LoopX disappeared with all Bitcoins and Ethereums for $ 4.5 million collected with ICO

The LoopX cryptocurrency start-up, which, with the help of ICO, attracted investments of several million dollars, disappeared along with all the collected funds in cryptocurrencies. Promising "the most modern algorithm of trading on the cryptocurrency market," the start-up suddenly disappeared, closing the site on the Internet and removing all traces of existence in social networks.

According to the cached version of the LoopX website, in total, the project attracted funds equivalent to more than 4.5 million dollars (276.21 BTC and 2 446.70 ETH) with several sales of tokens. According to other sources, in fact, investors have contributed more than $ 10 million.

LoopX has positioned itself as a company developing a "new type of trading software" that will bring "guaranteed profit every week".

On February 10, 2018 a statement appeared on the start-up site with the following content:

"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."

Start-up stated that the new software "will provide on exchange platforms more than 10 000 transactions per second in high-yield exchange coins paired with the main cryptocurrencies like Bitcoin and Ethereum."

The company promised its investors to receive up to 48% of profits within 30 days by storing LPX tokens in purses.

The disappearance of LoopX occurred a few months after the loss of the Confido start-up, which raised more than $ 374,000 with ICO. Confido promised to create a new, decentralized, unreliable payment solution for Internet commerce.

Another fraud conducted a crypto-cash start-up Prodeum, which was going to "make a revolution in the agricultural industry", placing fruits in the blockchain. Prodeum disappeared from the Internet after attracting investments worth $ 11 million.