CryptoEats and the $500,000 rug pull

CryptoEats – a food delivery company where customers pay with crypto – opened this week, before very quickly closing.

Within minutes, the website was down and $500,000 worth of investors money had disappeared into Binance Coin.

The app received a lot of exposure before its launch. There was a strong marketing campaign with an enormous array of big-name endorsements from the likes of Joey Essex, former Radio 1 DJ Charlie Sloth, promoter Bouncer and former Love Island contestant Belle Hassan.

The press release for the opening of the app was equally full of big names in the food industry, with a supposed beta trial that included Nandos and McDonalds.

CryptoEats seemed to be filling a market gap. Investors have long been asking for ways to use crypto in everyday purchases. And, to all intents and purposes, it looked like the project everyone had been waiting for.

Minutes into the opening of the token sale launch, the CryptoEats website disappeared.