$1 000 000 USD

JULY 2019

UNKNOWN

SOXEX

DESCRIPTION OF EVENTS

"Based on solid technical support, innovative business models and functional design, Soxex plans to rank among the top 20 exchanges in the world in one year, on the trading soxex takes full advantages the liquility of mature exchange aggregates the depth of 95% of global token transaction and exchanges the trading experience while providing users with the opportunity to move within the arbitrage."

 

"SOXEX is innovating a social trading exchange with Free IEO. Now register to receive 0.001 BTC, and refer to one friend for 0.0005 more." "SOX exchange token will start free IEO from 2nd of July." "Only Need ID Card Front Side Pics." "Click On The Below Link Than Make Your Mobile Brouser In Desktop Mode And Select Language In English Than Signup."

 

"Soxex exchange has been exposed to abscond with the funds. At present, the website of the exchange has been unable to open, and hundreds of millions of funds of investors have been swept away, involving BTC, ETH, HT, OKB and other mainstream currencies. Over 1 million USDT has been flowing into other exchanges."

 

"According to PeckShield Digital Asset Escrow System (AML) data, this morning, Soxex exchange was suspected of running, the current exchange website has been unable to open, taking away hundreds of millions of investors, involving BTC, ETH, HT, OKB, etc. Mainstream currency. PeckShield security personnel based on the partial address (incomplete statistics) submitted by the victim, locked the target asset (USDT part) flow to the discovery, the target address at the beginning of 1G8cEC, 1GLsou summed up more than 1 million USDT, after one or two transfers, then The fire currency exchange that moved to the beginning of 1HckjU was transferred to a total of 1 million USDT. PeckShield is assisting the relevant exchanges to block the levy and continuously monitor and track the remaining levies. At present, there are still ETH, BTC and other assets that have not been monitored for changes, and there is a possibility of further money laundering to the exchange."

 

"The SOXEX exchange ran away, and hundreds of millions of dollars were collected , involving BTC , ETH , HT , OKB and other mainstream currencies. Part of the TokenStore running funds has been transferred to the exchange for money laundering."

Launched by anonymous individuals and not appearing to be connected to any banking, the Soxex exchange gained popularity based largely on give-aways to new customers.

 

Blockchain analysis showed that at least $1m USD was transferred to the exchange before it disappeared with no further word.

HOW COULD THIS HAVE BEEN PREVENTED?

There is no evidence that any funds were stored securely in a multi-sig wallet or backed. The ownership of the platform was completely anonymous.

 

Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

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