"We wanted to send this very drastic message by saying that look, how easy could have been that even we as a highly-regulated German stock corporation could just have run away, done an exit scam with all the funds, leaving all the investors behind", Hankir said. Savedroid CEO Yassin Hankir has now posted a fresh update in which he's insisted that its ICO hasn't disappeared, and that the whole thing has been an exercise in trying to improve standards in the sector. "Over and out...#savedroidICO." More to that the Startup website now shows nothing.
While this has all the hallmarks of an exit scam, nothing can yet be confirmed. To add more information about the scam one YouTube user by the name Theo Goodman uploaded a video in the empty Savedroid office.
Unlike other ICOs which allow people to participate using only Bitcoin and Ether Savedroid allowed people to participate using 56 types of digital currencies.
SaveDroid claimed the money was for building a user interface that will make a cryptocurrency investment just as simple as a savings account.
The company's subreddit says "Our mission is to eliminate adoption barriers and make cryptocurrencies accessible for everyone! savedroid will conveniently convert users saving from euro or USA dollars to bitcoin, Ethereum and Co".
A German fintech founder close to Savedroid told WirtschaftsWoche that it is possibly a PR stunt, similar to what Tesla's Elon Musk pulled on April Fool's day. The Telegram group, which has over 51,000 members, appears to now have been taken over by different scammers and bots posting lists of numbers and the phrase "CANT HIDE, FEAR FOR YOU LIFE" over and over. One very popular one is the Vietnamese outfit which had raised 660 million dollars through two ICOs before the operators going silent.