Wednesday April 18, 2018

Cryptocurrency Exit Scam Robs Investors of $50 Million

Not even a week after an ICO scam cost investors $660 Million, another exit scam has occurred costing investors $50 million. CoinTelegraph is reporting that the founder German-based startup Savedroid, Yassin Hankir, has absconded with the money raised from an initial coin offering, as well as private funding. The CEO tweeted earlier today "Thanks guys! Over and out!" apparently while in Egypt.

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The coins website, https://ico.savedroid.com/ , has been replaced with a full-screen South Park "Aannnd It's Gone" meme. While not quite as clever as simply leaving "penis" it gets the point across nicely. The whole "A fool and his money" seems apt when talking about ICOs. Thanks to @modi123 for the story.

According to what appears to be Savedroid’s only official online presence left standing with an explanation of what the startup is, subreddit /r/savedroid_ico describes Savedroid as "building a user interface that will make a cryptocurrency investment just as simple as a savings account. Our mission is to eliminate adoption barriers and make cryptocurrencies accessible for everyone!"

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