1X2 Coin Pulls An Exit Scam
Exit scams are not a new thing in the cryptocurrency space. Considering how porous and loosely regulated the industry is, anyone can found a cryptocurrency project, build some hype around the project to attract investors, and then pull the plug once their target is met.
In 2019, for example, CipherTrace’s Q2 2019 Cryptocurrency Anti-Money Laundering Report revealed that almost $4.3 billion was lost to illicit activities in the cryptocurrency space.
It appears another cryptocurrency project has decided to pull an exit scam on its community. 1X2 Coin which touted itself as a new age cryptocurrency betting solution has suddenly gone AWOL.
According to the team’s description, 1X2 Coin is meant to “one of the cryptocurrencies accepted in crypto sportsbook as payment option…” They also had plans to affiliate all good sportsbook in the market, whilst developing a crypto-enabled sportsbook.
Sadly, all of these promises seem too good to be true. 1X2 Coin has deleted all of its social media channels; Discord, GitHub, Twitter, Telegram, and even its website. This was followed by a rather coordinated and huge dump on its listed exchange - SouthXchange.
The only available update from the team is on Bitcoin Talk and was on April 10, where the handler promoted investing in 1X2 masternodes.
As at press time, the price of 1X2 Coin was $0.005167, indicating a 24-hour loss of over 80%. A look at the 7-day chart also suggests that the team was waiting for the right time to strike. After its social media channels were deleted on May 18, they followed with a price dump. There was a slight price recovery probably from individuals who bought the dump. But before anyone could say jack, the community was already panicking.