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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.
I predict that, at some point, vigilante justice is going to kick in. These twats just rip people off and make light of it, well, sooner or later someone's gonna snap.
"I lent a friend of mine $10,000 for plastic surgery and now I don't know what he looks like."
Inheritance is the sincerest form of nepotism.
It was a Shitcoin.
Now 4 more Doge.
In a world of the blind, the one-eyed man is king--and the two-eyed man is a heretic.
It's almost like the entire idea of an "initial coin offering" is a complete scam, designed to cash in on cryptocurrency hype!
Also, some might be surprised to learn that water is wet.
Slashdot still doesnâ(TM)t support Unicode after it was added to the HTML standard in 1997.
Crap. I invested a lot here. He was using deep learning and AI to manage investments. Since AI and deep learning are totally a thing (I read about it in Slashdot) I figured I couldn't lose.
Why does anyone fall for this anymore? There was some survey recently where more than 80% of ICOs were scams.
Velociraptor = Distiraptor / Timeraptor
... third grade con-man 30 seconds into the presentation. LOL. This whole "I built my own crypto currency" bullshit is totally off the hook - feels like 2000 all over again, doesn't it?
We suffer more in our imagination than in reality. - Seneca
the CEO of Savedroid for helping lower the price of graphics cards.
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If it was intended fraud from the start I would bet on him having an exit strategy and that by the time it was posted on his website he and the money were already long gone to a nice country with difficult extradition laws, 50 million is enough to quietly retire in luxury in a lot of very safe places. really comes down to how smart he is.
You can make more money with a flop than with a success.
No shit, AnonSherlock
When someone promises you investing into something will make you a millionaire, what they're really trying to say is "Invest in me so I can be a millionaire." That's all there is to it. The fine print reads: "Go fuck yourself".
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"
Wow, finally a potentially good use for Facebook and their photo tagging technology. Someone needs to upload and tag this guy in a photo and some where, somehow he will get tagged, bagged and hung out to dry. Once he is located, and the info gets out his days will be numbered, and I'd bet the number will be less than 50 million.
errr....umm...*whooosh* *whoosh* Is this thing on ?
Not sure about what investors thought about that message, but, as a non-investor, that's pretty funny.
Slashdot, fix the reply notifications... You won't get away with it...
Check this out: https://cryptobriefing.com/find-yassin-hankir-exit-scam-savedroid/.
I mean let us be honest, most if not all people which were taken have no resource to search for somebody like that world wide. And with 50 million, even washed down to 25 million, a team of 10 person can live a well financed live anywhere in the world without worry. The probability from a mafia guy being taken out of his money, is very low : mafia probably are the one organizing some of those scam to begin with. So i would say vigilant justice won't happen.
C. Sagan : A demon haunted world:
http://www.amazon.com/gp/product/0345409469/
visit randi.org
Some of those EVEN after the scam is revealed, responded to a user which told"hell am waiting it is on a legit exchange - and I was right", the answer was "yes but you risk missing a 667% markup" ==== this is the type of "easy money" thinking which taken people taken for their money. Stupid.
C. Sagan : A demon haunted world:
http://www.amazon.com/gp/product/0345409469/
visit randi.org
5 million is no where near enough. Hell that is my target number at the moment to provide a modest retirement, certainly couldn't do luxury on that, at least not without having to be very selective on your location
"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.
You might want to actually click the link to their page first.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
Looks like there's an update on the website: https://ico.savedroid.com/
Need to somehow find a way to fit "3D Printing" into this and we win the buzzword bingo (and a sudden inrush of VC investements)
"Sufficiently advanced satire is indistinguishable from reality." - [Tips: 1DrYakQDKCQ6y52z6QbnkxHXAocMZJE61o ]
The site has been updated with a message about the danger of ICO scams, the need for reform, and apologies for the scam simulation.
So the CEO made a video explaining that this was just a stunt to increase ICO scam awareness, and they are offering ICO advisory now (http://anditsg.one/)... seriously you couldn't make this s**t up!
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.
Invest in my ICO where you can invest in a mutually funded community pool to secure ICO insurance in to cover all your other ICO investments that you are afraid will go away, too.
Not a scam. Promise(*)
(*) limited term offer, null where void, not applicable in your jurisdiction
Assorted stuff I do sometimes: Lemuria.org
The site is back online and he did explain actually that was an experiment showing how easy was to manipulate.
Their explanation is, that this was a PR-Stunt.
Make of it what you will.
"By the way if anyone here is in advertising or marketing... kill yourself." -- Bill Hicks
I am shocked, shocked that fake "currencies" would attract anything less than totally honest characters.
(Your cryptocurrency winnings sir)
Thank you.
150 thousand a year (from a no risk investment of 5 million) is a modest retirement?
Wow! I sometimes wonder if I live on the same planet as some of the posters here. :-/
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.
The ultimate honesty was the founder of PonziCoin. Even with that name and openly admitting it, they still got takers.
This posting is provided 'AS IS' without warranty of any kind, implied or otherwise.
The PS2 game Ico was great. It even got remastered for the PS3.
Oh wait, you mean ICO = Initial Coin Offering.
Hey, fucktard /. editors, how about doing your fucking JOB and describing an acronym the first time it is used. Oh wait, that would involve actual work.
After 20+ years you STILL can't do this?
You had ONE job ... *facepalm*
Yes, I'm not new here -- and I'll keep kvitching about their incompetence.
Just checked the "currently displaying" link, South Park image is gone, new image saying it's NOT gone, "check this space", etc.
Who knows? But you can bet your bottom dollar (if you have one left) that I won't be sending them any money :-)
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.
End of Line.
150 thousand a year (from a no risk investment of 5 million) is a modest retirement?
Wow! I sometimes wonder if I live on the same planet as some of the posters here. :-/
It's all relative. In 2038 150k/year is the equivalent of a 90k/year salary today (using 2.5% inflation. I used this site: here) Which for Podunk may be a good number, Minneapolis I would barely call that a modest income, if you are looking at New York City that's pretty much barely scraping by.
AND IT'S NOT GONE https://ico.savedroid.com/
Crypto Currencies value is predicated on black market goods and services. e.g. Drugs, Prostitution, Ransomware and money laundering. People buy crypto currency to purchase illegal things. These things are highly desirable so the person buying is willing to take the risks. As for the seller, the product's cost is negligible but an artificially constricted supply means they can charge so much for it that the risk of getting stuck with worthless currency can be mitigated by charging 3, 5 or even 10 -20 times the raw cost of the product.
The black market created a floor of value for crypto currency. Once that grew large enough speculators moved in and drove up the value.
The real risk is that the government will clamp down on the illegal activity or (worse) make the activity legal (e.g. legalize drugs and prostitution, the latter two examples aren't likely to be legalized).
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if you are on the run you won't have 5 million, you have to have it laundered and in highly mobile non siezable investments. you won't be getting 150k a year from it.
Lowered himself...as opposed to what he was doing before?
Ezekiel 23:20
He hasn't lowered himself, he can't possibly go any lower than where he has been for who knows how long. Here's an example. It only takes him 3 messages to start calling people fools, idiots, fleas, and making random all-caps threats. That was 18 years ago. So, no, he hasn't lowered himself anywhere because he's been at that same level for about 2 decades, if not his entire 55 or so year life. If he replied to this message, he would no doubt have words to say about the people in that thread still today, because he does not emotionally progress. His emotional development stopped somewhere in elementary school and hasn't gone anywhere. Incidentally, that's also why he doesn't get any respect. He's worked very hard at not having any respect, he's earned that. He was earning it 18 years ago in that thread, and whenever I see him here he still makes an effort to earn it.
"Our two-party system is like a bowl of shit looking at itself in a mirror." - Lewis Black