X10 Platform collapses, exit-scam blamed on Cryptopia hack
Not even three months out from launch, the X10 Platform Pozni scheme has collapsed.
Rather than acknowledge they ran out of money though, the company is blaming the Cryptopia exchange hack.
In an email sent out to investors, X10 Platform advised;
It is with sad news, that we are announcing that as of February 27th, the X10 Platform will be shutdown indefinitely.
Due to circumstances beyond our control, all X10 Accounts and plans will be terminated on Wednesday Feb. 27th.
An unfortunate series of events occured [sic] with the recent ‘Cryptopia’ Exchange hack on January 14th. The Cryptopia hack interrupted our systems.
Hackers got away with over 15 Million dollars of Cryptopia user funds and the investigation is still underway.
Cryptopia, a New Zealand cryptocurrency exchange, was allegedly hacked last month.
Hackers are reported to have made off with around $16.1 million worth of ethereum and ERC-20 tokens.
X10 Platform promised affiliates a return on investment, purportedly derived via bitcoin trading.
Despite a ROI being the prime marketing pitch, the vast majority of funds solicited by X10 Platform were paid out as a recruitment commissions.
Naturally no evidence of X10 Platform actually trading was ever provided, leaving new investment the sole source of verifiable revenue.
There is also no evidence of X10 Platform having used Cryptopia, or that any of their funds were stolen as a result of the hack.
What’s worse is it appears X10 Platform are trying to con their investors out of even more money.
Fortunately, we were able to preserve part of your earnings via our Cold Storage, offline secured Bitcoin Wallets.
Emails advising of the shutdown are holding supposedly earned funds hostage, pending payment of a “transfer fee”.
One BehindMLM reader advises that despite having never deposited any funds, X10 Platform are asking for a bitcoin withdrawal fee to unlock a supposed “final payout”.
How much the X10 Platform’s anonymous owner(s) have stolen from investors is unclear.
Update 5th March 2019 – A second email has gone out to X10 Platform affiliates. The amount promised as well as the asking fee have both increased.