Another ICO, another exit scam. Frankfurt-based startup Savedroid has suddenly vanished out of thin air along with millions worth of its investors’ savings. The only remainder from Savedroid is a still active twitter account with the message “Thanks guys! Over and out … #savedroidICO”
Yassin Hankir, the project’s founder and CEO disappeared overnight after collecting about $50 million through a combination of initial coin offering (ICO) and private funding. Following the news of the Savedroid exit scam, Hankir published the following tweet on his account.
Due to the decentralized, anonymous and regulation-free operations of the virtual currency ecosystem, it is difficult to trace scammers who dupe the investors.
Savedroid billed itself as a company that is developing “smart contracts” to create an AI-fueled ecosystem of crypto saving and investing for the masses. Users profit from access to cryptocurrency-linked savings plans and investment opportunities such as portfolios, futures, and ICOs.
Savedroid allowed participants of their ICO to pay with 56 cryptocurrencies in total. These included well known tokens, like Stellar, EOS, Tron and Tether — but also smaller and less well-known cryptocurrencies, like, for example, Civic and Storj.
Some sources have already confirmed the scam. BitCoin ONE has just tweeted that they realized that the Savedroid project was a scam. It added the project fooled 2 of its team-members, thus it decided if Savedroid scam was confirmed it will we allocate 100,000 BTCONE to victims.
Cryptocurrency enthusiast Theo Goodman has also confirmed the news and published the following video from the savedroid’s office which he visited this afternoon to take a closer look.
Source: Read Full Article