Over Hundred Million Dollars Lost Through Cryptocurrency Exit Scams

Nearly 100 million dollars in cryptocurrency has been swindled by con artists and exit scams, as ICO tokens keep on plummeting in value. The figures recommend that these scams in the course of the past two years add up to a minimum of 96.8 million dollars in price. This was based on information gathered by blockchain insight firm Diar. The information recommends that new blockchain companies have raised over 6.3 billion dollars from ICOs in 2018 alone.

The China-based Shenzhen Puyin Blockchain Group is in charge of a whopping 60 million all things considered. The organization’s scams raised assets for three distinct endeavors – ACChain, Puyin, and BioLifeChain, neither of which were realized. Other remarkable examples include Cryptokami and NVO, both of which raised 12 and 8 million dollars before deserting their own ventures. Cryptokami’s site is currently outdated, and NVO hasn’t refreshed its stage since March, as reported by The Next Web.

The rundown additionally includes LoopX, which raised 4.5 million dollars before grabbing its speculators reserves, and blockchain-controlled vegetable startup Prodeum, which stood out as truly newsworthy with its brassy exit scam. Cryptocurrency exit scams keep on disrupting the ICO space as there are few methods to guarantee the legitimacy of activities being recorded, considering there are no valid commitments in this field to convey an item once you have raised financing.

Crypto scams are anything but difficult to spot, however, this isn’t preventing individuals from being swindled out of a large volume of money. Indications of a dodgy blockchain ICO are appropriated symbolism, counterfeit worker profiles, and intensely copied whitepapers. The Wall Street Journal found that 19 percent of all ICOs showed a significant number of these warnings.

The Diar report investigated the top ten ICOs whose token have been relevant for more than half a year. It found that their cost has fallen by 93 percent from the product of these cryptocurrency exit scams.

The post Over Hundred Million Dollars Lost Through Cryptocurrency Exit Scams appeared first on OWLT Market.

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