Vapor

Modus operandi

Built a polished centralized exchange with real volume, real support staff, and fake reserves. Ran legitimately for 18 months to build trust, encouraged users to "stake" balances for yield, then froze withdrawals citing "maintenance" and disappeared with custodial funds overnight.

Evidence collected

• 1Proof-of-reserves page was a static screenshot, never on-chain.
• 2Cold wallet emptied 6 hours before withdrawal freeze.
• 3Corporate shell dissolved in two jurisdictions the same week.
• 4Support team were contractors who were never paid the final month.

Crime timeline

1. 2022NovaTrade launches

   Aggressive referral program, sponsorships, "100% reserves".

2. 2023Yield program

   Users nudged into locking balances for 14% APY.

3. 2024-01Withdrawal freeze

   "Scheduled maintenance." It never ended.

4. 2024-01Lights out−$212,000,000

   Domain, offices, and team vanished within 72 hours.

Known associates