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German ICO Savedroid Pulls Exit Scam After Raising $50 Million (techcrunch.com)

Posted by BeauHD on from the dine-and-dash dept.

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.

5 of 200 comments (clear)

  1. Yep by apoc.famine · · Score: 4, Insightful

    Why does anyone fall for this anymore? There was some survey recently where more than 80% of ICOs were scams.

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    Velociraptor = Distiraptor / Timeraptor
    1. Re:Yep by 110010001000 · · Score: 2, Insightful

      Yeah, 20% are TOTALLY legit, because cryptocurrencies are TOTALLY legit things. Just like AI and Deep Learning Neural Nets and autonomous driving. This is totally the future!

  2. Well managed? by hawguy · · Score: 3, Insightful

    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.

    If this is the kind of due diligence people do before investing(*) in crypto-currency, I see why so many people get scammed. "Well, they have an office, this company is clearly well-managed, must be legit".

    (*) And when I say "investing", I mean in the same way that someone feeding their paycheck into slot machines is "investing"

  3. "Investor" by demon+driver · · Score: 4, Insightful

    "Investor" is just a euphemism for a stupidly rich person who lives off others producing something valuable, making him even more stupidly rich just by waiting and making no big mistakes.

    "Crypto currency" is a scheme of some people who weren't stupidly rich before to become stupidly rich in the process, without anyone producing anything of real value at all.

    "Investors" investing in "crypto currency" getting scammed do indeed get what they deserve and what sooner or later will happen to virtually all investments in crypto currencies. They should even be thankful if it went quick this time. Although there's not much hope the intelligence-greed-coefficient of those who invested in the discussed case might let them learn something from it.

  4. Wait for it - https://ico.savedroid.com/ by gx5000 · · Score: 3, Insightful

    AND IT'S NOT GONE

    https://ico.savedroid.com/

    savedroid was here, is here, and will be here. Aaand savedroid is all in for establishing high quality ICO standards.

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    End of Line.