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German ICO Savedroid Pulls Exit Scam After Raising $50 Million (techcrunch.com)
German company Savedroid has pulled a classic exit scam after raising $50 million in ICO and direct funding. The site is currently displaying a South Park meme with the caption "Aannnd it's gone." The founder, Dr. Yassin Hankir, has posted a tweet thanking investors and saying "Over and out." TechCrunch reports: A reverse image search found Hankir's photo on this page for Founder Institute, and he has pitched his product at multiple events, including this one in German. Savedroid was originally supposed to use AI to manage user investments and promised a crypto-backed credit card, a claim that CCN notes is popular with scam ICOs. It ran for a number of months and was clearly well-managed as the group was able to open an office and appear at multiple events.
Wait... asshole steals $50m, you think thatâ(TM)s the fault of those that fell for his venture pitch and got scammed. They deserve to be scammed, and if one goes after the scammer, that makes you a miserable person.
Sorry, Iâ(TM)m not buying any of this. Access to investors money makes technology advancement possible. Accountability to your investors is important. Scams without punishment make for systemic failure, doesnâ(TM)t matter if itâ(TM)s coins, cute Stanford dropout Theranos CEOs or run of the mill mismanagement.
The site has been updated with a message about the danger of ICO scams, the need for reform, and apologies for the scam simulation.
It's back, with the boss giving a big speech on how it was meant as a warning to investors to watch for scams, and since his isn't then you should invest in his scheme.
This looks to me more like a promotional stunt. Going to their site it looks like they are trying to use this to promote their token. The video there looked to me more like they were warning about the risks of many ICO's and the type of exit that many take.
I'm not promoting them in any way, I do think that a lot of these ico's are very scammy, and like any investment you need to do your own work to verify that it actually is a good investment.