NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

MatchPool ICO RaiseLot of Red Flag As CEO is Alleg debit Fund

newsbtc
newsbtc
4 years ago
3 mins read
NewsBTC Matchpool ICO Scam

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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 The Matchpool ICO may have been a scam from day one, as the CEO has apparently withdrawn funds from the mutisig account.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 the Matchpool CEO is responsible for taking out the money, although no one knows why exactly. The CEO fails to respond to any questions asked about his behavior. It is evident this money is being used for some purpose, although it is anyone’s guess as to what is going on. Some people claim the project CEO is cashing out funds before disappearing.

What Is Going On With The Matchpool ICO?

Moreover, CEO Yonatan Ben Shimon claims he is working with Bitcoin Suisse. While that may be true, there is no evidence to back up these claims. It is of the utmost importance Matchpool ICO investors go after the project CEO to demand an explanation. The way things look right now, it seems evident the entire project was a multi-million dollar scam from day one. That does not bode well for anyone who invested Ether in this ICO, though.

A project called "Matchpool" just raised $5.7M in 48 hours. A day later, co-founder departs the project with the following message pic.twitter.com/y1O8Lxsy0Z

— Nick Tomaino (@NTmoney) April 5, 2017

Building a dating application on top of the Ethereum network seems strange at best. It does not appear there is a large market for such a project, despite what the project white paper may claim. Reddit users acknowledge the whole concept makes little to no sense whatsoever. However, a lot of people invested money in the hopes of securing cheap tokens before selling them at a much higher price. After all, that this what the majority of Ethereum ICOs is about these days.

To put this news into perspective, 37,500 ETH is worth 1,468,339 Bitcoin at the current exchange rate. More specifically, that is close to US$1.7 million being withdrawn for no apparent reason by the Matchpool CEO. It is possible this amount of money will be dumped across exchanges over the coming days. Seeing someone withdraw funds from a multisig account seems troublesome, though. It raises the question whether or not that multisig wallet was set up properly to begin with.

Header image courtesy of Shutterstock

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

New Wall Street ETF Hypes Market: Get Best Wallet as Your Personal Treasury

A New Frontier in Crypto Investing: GSR’s Treasury-Company ETF Proposal Lifts Best Wallet Prospects

The world of crypto investing is changing. Companies are shifting from solely token-based assets to more sophisticated, equity-backed exposures. In...

Aaron Walker 3 hours ago

Ethereum: scontro tra analisti, Andrew Kang smonta la tesi di Tom Lee

Negli ultimi giorni si è acceso un forte dibattito su Ethereum (ETH). Da una parte, il famoso analista di Wall...

Orfeo Barone 4 hours ago
Bitcoin

Fundstrat’s Tom Lee Sees Bitcoin Tripling, Ether Rising 5X By Year-End

Fundstrat’s Tom Lee drew a crowd at Korea Blockchain Week 2025 with a bold call: Bitcoin could reach as high...

Christian Encila 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

11 Wallets Receive 295,861 Ethereum ($1.19B) From Major Institutions: Accumulation Or OTC Shuffle?

11 Wallets Receive 295,861 Ethereum ($1.19B) From Major Institutions: Accumulation Or OTC Shuffle?

Sebastian Villafuerte 41 minutes ago
hyperliquid-vs-aster-accusation-complot-cz

Hyperliquid vs Aster : la vérité sur l’accusation de complot impliquant CZ

guillaumev 42 minutes ago
Ethereum Accumulator Addresses Inflows Explode: 400K ETH Added In 24H Despite Selloff

Ethereum Accumulator Addresses Inflows Explode: 400K ETH Added In 24H Despite Selloff

Sebastian Villafuerte 3 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後の展望 ― 0.30ドル到達と「買うべきミームコイン」論争

    ドージコイン 今後の展望 ―...

    5 hours ago
  • リップル 今後の展望:RLUSDステーブルコインがマネーマーケットファンドに統合

    リップル...

    5 hours ago
  • 仮想通貨プレセール動向:次世代ビットコインレイヤー2が資金を集める

    ...

    5 hours ago
  • テザーが5,000億ドル規模の資金調達を計画、今注目すべき仮想通貨おすすめ

    ...

    6 hours ago
  • 新しい仮想通貨のプレセールが250万ドル目前、投資家が急増中

    ...

    6 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.