New scam detected: NovaChain

Posted 17 July, 2019

For unknown reasons, the cryptocurrency exchange NovaChain has closed. Users of the platform suspect that it was an exit scam, and the team of the platform disappeared with the funds of the users.

Just a year ago, the project was actively promoted in social networks, bloggers advertised it on their YouTube channels, and there was a lot of positive feedback about earnings on the project online. They turned out to be fake and had a similar structure: first it was told about investing in a project that brought huge profits. 

"This has been the best passive income platform that I have come across both in the crypto and non-crypto world. The developers have spent many sleepless days/nights over the last 13 months adapting their platform to survive the brutal crypto bear market," a trader wrote.

The administration of the platform turned off both sites that specialized in crypto-to-crypto and crypto-to-fiat trading. Similar actions were taken on their Twitter accounts. Users of the site attempted to contact the management of the exchange through e-mail but did not receive any answers.

According to preliminary data, the damage from the closure of NovaChain can reach $4 million. One of the investors said that he had spent more than $200,000 for buying cryptos which remained in the internal account. Now he is trying to bring it through third-party solutions, but the attempts have been fruitless.

The project team is suspected of fraud, as previously its representatives announced a large-scale update, after which the platform had to go to a new address. Before the stipulated date, company's Twitter account was deleted. The program T-rex trading Bot, designed for inter-exchange trading, was also stopped.

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