Blockchain startups RepuX and JoyToken pull exit scam after raising $8M

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Even thought it’s 2019, initial coin offering (ICO) exit scams are still being uncovered. The latest to surface has seemingly conned over $8 million from would-be investors.

It appears that blockchain startups RepuX and JoyToken have conned investors out of $4.7 million and $3.3 million, respectively. An investigation by Hard Fork revealed that their UK offices were dissolved earlier this week, as confirmed by Companies House, the registrar of UK-based companies.

RepuX claimed that it was trying to build what it called a “blockchain-powered data marketplace,” while JoyToken was trying to create a decentralized gambling platform, powered by its own JOY token. Interestingly, the startups shared numerous connections, advisors, and marketing partners.