Another ICO, another exit scam. Frankfurt-based startup Savedroid has suddenly vanished into thin air along with millions worth of its investors’ savings.
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.
Thanks guys! Over and out … #savedroidICO pic.twitter.com/PMRtjlbEdD
— Yassin Hankir #savedroidico (@YassinHankir) April 18, 2018
The official website for the ICO has been dead for hours and currently displays one image with the message “Aannd It’s Gone” which apparently celebrates the scam’s success.
Due to the decentralized, anonymous, and regulation-free operations of the virtual currency ecosystem, it is difficult to trace scammers who dupe 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 two of its team members, saying that when the Savedroid scam will be confirmed it will allocate 100,000 BTCONE to victims.
Cryptocurrency enthusiast Theo Goodman has also confirmed the news and published the following video from Savedroid’s office which he visited this afternoon to take a closer look.