Fifty-five percent of all ICOs have failed only in the second quarter of 2018. While some struggle to accomplish their goals, Chinese ACChain disappeared in the city of Shenzhen, with $60 million of investors’ money.
Crypto market has seen all kinds of ICOs, successful, promising, brilliant, meh, poor and scam. ACChain will not be the first or the last ICO exit scam that disappears under very suspicious circumstances.
Just like Blockbroker Exit Scam was brought to the media’s attention by a Reddit user, ACChain has also made it to the news thanks to another Reddit user Slinterfence.
Originally, ACChain was perceived as an “illuminati coin”. An asset Collection Coin aimed to “build a future, a shared economic communality and a digital kingdom for all”.
It looks like ICO Exit Scams follow a similar pattern.
- An almost empty Whitepaper, which takes space but gives little useful information.
- Very poor introduction of the team with vague contacts, unclear positions and in general almost non-existent real profiles.
- Unrealistic with numbers. Either very high quick returns or extremely high token supply. For ACChain it was one trillion token maximum.
Offices were empty and the communication channels are shut. According to the investigators, office spaces were left in a rush. A couple of days later, some unknown people came and took all the remaining equipment. According to witnesses, they were “mafia types”. Pretty shady stuff.
As a Private Investigator revealed, nine fugitives of the scam had connections with ACChain, Puyin and BioLifeChain, which are also long gone.
Reddit user (MadTeaParticipant) commented on the news: “It was pretty obviously a scam. Max token supply was like a trillion and they were charging $1 per token through the website. Their whole marketing play was basically to say that they were the Illuminati coin and if you buy in you'd be part of the new financial elite. If that wasn't a big enough red flag, all their communication channels were closed.”