Another ICO, another exit scam. The Frankfurt startup Savedroid suddenly vanished, along with millions of dollars of their investors.
Hanker Yassin, founder and chief Executive officer, took with him about $50 million in funds collected in the ICO funds and provided by private investors. After the news about a possible exit scam he posted the following tweet:
Thanks guys! Over and out … #savedroidICO pic.twitter.com/PMRtjlbEdD
— Yassin Hankir #savedroidico (@YassinHankir) April 18, 2018
Thanks guys! The end… #savedroidICO
The official website of the ICO is currently unavailable. Instead, he hangs a picture with the message “Aannd It’s Gone”, which apparently points directly to fraud.
Savedroid startup promoted itself as a company that designs smart contracts to create an ecosystem of investment and savings in bitcoin. Users benefit from access to the program cryptocurrency savings and investment options, portfolios of futures and ICO.
Savedroid raised funds through ICO in 56 cryptocurrency. They are treated as known tokens, such as Stellar, EOS, Tron and Tether, and smaller, such as Civic and Storj.
Representatives of the blog Cryptobriefing claim that they were able to track the location of a cheater for the above tweet. The combination of Egyptian beer and the background of the photo indicates that it is located on the red sea coast, Movenpick resort in the Egyptian El Quseir. The authors of the blog in the form of an aggressive urge to track it, because $50 million is a lot of money, and such fraud deals another blow to the reputation of the industry ICO.
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