Benebit, a massively hyped up ICO has turned out to be a scam. According to reports, the scammers are believed to have escaped with between $2.7 million and $4 million from investors, making it the largest scam of its kind to date.

The fraud was first discovered when it was noticed that photographs posted on the Benebit website which claimed to show the key staff members, had in fact been copied and pasted from a school webpage. Soon after this was brought to life, the scammers behind Benebit quickly shut down the site, and disappeared with the money which had already been invested.

Support for Benebit had been high, with 9,000 people following the platform on Telegram. Benebit had also received positive reviews on a number of ICO review services. However, a lot of these have now been removed or updated to reflect the fact the platform was a scam.

Benebit sold itself as cryptocurrency which would reward investor loyalty, and its slick website used all of the right buzzwords – such as \"blockchain\" \"global currency\" and \"decentralised\". The platform was heavily promoted using professional marketing techniques, which are believed to have drawn in lots of people who wished to join in the crypto craze currently gripping the globe.

This incident reinforces the fact that investors should carry out due diligence before parting with any capital.