The world of cryptocurrency is a strange place. It has caught the fancy of millions of people around the world. However, it has both supporters and detractors. Cryptocurrencies are based on the blockchain technology. This technology has the potential of revolutionizing the way we work and live. Fans believe that cryptocurrencies are the way forward.
On the other hand, cryptocurrencies have been used to conduct a lot of illicit activities like tax evasion, money laundering, and funding terrorist activities. Initial Coin Offerings or ICOs have become an integral part of the cryptocurrency market. It is the way by which any new initiative tries to raise money for developing a particular project. However, they are not without their drawbacks. People have used ICOs to dupe hundreds and thousands of people of millions of dollars. And such incidents have occurred all over the world.
It has been reported that the founder of a startup based in Germany, Savedroid, has taken off with $ 50 million that the company had raised in an ICO. It is also being speculated that the founder, Yassin Hankir, has gone on a vacation.
The CEO, Yassin Hankir, posted a tweet that read,
Thanks guys! Over and out … #savedroidICO
Even the website of Savedroid’s ICO exhibits nothing but a fullscreen meme of South Park.
A YouTuber, Theo Goodman, uploaded a video that apparently shows the empty Savedroid office. However, he also said that he could not confirm anything.
According to sources, Savedroid allowed people to participate in the ICO with 56 types of cryptocurrencies instead of the usual Bitcoin and Ethereum accepted by most of the ICOs.
Social media presence
Subreddit /r/savedroid_ico has described Savedroid as “building a user interface that will make a cryptocurrency investment just as simple as a savings account. Our mission is to eliminate adoption barriers and make cryptocurrencies accessible for everyone!”
Furthermore, it has also been reported that almost all the admins of Savedroid ICO Telegram group have left. This group, which has 51000 members, has now been hijacked by hackers and miscreants.
However, the CEO of Savedroid has posted a video to YouTube that claimed that the apparent exit scam was nothing but a PR stunt similar to the one pulled off by Elon Musk on April Fool’s day. The company apparently wants to advocate for “high-quality ICO standards.”