Yes another pulled off exit scam. This time a Nigerian cryptocurrency wallet that is said to have stolen $1 million worth of funds. Withdrawals started around April while the CEO blamed the servers being down.
This just goes to identify and support Ciphertrace's AML report as 2019 being the "Year of the Exit Scam" The report claims 3.1 billion dollars were lost in exit scams this year alone.
I swear people don't ever change or listen.
There is a reason why bitcoin is decentralised, and is trustless. Yet people still choose to place faith in random entities over the internet that they have no legal recourse to if they do get scammed. Hosted wallets in particular, are one of the favourites for scammers.
Ciphertrace's statistics don't even incorporate the full image since it doesn't show the times where funds are held by the third party without the consent of the owner of the funds (potentially citing KYC/AML as the issue).