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: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • 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: Coinbase Confirms DOJ Investigation Following Major Security Incident

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 The Matchpool ICO may have been a scam from day one, as the CEO has apparently withdrawn funds from the mutisig account.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

FUNToken’s P2E Model Isn’t Just a Game: It’s a Scalable Digital Economy

FUNToken is going beyond basic play-to-earn mechanics by laying the groundwork for a scalable digital economy that targets the global...

NewsBTC 7 hours ago
Bitcoin

Bitcoin To Repeat Parabolic Phase From 2017 And 2021? Here’s The Target

Bitcoin is currently on the path to holding a strong footing above $109,000 after reclaiming the $108,000 price level in...

Scott Matherson 8 hours ago
Ethereum

Ethereum Breaks Higher With Conviction: No Signs Of A Breakdown Yet

Bankr, in a recent update, pointed out that Ethereum is maintaining its upward momentum, backed by solid volume and a...

Godspower Owie 10 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

스네이키웨이($AKE), AI 매수·인플루언서 제휴·블록체인 게임 앞세워 프리세일 개시

스네이키웨이($AKE), AI 매수·인플루언서 제휴·블록체인 게임 앞세워 프리세일 개시

Soyeon Lee 52 minutes ago

TOKEN6900強勢吸金:1周融資破20萬美元 無視市場邏輯再掀迷因熱潮

estherw 1 hour ago
Ethereum Range Tightens – Liquidity Looms At $2,800 And $2,350

Ethereum Range Tightens – Liquidity Looms At $2,800 And $2,350

Sebastian Villafuerte 7 hours ago

Premium Sponsors

Press Releases

  • 3 altcoinuri de urmărit în prima săptămână a lunii iulie 2025

    5 hours ago
  • XRP versus Shiba Inu: Care criptomonedă are șanse mai mari să creeze milionari?

    XRP versus Shiba Inu: Care criptomonedă are șanse mai...

    5 hours ago
  • XRP, SOL, LTC holders turn to OPTO Miner to earn $5,777 in...

    8 hours ago
  • More and more XRP and ETH holders are turning to APT Mienr...

    8 hours ago
  • XRP versus Shiba Inu: Care criptomonedă are șanse mai mari să creeze milionari?

    ...

    10 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

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.