💸 ICO exit scams made off with $60 million in investors' money in August

According to a new Diar report, in the first two weeks of August 2018 alone, an estimated $68 million of investors’ money was lost in initial coin offering (ICO) exit scams. A China based firm, Shenzhen Puyin Blockchain Group, made off with an estimated $60 million from its triple ICOs—the Puyin Coin, BioLifeChain, and ACChain. The remaining $8 million was taken by NVO, a startup that claimed will create a decentralized exchange and wallet. The two bring the total number of exit scams for 2018 to seven, stealing more than $96 million in the process. Despite this, exit scams make up a very small percentage of money that go to ICOs with little or no returns at all. Even legitimate ICOs perform dismally with little tangible products to show, resulting in token market prices falling drastically.