And another one bites the dust. Loopx.io, the latest in the crypto scene to pull off a scam ICO and make a quick exit. It seems Loopx fared a bit better than some of the most recent exit scams as they’ve managed to loot 276.21 BTC and 2,446.70 ETH.
WHAT IS 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 LoopX System gives you guaranteed profits every week thanks to the most advanced Trading Software out there to date! 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.
Similar to organizations like Bitconnect and Davorcoin, Loopx promised consistent profits and high interest. The Loopx team stated they created a fool-proof trading algorithm that was tested and worked flawlessly, making trading easier and more profitable. Their now deleted whitepaper made claims like
Everyone who is willing to invest now in the immensely growing market of crypocurrencies will be likely very successful, because the projection of the overall market cap are in the trillions. So more than 10 times more than the market cap at the moment. Our Service is for investors who are always looking for those opportunities to make profits bigger than 10%, which will be payed out to our members on a weekly basis.
Our LoopX Trading Software facilitates more than 10.000 transactions per second in high yield exchange coins with major cryptocurrencies like Bitcoin and Ethereum on exchange platforms. Applying this to LPX, you can get up to 48% return within 30 days by lending LPX to LoopX. You can invest in in LoopX to receive weekly interests. The interest per month ist up to 48% of your lending amount. The more you will invest in the lending platform, the better interest rate you will get.
Statements of this nature, promising profits is one of the largest red flags when it comes to ponzi schemes and scams in general. There is no way to guarantee profits, and high profits at that, unless they are being taken from somewhere else. In times of a bear market where profits are hard to squeeze, a guarantee means the user must be paid regardless, hence why reputable companies would never make that promise.
All though only a few affected by the Loopx ICO scam are just starting to trickle in on Reddit and social medias, it seems Loopx as well as similar scam companies are making use of fake shill accounts and bots in order to give the appearance of being more well known and creating hype.