German ICO Savedroid Pulls Exit Scam After Raising $50 Million

Another ICO, another exit scam. Frankfurt-based startup Savedroid has ‎suddenly vanished out of thin air along with millions worth of its investors’ ‎savings.‎ ‎The only remainder from Savedroid ‎is a still active twitter account with the message “Thanks guys! Over and out … #savedroidICO”

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

Thanks guys! Over and out … #savedroidICO pic.twitter.com/PMRtjlbEdD

— Yassin Hankir #savedroidico (@YassinHankir) April 18, 2018

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 the ‎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 2 of its team-members, thus it decided if Savedroid ‎scam was confirmed it will we allocate 100,000 BTCONE to victims.‎

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