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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.
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
the CEO of Savedroid for helping lower the price of graphics cards.
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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"
"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.
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.
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.
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.