RATE Group | Cryptocurrency exit scams have conned people out of almost $100M
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Cryptocurrency exit scams have conned people out of almost $100M

14 Aug Cryptocurrency exit scams have conned people out of almost $100M

Posted at 04:35h in Cryptocurrency News by

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Almost $100 million in cryptocurrency has been stolen by exit scammers, as ICO tokens continue to plummet in value.

Indeed, the figures suggest that ICO scams over the last two years total at least $96.8 million in value, according to data compiled by blockchain intelligence firm Diar. For context, data suggests that blockchain startups have raised over $6.3 billion from ICOs in 2018 alone.

For the record, Chinese company Shenzhen Puyin Blockchain Group is responsible for a staggering $60 million of all thefts. The company raised funds for three different ventures – ACChain, Puyin, and BioLifeChain – neither of which materialized.

Other notable mentions include Cryptokami and NVO, both of which raised respectively $12 an $8 million before seemingly abandoning work on their projects. Cryptokami’s site is now defunct, and NVO hasn’t updated its platform since March.

You can see the full theft breakdown below:

exit scam, ICO, bitcoin, cryptocurrency