Crypto Investors Lost Almost $100 M to ICO Exit Scams

[Goodcat49]

Recently, several Initial Coin Offerings (ICOs) have excited the investors to a larger extent and there is no denying that some of these cryptocurrency-based fundraisers have also hurt the majority of them.

Currently, it is appraised that investors have lost almost $100 million to ICO exit scams as first reported by Diar, a Blockchain intelligence company on Monday, August 13 this year.

Cryptocurrencies Go Down the Drain
The Chinese regulators have since forbidden all ICOs and Cryptos, nevertheless, some rogue ICO organizers have planned a witty means of bypassing the embargo.

According to the report by Diar, the most weighty ICO  ICO exit scam still has been arranged by China-based Shenzhen Puyin Blockchain Group.

The fraudulent distribution ledger technology startup supposedly generated a large $60 million from its 3 ICOs which include ACChain, BioLifeChain and Putin.

Diar further noted the case of NVO ICO that highly claimed that it was developing a decentralised Crypto exchange and secure wallet, only to pull an exit fraudulent deal after generating 3,000 Bitcoin.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-investors-lost-almost-100-m-to-ico-exit-scams/