MatchPool ICO Raises A Lot of Red Flags As CEO is Allegedly Withdrawing Funds

Bitcoin Watch Shop

The Ethereum ecosystem is home to many intriguing projects and ideas. Most of these concepts will often result in an ICO or crowdsale to raise additional funding. Unfortunately, not all of these projects will have a positive outcome. The Matchpool ICO may have been a scam from day one, as the CEO has apparently withdrawn funds from the mutisig account. A troublesome development, that much is certain.

[UPDATE} It appears the project CEO was just transferring some funds to a different wallet and no malicious activity is taking place. It is unclear as to why this is happening and whether or not all funds are accounted for, though. 

A lot of people have questioned the Matchpool ICO from day one. There are a lot of worrisome signs about this concept as a whole. That said, the team successfully raised US$5.7m in the first 48 hours. That is quite a significant amount of money, which undoubtedly will lead to greed and wrongful behavior. What is surprising is how the project CEO has been withdrawing a lot of money over the past 24 hours.

To be more precise, the mutisignature address used for the ICO saw 37,500 ETH being withdrawn. It is believed

Read more ... source: NewsBTC USA

Advertise on the Bitcoin News

Do you like The Bitcoin News ? Thank you for Support us !
ETH: 0xa829E61Cc130b4f02fbfc9D7763361a550C7f824