Scam! German Startup Savedroid has Disappeared After 50 Million Dollar ICO

Another ICO Scam

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Investing in ICOs is beneficial but very risky especially where the ICO is not regulated. Investors in Germany are counting losses after the founder of a German-based startup Savedroid went missing after raising 50 million dollars through an ICO and also private funding. The Founder who was also the acting CEO Yassin Hankir disappeared after successfully completing the ICO and is alleged to be in Egypt.

In his latest tweet, Yassin stated that: “Hey guys! Over and out…#savedroidICO.” More to that the Startup website now shows nothing. All are on the website is a full screen of a South Pack meme. Investors took to social media to react to the apparent exit scam with BitCoin One posting on Twitter that it would donate 100,000 BTCONE to the victims if indeed the whole project was a scam. To add more information about the scam one YouTube user by the name Theo Goodman uploaded a video in the empty Savedroid office.

Unlike other ICOs which allow people to participate using only Bitcoin and Ether Savedroid allowed people to participate using 56 types of digital currencies. Savedroid has also left all online platforms except its Subreddit where it says its building a friendly user interface which will make the crypto investment as simple as owning a savings account. They went on to state that their mission is to eliminate barriers by making cryptocurrency accessible to all.

One German fintech founder who knew well about Savedroid said that I was possibly a PR stunt similar to the one Tesla’s Elon Musk did on fool’s day. However, the whole thing became more serious after one Reddit user confirmed that all the Savedroid admins in Telegram had left the group as well. The Telegram group was having more than 51,000 members and has since been taken over by scammers who have been posting lists of numbers with the wording “OVER and OVER, CANT HIDE, FEAR FOR YOUR LIFE.”

This scam adds to other large scams which have stolen from investors before through ICOs before going silent. One very popular one is the Vietnamese outfit which had raised 660 million dollars through two ICOs before the operators going silent.

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