Sugarexchange, failed or scam?

[PatrickJk]

After 2 years of warnings and red flags, the Sugarexchange Founder,
that would seem to be  Adam Sax (TheSkyGuys ltd.), finally announces that the project cannot continue due to financial problems.
Adam Sax,  I want to clarify that people found his name after investigations, but the team actually remained anonymous even after the announcement of the closure.
Some people had warned many times that the team was not investing in the project  but was spending millions of dollars in ico, like Universal Labs, losing all the money during the 2018.
Someone was already thinking about a probable SCAM.  After no updates for almost 2 years and the continuous dumping of coins on Coinexchange, Adam Sax announces the stop of the project.
Many important companies, and people were connected to the project:
Modulus Global, Rankhigher, Natashya Bay from TheSkyGuys Ltd, Seth Bandi and Madison Fazio from Ldr Investment,  Onfido. 
Literally the project stopped in the first part of 2018 without updates.  The exchange has never been completed, no financial report, investors are still investigating the names of the team members.  Many people are reporting the subjects in question to the SEC, to assess whether it was a Scam and to have clarifications.

[kotajikikox]

I can't totally tell that this is a scam because there are no strong proof about the claims but since the Project seems to be questionable and tagged?
i think this is enough reason for the investors to leave and dont trust this at all.

But after the warnings they still investing?then this is not in your concern because their negligence lure them to failing.

Sorry for the Victims but this is part of the game here in crypto,Better never trust any ICo again for safer journey in this world .

[b1k4ng]

I don't know much about this project but if the project already has a lot of problems about development and funding of course the team will choose to stop the project and eventually the project becomes scam

[michellee]

Do you choose that exchange to trade or what? You have so many recommended exchange, but you want to select that exchange which you don't know if that exchange is a scam or not? If I were you, I wouldn't risk my money on that exchange because I will select the other exchanges which are more reliable and have a reputation among the traders. You need to be more careful to use that exchange to trade.

[PatrickJk]

My question is this:

The founder invested the money that financed the project in other ico during 2018 and he lost everything

The project is now closed without having posted a financial report or proof of work in 3 years.

He didn't even publish the names of the team members .

Do you think it's a scam or not?

[disconnectme]

I don't think anyone is suprsie that the project ends like this, ICO boom brought about alot of rubbish platform to the space, I collected their airdrops and quickly sell when it pumped, an exchange with no real plan of how to add users to their platform. Exchange business is not as easy as people make it to sound.

[WalkerIVIV]

My question is this:

The founder invested the money that financed the project in other ico during 2018 and he lost everything

The project is now closed without having posted a financial report or proof of work in 3 years.

He didn't even publish the names of the team members .

Do you think it's a scam or not?

Your first sentence can be considered as the reason why that guy has created a scam exchange site to scam people

The second sentence can be considered as a proof of a scam for sugar exchange site.

When it was not even publishing the team and it was created anonymously. That means is has a big chance to be a scam or this exchange has already become a scam exchange site.

[jahepahit]

The scam, according to research, means to deliberately cheat. while what happened at Sugarexchange was the inability of the project to be able to compete with other projects. because we all know that to create a project that can continue to grow is not enough just to have a lot of funds, but the team and the product are also very decisive
 

[jrrsparkles]

The real reason for the failure of this project is lack of development so we can say this is complete scam but if the team wanted to not undergoes any development project after their fund raising then it could be called as scam so we need to wait for the further investigations regarding this.

[Lanatsa]

Your first sentence can be considered as the reason why that guy has created a scam exchange site to scam people

The second sentence can be considered as a proof of a scam for sugar exchange site.

When it was not even publishing the team and it was created anonymously. That means is has a big chance to be a scam or this exchange has already become a scam exchange site.

Thats why investors should really be keen on knowing the team behind on the project they do tend to fund on so that at least when things turns
out to be messy then they do still have the chance to make actions or to sue them out since you know the identity but if not?
 Then this one is the perfect recipe on scamming out people since they do know that they cant be traced on.

[Chrystora123]

sugarexchange?? to be honest I just heard of this exchange ..  the average exchange that is closed at this time is an exchange that fails to maintain investor and consumer confidence mistakes may exist in management and inappropriate decision making by the CEO of this exchange..

[PatrickJk]

The scam, according to research, means to deliberately cheat. while what happened at Sugarexchange was the inability of the project to be able to compete with other projects. because we all know that to create a project that can continue to grow is not enough just to have a lot of funds, but the team and the product are also very decisive
 

Adam Sax raised $ 2 million to make a website ....
Isn't that a scam?

[carlisle1]

My question is this:

The founder invested the money that financed the project in other ico during 2018 and he lost everything

Which ICO is this if you have proof mate?this is important in this case if you can mentioned which is which.

The project is now closed without having posted a financial report or proof of work in 3 years.

this must be clarified for transparency and very important to the investors 9If there are some)

He didn't even publish the names of the team members .

Do you think it's a scam or not?

The way i see it?there is a Big possibilities that this is intentional and may called scamming.

[PatrickJk]

My question is this:

The founder invested the money that financed the project in other ico during 2018 and he lost everything

Which ICO is this if you have proof mate?this is important in this case if you can mentioned which is which.

Adam Sax and the team invested in Keda Che's Universal Labs ico 1.500.000$
Confirmed scam

We have given all the information to the Sec, we are waiting for answers, but it will be difficult.
We talked to all the companies involved, many people were laid off like Seth Bandi and Madison Fazio.

The money is certainly lost.

This topic is for informational purposes. Beware of those people.

[$crypto$]

sugarexchange?? to be honest I just heard of this exchange ..  the average exchange that is closed at this time is an exchange that fails to maintain investor and consumer confidence mistakes may exist in management and inappropriate decision making by the CEO of this exchange..

sugarexchange that I know is an exchange for a long time but they could not develop properly so that this exchange was no more known among crypto traders and indeed this exchange became one of the small exchanges with few users.

Maybe with the failure of this exchange because there were no more investors and traders were there so they decided to shutdown for someone who said my scamer still couldn't reveal it because there wasn't enough solid evidence.

[posi]

Accusation with no solid evidence is count as worthless and if the subject exchange if the investors with the inclusion of those that have coin on there didnt accuse the exchange i don't see any point of saying the exchange scam investors unless there's something that @PatrickJk etc is not telling us.

[Yamifoud]

This is how it looks like
https://isthiscoinascam.com/check/sugar-exchange

Some details are incomplete and having an unknown team identity hiding back which probably means that it leads us to nowhere.
Even though it is not already been proven as a scam project but looking at its structure, I feel different from this.

But anyway, it is our own discretion if we give trust or not but I suggest not to try it. The risk is high, better to use the reputable exchanges for our safety.

[binhvo1505]

It's hard to tell if it's a scam or not. But at a glance, I realized that sugarexchange really did not have volume and they used investor money very badly. While many exchanges are always trying to market and greet new traders, Sugarexchange is missing. they did nothing and the CEO of Sugarexchange seemed to only use investor money to enjoy his life. Hope the SEC will find the reason soon.

[SvonioneFromMangoCoinz]

Present and past there have been many similar cases. Many exchanges were born just to become a website and nothing but that. Many exchanges operated indifferently and then went bankrupt. I just feel sorry for the investors who trust the CEOs here, most of whom are scams. appropriating investor money and only creating a mediocre exchange and then taking investor money and run out!

[freedomgo]

Is this exchange even existing?

No data can be found here- https://coinmarketcap.com/currencies/sugar-exchange/.. and we are talking of 2 years already?