Musiccosmos

ICO exit scams over the last two years have left people $96.8 million out of pocket, according to data compiled by blockchain intelligence firm Diar. However, this is only a drop in the ocean with regards to the influx of investment the cryptocurrency space is receiving. For context, blockchain start-ups have raised over $6.8 billion from ICOs in 2018 alone. Nonetheless, $100 million is an eye-watering amount. Let’s look at the top 5 ICO exit scams. 1. $60,000,000 – ACChain, Puyin, and BioLifeChain The Chinese company Shenzhen Puyin Blockchain is responsible for $60 million of all thefts. The company raised funds for three ventures – ACChain, Puyin, and BioLifeChain – none of which materialized. Shenzhen police have since arrested six suspects involved in the fraud. 2. $12,000,000 – Cryptokami Cryptokami promised to be, “The New 3 rd Generation Blockchain Infrastructure for Global Financial Services.” It would do so by giving “a biological community foundation to outsid...