L7 Trade - Technical Works?! 🔧 🔨 Or did someone just steal about 20-30 Million Dollars?! 💰💰💰 - 'Hope Finally Died'! L7Trade RIP

L7 Trade - Technical Works?! 🔧 🔨 Or did someone just steal about 20-30 Million Dollars?! 💰💰💰 - 'Hope Finally Died'! L7Trade RIP

By carpediem | General Crypto Stuff | 23 Sep 2019


Update 24/09/19:

 

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Now it is official…L7 Trade turned out to be a scam, there are no 'magical' encore, no sudden surprises…..THEY ARE GONE!
According to my rough calculation, they managed to grab about 40+ million dollars worth of crypto before scamming the f$%k out.

It was a crazy ride…bumpy yet promising (for a while)…but at the end it was just another drop in the giant ocean of scams…though no doubt it was one of the more elaborate ones…in my opinion even more well thought trough then bitconnect…perhaps not in volume, but in the logistics of it all.

The Admins are probably in Thailand or in some exotic island by now…time to move on…

 

For those that made the money back…well, good job on being vigilant and sticking to your plan…and for those that didnt, I am really really sorry for your loss….seriously…but thats just the way it is with those things..

 

Hello fellow cryptofans,

 

As i was getting ready to write another update on my recent profits, it happened…

 

As of a few hours ago, L7 trade, a platform that was gaining quite a bit of traction recently, and was responsible for some nice gains, has gone offline...or at least to some technical works.

 

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So perhaps I will not rush into profit updates just yet.

 

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So is it over?! Did it turn out to be a scam after all?!

 

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Well its hard to know as of this moment.

 

On one hand there are still a few signs of hope, as the website is not 100% offline, instead it has this panic inducing message:

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Why is it a hopeful sign?!

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Well, because a message like this originates from the companies servers, it means that in some way the servers are still online...now why would you keep running the servers if you just ran away with a few million dollars?! And why bother putting a "technical works" message?!

Also the Cloudflare still seems to be functioning.

 

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The other optimistic sign is the fact that their adwords account is still running and spending ad money...same question, why would you keep spending money on ads if your service is...let's say...no longer available?!

 

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The third and for now the last possibly optimistic fact is that their transaction service website, PAYSAFE.LLC is still up and running.

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Now don't get me wrong, those "optimistic" nuances can be easily disputed…

 

There is always the "other hand":

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The server message can be automatic, the adwords account could have been prepaid and the paysafe website is just there...for a while more…

 

Because if you just got 20-30 million dollars, a few hundred bucks of ad spend or their VPN'd servers are the least of their concerns.

 

Now on top of those there are several other, Major Red Flags:

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The first and probably the most annoying is the fact that all 3 social networks profiles that were somehow associated with the company was removed, vanished….

 

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Now its twitter and youtube account were not that active to begin with…

 

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But its profile on the Russian social network, called Vkontakte was quite active, and were professionally answering questions and publishing updates regarding the platform.

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All those profiles disappeared one after the other…


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If ill try to look for an optimistic scenario, then the only explanation I have is that they want to remove the non active/non official social profiles to perhaps consolidate then on telegram or something like that, it can also be related to the “coordinator” program that they were planning to launch...but that is a bit too optimistic even for me.



The second red flag i found is that according to some forums there is a known ETH wallet that associated with L7 Trade, and it has been emptied out like crazy in the past few days...and just a few hours ago it finally almost completely emptied.

https://etherscan.io/address/0x31e250e6b25a18dc809005746228e2483a7fc718

 

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Now as alarming as some youtubers make it sound, this one can actually be easily explained.

 

It seems that all of the eth has been slowly consolidating in the past few days, and then gradually moved to this new wallet address:

 

https://etherscan.io/address/0x9b6f69dff31d28bad4f5e269916c8b0762e8b7c8

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Ethacan shows that it was sucking out the previous account and a few others, and now has close to 12000 ETH ($2,469,807).

 

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So the pessimistic view would be that they moved the funds to a different wallet just to prepare it for some kind of mixing.

 

And indeed if we go deeper we can see that this same account has some major withdrawals as well...

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...that go all the way to Poloniex wallets...

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And the optimistic view would be that they simply swapping their wallets as they actually did in the past.

*Note how the poloniex related wallets are sending and receiving  from poloniex...so could this actually be the wallet they use to make the trades with poloniex? or is it just a fast sell?!



The third but probably not the last red flag, is that today was exceptionally profitable on the platform.

 

The arbitrage deltas were in double digits and according to their calculations could yield up to 4% per trade...that's basically a whole "average day" on the platform in one single trade (you usually need to make at least 4-5 trades to barely come close to it).

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I gotta admit, I felt a bit extra alerted waking up today to such profits…

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Yet again the pessimistic view would be that they were pumping up the fake profits in order to lure some last greedy money before the cash out.

 

But in this case, I have actually done some due diligence, and checked the prices for several coins, on several exchanges...and those spreads were indeed actually there…

 

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the crypto market is actually as crazy as it is...and today, some of the bulkier coins like XRP had a spread of over 15% across several exchanges...how crazy is that?!

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Anyhow, guys, i just wanted to put it out there, share with you my point of view, as I was writing about this platform in the past.

 

As you can see there are two ways to look at anything that transpired...and from what i can see across the web, people are still quite optimistic.



On a personal note, I gotta admit, it doesn't look very good right now, the fact that all the social networks were taken down and the heavy movement of funds + the fact that...well...the website is currently offline and there is no way to contact the admin, puts us in a bit of a gloomy situation

 

But despite all those, 'hard to excuse' issues, something in me is still hopeful.

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There is something about that black screen that seems promising…

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Perhaps that's just a pipe dream…(hmmm...where is my pipe?!)

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But i tell you that...of this all turns out to be just a bunch of "false flags", and L7 Trade will eventually come back online with some news about a DDOS attack and a brand new telegram channel for the community.

 

Then first of all I will buy myself a nice 6 pack of beer to celebrate, and second i will be much more optimistic and assured that L7 can actually be legit.

 

But if not, then it's obviously a scam ;) , and I hope that if you invested, then you already took your money out...and personally apologize if you did first read about it from my posts.



Only time will tell….

 

Will i wake up to this lovely screen?

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Or did somebody just stolen over 1.8 million in ETH alone, and probably 20 times that in BTC and other crypto and now selling in on various exchanges?!

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I will try to update...

 

So what do you think? will L7 Trade go back up or did we just witnessed a grand scam? 

Share your thoughts in the comments.



I'll leave you with this quite from Leonard Cohen:

"Everybody knows that the dice are loaded, Everybody rolls with their fingers crossed, Everybody knows that the war is over, Everybody knows the good guys lost.
Leonard Cohen"

 

Peace.


carpediem
carpediem

I am a Life Traveler, a Father, a Lover, an Entrepreneur, a Web Developer, a Hacker, a Horticulturist and Blockchain and Crypto Enthusiast...or nothing at all.


General Crypto Stuff
General Crypto Stuff

General Crypto Stuff

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