Confido ICO pulls a scam move on trusting investors.
Recent ICO, Confido, appeared to be legitimate, ends up being scam.
Recent, ICO, Confido, which ironically stands for “I trust” has recently run away with over 1,000 ETH, which is close to $400,000.
What happened? Well, the ICO was close to reaching its $400,000 cap. Then the team went completely off-grid and deleted all of their accounts.
The ICO was supposed to introduce a new, trustless, payment solution to the cryptocurrency introduce. They were primarily focused on online shopping.
The crypto community did raise some questions towards certain suspicious aspects of the ICO. Such as why the hard cap is so low. To which the startup replied, “The ICO space is really messed up, we don’t think that companies should be raising so much money without a working product”.
Apparently, Confido sought out the help of some professional financial analysts and advisors that told the team that they really don’t need to raise more than $400,000 in order to develop their product and introduce it to the global market.
A small, but still a preposterous ICO scam.
If we take a look at the ICO’s wallet address, we can see that its balance is a nice round 0. Well, there are close to 700 tokens left on the wallet. But the values of those is around $21.
After news about the scam hit the public, the CFD token value absolutely plummeted. Dropping over 90%. Just take a look at the graph down below.
Redditors pointed out a few suspicious things. Like the fact that the project didn’t have an open GitHub, a single page website with no solid concept, separate wallet addresses for each investor. Additionally, the law firm which was going to be used to store investment funds in escrow didn’t appear in any google searches.
Why would anyone invest after these red flags?
Yeah, I don’t know why anyone in their right mind would invest in this ICO. Well… There were some oddly optimistic investors out there.
All of the ICO’s social media accounts from Facebook, Reddit, Medium, Twitter, and even their website is deleted.
What’s going to happen now? Well, after reports are filed by fooled investors, I would assume that the Confido team members will eventually be caught. I believe that a report has already been made to the FBI.