German ICO Savedroid Pulls Exit Scam After Raising $50 Million

Official website of ICO only shows mocking message celebrating the successful scam

Another ICO, another exit scam. Frankfurt-based startup Savedroid has ‎suddenly vanished into thin air along with millions worth of its investors’ ‎savings.‎

Yassin Hankir, the project’s founder, and CEO disappeared overnight after ‎collecting about $50 million through a combination of initial coin offering (ICO) and private funding. Following ‎the news of the Savedroid exit scam, Hankir published the following tweet ‎on his account.‎

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The official website for the ICO has been dead for hours and currently displays one image ‎with the message “Aannd It’s Gone” which apparently celebrates the scam’s ‎success.‎

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Due to the decentralized, anonymous, and regulation-free operations of the ‎virtual currency ecosystem, it is difficult to trace scammers who dupe ‎investors.

Savedroid billed itself as a company that is developing “smart contracts” to ‎create an AI-fueled ecosystem of crypto saving and investing for the masses. ‎Users profit from access to cryptocurrency-linked savings plans and investment opportunities such as ‎portfolios, futures, and ICOs.‎

Savedroid allowed participants of their ICO ‎to pay with 56 cryptocurrencies in ‎total. These included well-known tokens, like Stellar, EOS, ‎Tron and Tether — but also smaller and less well-known ‎cryptocurrencies, like, for example, Civic and Storj.‎

Some sources have already confirmed the scam. BitCoin ONE has just ‎tweeted that they realized that the Savedroid project was a scam. It ‎added the project fooled two of its team members, saying that when the Savedroid ‎scam will be confirmed it will allocate 100,000 BTCONE to victims.‎

‎Cryptocurrency enthusiast Theo Goodman has also confirmed the news and ‎published the following video from Savedroid’s‎ office which he visited ‎this afternoon to take a closer look.

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