Cryptoption Exit Scam

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Cryptoption

Cryptoption (as an anonymous unvetted team) launched an investment fundraiser for a new exchange platform.

They disappeared with the funds of investors, and it does not appear that any recovery or investigation in progress.

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

About Cryptoption

"Cryptoption is the latest decentralised protocol for buying and selling Binance Smart Chain token derivatives. This project will bring you a new experience on cryptocurrency and DeFi." "THE First platform can exchange and provide bsc altcoin option." "Cryptoption enables user to trade on a trustless and decentralised manner without relying on a middleman or any third party. We provide a wide variety of derivatives inspired by stock markets such as Stock Options, Warrants and Leveraged Futures for BSC tokens through the use of Smart Contracts. Each derivatives pairs are smart contract based and fungible which investors are free to transfer the ownership of the derivatives without any restriction. Also, they are ready for any potential Defi implementation and upgrades."

"Funds are completely on your own Wallets." "The security of our platform is our highest priority. To ensure top-notch security, Our smart contracts were audited and will be audited by different firms to provide maximum security for our customers. IT security assessments are also executed to keep up to date with new potential vulnerabilities. We also have an ongoing bug bounty program where community members can report any bugs or vulnerabilities and they can receive rewards in terms of $CTOP."

"We published a confirmed Exit Scam alert on a project name Cryptoption at http://certik.org. The scammers abandoned the project after the token pre-sale and took away 189,117 BUSD funds received in the pre-sale. Take extra caution when participating in any token pre-sale."

"Community alerts were received on a project named Cryptoption that exit scammed. The scammers abandoned the project after the token pre-sale and took away 189,117 BUSD funds received in the pre-sale."

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.

Key Event Timeline - Cryptoption Exit Scam

Date	Event	Description
April 19th, 2021	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

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

The total amount lost has been estimated at $189,000 USD.

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

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

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?

Ongoing Developments

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

General Prevention Policies

Having a regulated and lightweight framework would protect investors by ensuring that those running platforms are known and held to account.

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.