4900">[https://www.youtube.com/watch?v=vULqUwNe1DI ICO Updates: Acorn Collective, LoopX, Adbank and Icon - YouTube] (Dec 26, 2021)</ref>		<ref name="youtube-4900">[https://www.youtube.com/watch?v=vULqUwNe1DI ICO Updates: Acorn Collective, LoopX, Adbank and Icon - YouTube] (Dec 27, 2021)</ref>

	<ref name="youtube-4901">[https://www.youtube.com/watch?v=Qp69Sr2qBOk LoopX (LPX): Successful Buy & How To Buy ICO - YouTube] (Dec 26, 2021)</ref>		<ref name="youtube-4901">[https://www.youtube.com/watch?v=Qp69Sr2qBOk LoopX (LPX): Successful Buy & How To Buy ICO - YouTube] (Dec 27, 2021)</ref>

	<ref name="youtube-4902">[https://www.youtube.com/watch?v=2PEh-66wjIM ICO Review: LoopX - Peer-to-Peer trading platform - YouTube] (Dec 26, 2021)</ref>		<ref name="youtube-4902">[https://www.youtube.com/watch?v=2PEh-66wjIM ICO Review: LoopX - Peer-to-Peer trading platform - YouTube] (Dec 27, 2021)</ref>

	<ref name="reddit-4903">[https://www.reddit.com/r/CryptoCurrency/comments/7wwx2d/loopxio_just_exit_scammed/ Loopx.io just exit scammed : CryptoCurrency] (Dec 26, 2021)</ref>		<ref name="reddit-4903">[https://www.reddit.com/r/CryptoCurrency/comments/7wwx2d/loopxio_just_exit_scammed/ Loopx.io just exit scammed : CryptoCurrency] (Dec 27, 2021)</ref>

	<ref name="reddit-4904">[https://www.reddit.com/r/CryptoCurrency/comments/7p5lzg/discussion_loopx_a_scam_ico/ Discussion: Loopx - a scam ICO? : CryptoCurrency] (Dec 26, 2021)</ref>		<ref name="reddit-4904">[https://www.reddit.com/r/CryptoCurrency/comments/7p5lzg/discussion_loopx_a_scam_ico/ Discussion: Loopx - a scam ICO? : CryptoCurrency] (Dec 27, 2021)</ref>

	<ref name="youtube-4905">[https://www.youtube.com/watch?v=NSgc36e0dcs LoopX ICO - Most Advanced Loop Trading Software to Date - YouTube] (Dec 26, 2021)</ref>		<ref name="youtube-4905">[https://www.youtube.com/watch?v=NSgc36e0dcs LoopX ICO - Most Advanced Loop Trading Software to Date - YouTube] (Dec 27, 2021)</ref>

	<ref name="youtube-4906">[https://www.youtube.com/watch?v=axgpdSHI_WI BitConnect wannabe LoopX exited as a scam. Steals 4.7 million from users - YouTube] (Dec 26, 2021)</ref>		<ref name="youtube-4906">[https://www.youtube.com/watch?v=axgpdSHI_WI BitConnect wannabe LoopX exited as a scam. Steals 4.7 million from users - YouTube] (Dec 27, 2021)</ref>

	<ref name="youtube-4907">[https://www.youtube.com/watch?v=3rSap2MrbA8 LoopX Exit Scam - Bitai Update - YouTube] (Dec 26, 2021)</ref>		<ref name="youtube-4907">[https://www.youtube.com/watch?v=3rSap2MrbA8 LoopX Exit Scam - Bitai Update - YouTube] (Dec 27, 2021)</ref>

	<ref name="youtube-4908">[https://www.youtube.com/watch?v=fj4q2M3kMcU LoopX Update/How to check your balance - YouTube] (Dec 26, 2021)</ref>		<ref name="youtube-4908">[https://www.youtube.com/watch?v=fj4q2M3kMcU LoopX Update/How to check your balance - YouTube] (Dec 27, 2021)</ref>

	<ref name="youtube-4909">[https://www.youtube.com/watch?v=pFXrDQtU-LQ LoopX Coin ICO Review \| 10 MILLION TOTAL SUPPLY ONLY ? - YouTube] (Dec 26, 2021)</ref>		<ref name="youtube-4909">[https://www.youtube.com/watch?v=pFXrDQtU-LQ LoopX Coin ICO Review \| 10 MILLION TOTAL SUPPLY ONLY ? - YouTube] (Dec 27, 2021)</ref>

	<ref name="thenextweb-4910">[https://thenextweb.com/news/cryptocurrency-loopx-scam-ico Cryptocurrency startup LoopX pulls exit scam after raising $4.5M in ICO] (Dec 26, 2021)</ref>		<ref name="thenextweb-4910">[https://thenextweb.com/news/cryptocurrency-loopx-scam-ico Cryptocurrency startup LoopX pulls exit scam after raising $4.5M in ICO] (Dec 27, 2021)</ref>

	<ref name="bitcointalk-4911">[https://bitcointalk.org/index.php?topic=2521307.msg25751873 <nowiki>[ANN][LPX]LOOPX Coin ICO - NEW ARBITRAGE LENDING PLATFORM beginning 2018![ANN]</nowiki>] (Dec 26, 2021)</ref>		<ref name="bitcointalk-4911">[https://bitcointalk.org/index.php?topic=2521307.msg25751873 <nowiki>[ANN][LPX]LOOPX Coin ICO - NEW ARBITRAGE LENDING PLATFORM beginning 2018![ANN]</nowiki>] (Dec 27, 2021)</ref>

	<ref name="nakedsecurity-4912">[https://nakedsecurity.sophos.com/2018/02/14/cryptocurrency-startup-loopx-exit-scams-with-4-5m-in-ico/ Cryptocurrency startup LoopX exit scams with $4.5M in ICO – Naked Security] (Dec 26, 2021)</ref>		<ref name="nakedsecurity-4912">[https://nakedsecurity.sophos.com/2018/02/14/cryptocurrency-startup-loopx-exit-scams-with-4-5m-in-ico/ Cryptocurrency startup LoopX exit scams with $4.5M in ICO – Naked Security] (Dec 27, 2021)</ref>

	<ref name="bleepingcomputer-4913">[https://www.bleepingcomputer.com/news/cryptocurrency/loopx-startup-pulls-ico-exit-scam-and-disappears-with-4-5-million/ LoopX Startup Pulls ICO Exit Scam and Disappears with $4.5 Million] (Dec 26, 2021)</ref>		<ref name="bleepingcomputer-4913">[https://www.bleepingcomputer.com/news/cryptocurrency/loopx-startup-pulls-ico-exit-scam-and-disappears-with-4-5-million/ LoopX Startup Pulls ICO Exit Scam and Disappears with $4.5 Million] (Dec 27, 2021)</ref>

	<ref name="icoholder-4914">[https://icoholder.com/en/loopx-17448 LoopX (LPX) ICO Rating, Reviews and Details \| ICOholder] (Dec 26, 2021)</ref>		<ref name="icoholder-4914">[https://icoholder.com/en/loopx-17448 LoopX (LPX) ICO Rating, Reviews and Details \| ICOholder] (Dec 27, 2021)</ref>

	<ref name="investopedia-5778">[https://www.investopedia.com/tech/whats-cryptocurrency-exit-scam-how-spot-one/ What's a Cryptocurrency Exit Scam? How Do You Spot One?] (Jan 19, 2022)</ref></references>		<ref name="investopedia-5778">[https://www.investopedia.com/tech/whats-cryptocurrency-exit-scam-how-spot-one/ What's a Cryptocurrency Exit Scam? How Do You Spot One?] (Jan 19, 2022)</ref></references>

Azoundria at 05:33, 17 February 2023

2023-02-17T05:33:16Z

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/loopxexitscam.php}} LoopXThe 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. This is a global/international case not involving a specific country. == About LoopX == "The LoopX Team was formed..."

2023-01-24T21:12:38Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/loopxexitscam.php}} thumb|LoopXThe 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. This is a global/international case not involving a specific country. == About LoopX == "The LoopX Team was formed..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/loopxexitscam.php}}

[[File:Loopx.jpg|thumb|LoopX]]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.

This is a global/international case not involving a specific country.

== About LoopX ==
"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."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - LoopX Exit Scam
!Date
!Event
!Description
|-
|February 11th, 2018 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
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.

== References ==
[https://www.zdnet.com/article/loopx-pulls-exit-scam-walks-away-with-4-5m-in-investor-funds/ LoopX pulls exit scam, walks away with $4.5m in investor cryptocurrency | ZDNet] (Dec 11)

[https://web.archive.org/web/20171222143116/http://www.loopx.io/ LoopX - LOOP TRADING ICO] (Dec 26)

[https://twitter.com/loopxcoin Twitter / Account Suspended] (Dec 26)

[https://twitter.com/moneywithtim/status/948602302042132480 @moneywithtim Twitter] (Dec 26)

[https://twitter.com/carlos1card/status/960024565287215105 @carlos1card Twitter] (Dec 26)

[https://twitter.com/CryptoLogic13/status/962760239836573696 @CryptoLogic13 Twitter] (Dec 26)

[https://twitter.com/Cryptokoala_Aus/status/957966843448184833 @Cryptokoala_Aus Twitter] (Dec 26)

[https://www.youtube.com/watch?v=vULqUwNe1DI ICO Updates: Acorn Collective, LoopX, Adbank and Icon - YouTube] (Dec 26)

[https://www.youtube.com/watch?v=Qp69Sr2qBOk LoopX (LPX): Successful Buy & How To Buy ICO - YouTube] (Dec 26)

[https://www.youtube.com/watch?v=2PEh-66wjIM ICO Review: LoopX - Peer-to-Peer trading platform - YouTube] (Dec 26)

[https://www.reddit.com/r/CryptoCurrency/comments/7wwx2d/loopxio_just_exit_scammed/ Loopx.io just exit scammed : CryptoCurrency] (Dec 26)

[https://www.reddit.com/r/CryptoCurrency/comments/7p5lzg/discussion_loopx_a_scam_ico/ Discussion: Loopx - a scam ICO? : CryptoCurrency] (Dec 26)

[https://www.youtube.com/watch?v=NSgc36e0dcs LoopX ICO - Most Advanced Loop Trading Software to Date - YouTube] (Dec 26)

[https://www.youtube.com/watch?v=axgpdSHI_WI BitConnect wannabe LoopX exited as a scam. Steals 4.7 million from users - YouTube] (Dec 26)

[https://www.youtube.com/watch?v=3rSap2MrbA8 LoopX Exit Scam - Bitai Update - YouTube] (Dec 26)

[https://www.youtube.com/watch?v=fj4q2M3kMcU LoopX Update/How to check your balance - YouTube] (Dec 26)

[https://www.youtube.com/watch?v=pFXrDQtU-LQ LoopX Coin ICO Review | 10 MILLION TOTAL SUPPLY ONLY ? - YouTube] (Dec 26)

[https://thenextweb.com/news/cryptocurrency-loopx-scam-ico Cryptocurrency startup LoopX pulls exit scam after raising $4.5M in ICO] (Dec 26)

[https://bitcointalk.org/index.php?topic=2521307.msg25751873 <nowiki>[ANN][LPX]LOOPX Coin ICO - NEW ARBITRAGE LENDING PLATFORM beginning 2018![ANN]</nowiki>] (Dec 26)

[https://nakedsecurity.sophos.com/2018/02/14/cryptocurrency-startup-loopx-exit-scams-with-4-5m-in-ico/ Cryptocurrency startup LoopX exit scams with $4.5M in ICO – Naked Security] (Dec 26)

[https://www.bleepingcomputer.com/news/cryptocurrency/loopx-startup-pulls-ico-exit-scam-and-disappears-with-4-5-million/ LoopX Startup Pulls ICO Exit Scam and Disappears with $4.5 Million] (Dec 26)

[https://icoholder.com/en/loopx-17448 LoopX (LPX) ICO Rating, Reviews and Details | ICOholder] (Dec 26)

[https://www.investopedia.com/tech/whats-cryptocurrency-exit-scam-how-spot-one/ What's a Cryptocurrency Exit Scam? How Do You Spot One?] (Jan 19)

← Older revision		Revision as of 23:33, 16 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/loopxexitscam.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/loopxexitscam.php}}
			{{Unattributed Citations}}

	[[File:Loopx.jpg\|thumb\|LoopX]]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.		[[File:Loopx.jpg\|thumb\|LoopX]]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.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="zdnet-4893" /><ref name="loopxarchive-4894" /><ref name="loopxcointwitter-4895" /><ref name="moneywithtimtwitter-4896" /><ref name="carlos1cardtwitter-4897" /><ref name="cryptologic13twitter-4898" /><ref name="cryptokoalaaustwitter-4899" /><ref name="youtube-4900" /><ref name="youtube-4901" /><ref name="youtube-4902" /><ref name="reddit-4903" /><ref name="reddit-4904" /><ref name="youtube-4905" /><ref name="youtube-4906" /><ref name="youtube-4907" /><ref name="youtube-4908" /><ref name="youtube-4909" /><ref name="thenextweb-4910" /><ref name="bitcointalk-4911" /><ref name="nakedsecurity-4912" /><ref name="bleepingcomputer-4913" /><ref name="icoholder-4914" /><ref name="investopedia-5778" />

	== About LoopX ==		== About LoopX ==
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	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|February 11th, 2018 12:00:00 AM		\|February 11th, 2018 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $4,500,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== References ==		== References ==
	[https://www.zdnet.com/article/loopx-pulls-exit-scam-walks-away-with-4-5m-in-investor-funds/ LoopX pulls exit scam, walks away with $4.5m in investor cryptocurrency \| ZDNet] (Dec 11)		<references><ref name="zdnet-4893">[https://www.zdnet.com/article/loopx-pulls-exit-scam-walks-away-with-4-5m-in-investor-funds/ LoopX pulls exit scam, walks away with $4.5m in investor cryptocurrency \| ZDNet] (Dec 11, 2021)</ref>

	[https://web.archive.org/web/20171222143116/http://www.loopx.io/ LoopX - LOOP TRADING ICO] (Dec 26)		<ref name="loopxarchive-4894">[https://web.archive.org/web/20171222143116/http://www.loopx.io/ LoopX - LOOP TRADING ICO] (Dec 26, 2021)</ref>

	[https://twitter.com/loopxcoin Twitter / Account Suspended] (Dec 26)		<ref name="loopxcointwitter-4895">[https://twitter.com/loopxcoin Twitter / Account Suspended] (Dec 26, 2021)</ref>

	[https://twitter.com/moneywithtim/status/948602302042132480 @moneywithtim Twitter] (Dec 26)		<ref name="moneywithtimtwitter-4896">[https://twitter.com/moneywithtim/status/948602302042132480 @moneywithtim Twitter] (Dec 26, 2021)</ref>

	[https://twitter.com/carlos1card/status/960024565287215105 @carlos1card Twitter] (Dec 26)		<ref name="carlos1cardtwitter-4897">[https://twitter.com/carlos1card/status/960024565287215105 @carlos1card Twitter] (Dec 26, 2021)</ref>

	[https://twitter.com/CryptoLogic13/status/962760239836573696 @CryptoLogic13 Twitter] (Dec 26)		<ref name="cryptologic13twitter-4898">[https://twitter.com/CryptoLogic13/status/962760239836573696 @CryptoLogic13 Twitter] (Dec 26, 2021)</ref>

	[https://twitter.com/Cryptokoala_Aus/status/957966843448184833 @Cryptokoala_Aus Twitter] (Dec 26)		<ref name="cryptokoalaaustwitter-4899">[https://twitter.com/Cryptokoala_Aus/status/957966843448184833 @Cryptokoala_Aus Twitter] (Dec 26, 2021)</ref>

	[https://www.youtube.com/watch?v=vULqUwNe1DI ICO Updates: Acorn Collective, LoopX, Adbank and Icon - YouTube] (Dec 26)		<ref name="youtube-4900">[https://www.youtube.com/watch?v=vULqUwNe1DI ICO Updates: Acorn Collective, LoopX, Adbank and Icon - YouTube] (Dec 26, 2021)</ref>

	[https://www.youtube.com/watch?v=Qp69Sr2qBOk LoopX (LPX): Successful Buy & How To Buy ICO - YouTube] (Dec 26)		<ref name="youtube-4901">[https://www.youtube.com/watch?v=Qp69Sr2qBOk LoopX (LPX): Successful Buy & How To Buy ICO - YouTube] (Dec 26, 2021)</ref>

	[https://www.youtube.com/watch?v=2PEh-66wjIM ICO Review: LoopX - Peer-to-Peer trading platform - YouTube] (Dec 26)		<ref name="youtube-4902">[https://www.youtube.com/watch?v=2PEh-66wjIM ICO Review: LoopX - Peer-to-Peer trading platform - YouTube] (Dec 26, 2021)</ref>

	[https://www.reddit.com/r/CryptoCurrency/comments/7wwx2d/loopxio_just_exit_scammed/ Loopx.io just exit scammed : CryptoCurrency] (Dec 26)		<ref name="reddit-4903">[https://www.reddit.com/r/CryptoCurrency/comments/7wwx2d/loopxio_just_exit_scammed/ Loopx.io just exit scammed : CryptoCurrency] (Dec 26, 2021)</ref>

	[https://www.reddit.com/r/CryptoCurrency/comments/7p5lzg/discussion_loopx_a_scam_ico/ Discussion: Loopx - a scam ICO? : CryptoCurrency] (Dec 26)		<ref name="reddit-4904">[https://www.reddit.com/r/CryptoCurrency/comments/7p5lzg/discussion_loopx_a_scam_ico/ Discussion: Loopx - a scam ICO? : CryptoCurrency] (Dec 26, 2021)</ref>

	[https://www.youtube.com/watch?v=NSgc36e0dcs LoopX ICO - Most Advanced Loop Trading Software to Date - YouTube] (Dec 26)		<ref name="youtube-4905">[https://www.youtube.com/watch?v=NSgc36e0dcs LoopX ICO - Most Advanced Loop Trading Software to Date - YouTube] (Dec 26, 2021)</ref>

	[https://www.youtube.com/watch?v=axgpdSHI_WI BitConnect wannabe LoopX exited as a scam. Steals 4.7 million from users - YouTube] (Dec 26)		<ref name="youtube-4906">[https://www.youtube.com/watch?v=axgpdSHI_WI BitConnect wannabe LoopX exited as a scam. Steals 4.7 million from users - YouTube] (Dec 26, 2021)</ref>

	[https://www.youtube.com/watch?v=3rSap2MrbA8 LoopX Exit Scam - Bitai Update - YouTube] (Dec 26)		<ref name="youtube-4907">[https://www.youtube.com/watch?v=3rSap2MrbA8 LoopX Exit Scam - Bitai Update - YouTube] (Dec 26, 2021)</ref>

	[https://www.youtube.com/watch?v=fj4q2M3kMcU LoopX Update/How to check your balance - YouTube] (Dec 26)		<ref name="youtube-4908">[https://www.youtube.com/watch?v=fj4q2M3kMcU LoopX Update/How to check your balance - YouTube] (Dec 26, 2021)</ref>

	[https://www.youtube.com/watch?v=pFXrDQtU-LQ LoopX Coin ICO Review \| 10 MILLION TOTAL SUPPLY ONLY ? - YouTube] (Dec 26)		<ref name="youtube-4909">[https://www.youtube.com/watch?v=pFXrDQtU-LQ LoopX Coin ICO Review \| 10 MILLION TOTAL SUPPLY ONLY ? - YouTube] (Dec 26, 2021)</ref>

	[https://thenextweb.com/news/cryptocurrency-loopx-scam-ico Cryptocurrency startup LoopX pulls exit scam after raising $4.5M in ICO] (Dec 26)		<ref name="thenextweb-4910">[https://thenextweb.com/news/cryptocurrency-loopx-scam-ico Cryptocurrency startup LoopX pulls exit scam after raising $4.5M in ICO] (Dec 26, 2021)</ref>

	[https://bitcointalk.org/index.php?topic=2521307.msg25751873 <nowiki>[ANN][LPX]LOOPX Coin ICO - NEW ARBITRAGE LENDING PLATFORM beginning 2018![ANN]</nowiki>] (Dec 26)		<ref name="bitcointalk-4911">[https://bitcointalk.org/index.php?topic=2521307.msg25751873 <nowiki>[ANN][LPX]LOOPX Coin ICO - NEW ARBITRAGE LENDING PLATFORM beginning 2018![ANN]</nowiki>] (Dec 26, 2021)</ref>

	[https://nakedsecurity.sophos.com/2018/02/14/cryptocurrency-startup-loopx-exit-scams-with-4-5m-in-ico/ Cryptocurrency startup LoopX exit scams with $4.5M in ICO – Naked Security] (Dec 26)		<ref name="nakedsecurity-4912">[https://nakedsecurity.sophos.com/2018/02/14/cryptocurrency-startup-loopx-exit-scams-with-4-5m-in-ico/ Cryptocurrency startup LoopX exit scams with $4.5M in ICO – Naked Security] (Dec 26, 2021)</ref>

	[https://www.bleepingcomputer.com/news/cryptocurrency/loopx-startup-pulls-ico-exit-scam-and-disappears-with-4-5-million/ LoopX Startup Pulls ICO Exit Scam and Disappears with $4.5 Million] (Dec 26)		<ref name="bleepingcomputer-4913">[https://www.bleepingcomputer.com/news/cryptocurrency/loopx-startup-pulls-ico-exit-scam-and-disappears-with-4-5-million/ LoopX Startup Pulls ICO Exit Scam and Disappears with $4.5 Million] (Dec 26, 2021)</ref>

	[https://icoholder.com/en/loopx-17448 LoopX (LPX) ICO Rating, Reviews and Details \| ICOholder] (Dec 26)		<ref name="icoholder-4914">[https://icoholder.com/en/loopx-17448 LoopX (LPX) ICO Rating, Reviews and Details \| ICOholder] (Dec 26, 2021)</ref>

	[https://www.investopedia.com/tech/whats-cryptocurrency-exit-scam-how-spot-one/ What's a Cryptocurrency Exit Scam? How Do You Spot One?] (Jan 19)		<ref name="investopedia-5778">[https://www.investopedia.com/tech/whats-cryptocurrency-exit-scam-how-spot-one/ What's a Cryptocurrency Exit Scam? How Do You Spot One?] (Jan 19, 2022)</ref></references>