LoopX Startup Pulls ICO Exit Scam and Disappears with $4.5 Million

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 for the past 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.

The company’s former Twitter profile now lists only one tweet, a link to a TheNextWeb article detailing the exit scam, but it is unclear if the LoopX team posted this link themselves, or if somebody else claimed the account name after it was vacated.