UPDATED: $50 Million Exit Scam by Savedroid? Not Many People Saw It Coming
With about 97.6% certainty we can now say that Savedroid has fooled us all. About 12 hours ago website for the German company unexpectedly went offline, leaving visitors with worrying South Park meme that said “AAAAAAAND IT’S GONE”.
UPDATE: it turns out it wasn’t an exit scam, they just pulled the most idiotic PR-stunt in the history of ICOs. CEO Hankir revealed that all of this was just a ‘drastic campaign’ played to highlight how easy it, in fact, is for ICOs to run away with their investors’ money. But rest of the article stays here, just to remind you and us what was going on while it was written.
And that wasn’t the only signal. Yassin Hankir, Savedroid CEO and founder had published a post him holding a bottle of beer on a beach. With the photo he also published following text: “Thanks guys! Over and out…#savedroidICO”
It’s being guessed that Savedroid raised over 50 million dollars with their initial coin offering. There was also some external funding, which actually could mean the total amount of money stolen can be much, much bigger.
Savedroid’s ICO promise was to build a software which purpose was to help people save money through a bot that automatically invests and saves your cryptocurrencies. Savedroid had actually seemingly very experienced team, all founders having more than 10 years of experience in the FinTech industry. Savedroid also said that it would produce a cryptocurrency-funded credit card, a claim that has proven to be quite common among ICOs that later turn out to be scams.
“Honestly, the user experience along the entire [cryptocurrency] journey completely sucks… the idea is to enable people to invest in cryptocurrencies, derivatives, and ICOs in a simple and gamified way,” introduced Dr. Yassin Hankir, CEO at savedroid, his project. Savedroid received very high ratings in almost every ICO review platform in the web.
Some still believe it’s a mad publicity stunt, but odds are shrinkening any minute.