Crypto NewsNewsAnother Cryptocurrency Platform Developer Disappears with Investors' Money

Another Cryptocurrency Platform Developer Disappears with Investors’ Money

Another cryptocurrency platform allegedly disappeared with investors' money. Here are the details.

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LENX Finance, which had raised $10.22 million through LBP financing on January 7 this year, is now under suspicion of a rug pull scam. Many users reported that all treasury funds were transferred on March 27, and the official Twitter account also stopped updating since then.

Originally known as RenaissanceDAO, a fragmented NFT marketplace inspired by OlympusDAO, the LENX team closed a $250,000 seed round investment in Frax Finance on February 28, 2022.

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In another development, the cryptocurrency space faced another rug pull claim about two weeks ago. This time, blockchain platform ZKasino was at the center of the accusations, with many investors claiming their money was stolen. Despite the allegations, ZKasino continued to post updates before disappearing from the public eye along with investors' money.

The latest development shows that a suspect was arrested by authorities in the Netherlands and over $12 million was seized in the process. A 26-year-old man was arrested earlier this week over a ZKasino rug pull, the Dutch Financial Information and Investigation Service (FIOD) announced on Wednesday.

According to the press release, Dutch authorities began investigating the $33 million crypto platform scam on April 25. The criminal investigation began with online reports from the crypto community and information from FIOD's intelligence departments.

*This is not investment advice.

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