German ICO Savedroid Pulls Exit Scam After Raising $50 Million

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) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term) 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.‎

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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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term 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.