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Definition: exit scam


A con, grift or Ponzi scheme that ends when the originator of the scam runs away with all the money. Because every commercial enterprise is visible on the Web, an exit scam can be spotted on the public Web or the Dark Web when one day the website is no longer online. As the new kid on the block, exit scams have occurred with cryptocurrencies after their initial coin offering (ICO) or later on (see QuadrigaCX). See Dark Web, Ponzi scheme and NFT rug pull.