The world of cryptos never ceases to amaze. The good news and the bad news always make fans want to keep up to date with the world of the blockchain.
However, despite the significant advances that have been made in the industry, it is generally the sad news that tends to spread the fastest. A few hours ago, social networks were flooded with news that had more than one on the verge of nervousness and worry: Savedroid, one of Germany’s most successful and credible fintechs had disappeared in what could be the world’s last ICOs exit scam.
Its CEO, Dr. Yassin Hankir had done a substantial job of promoting his initiative, which gained the credibility and trust of thousands of followers who led a very active and optimistic community.
The presence in Reddit, Facebook, Twitter, Youtube, Telegram, and BitcoinTalk showed the seriousness of the team and the approval of the KYC policies and tests of the ICOs rating agencies made of SaveDroid a credible option to invest.
When the ICO was announced, many people relied on the project for increased investment supported by positive feedback and constant feedback from the team.
When the ICO was completed, Dr. Yassin Hankir announced in the official media on March 9, 2018. The funds had exceeded $50 million, and the team was preparing for the next phase of its roadmap.
However, a short time after the fundraiser was over, news broke through the social networks, forums, and news portals: The website had closed, mocking investors in what seemed to be the typical scene of an exit scam.
Also, on his personal twitter, Yassin Hankir himself posted a photograph of an Egyptian beer on a beach with the phrase “Thanks Guys, over and out” on it.
— Yassin Hankir #savedroidico (@YassinHankir) April 18, 2018
The scam seemed to be true as not only did they vanish virtually, but their offices were also unexpectedly vacated. A user at Reddit visited their headquarters in Germany and was able to see that no one is actually working in these facilities:
The group of administrators even left the Telegram channel, so there was no way to contact those responsible for the project. This situation continued for just over a day during which nervousness, anger and trolling were the order of the day in the community.
AND IT’S NOT GONE
Today, the Savedroid site went online again, with an ad on its main page. Its CEO announced that the tactic of pretending an exit scam sought to raise investors’ awareness of the need for a regulatory framework to protect users from such scams:
“Savedroid was here, is here, and will be here. Aaand savedroid is all in for establishing high quality ICO standards”
They also created a new site: www.anditsg.one in which they offered two types of services:
- A free consultancy service for the community, consisting of a checklist that allows them to evaluate the reliability of a project as well as its legality.
- A paid service under which they would offer professional consulting to those ICOs that have previously complied with the checklist.
In addition to the rage that can be observed in the company’s social networks, perhaps the most serious of all has been the decision of the German authorities to initiate a criminal investigation against the company to determine whether there will be any kind of trial or punishment against those responsible.
It’s clear that although it wasn’t the best way to do it, Savedroid’s team did meet its goal. For 24 hours investors felt the same way as the victims of other big scams like Bitconnect. And although there are probably some who have lost the credibility of the project, it is hoped that in the future the team will continue with their product. Their ICO’ s web traffic increased. Now we have to wait to see if any advertising is good advertising.