Savedroid Exit Scam After Making $50 Million In ICO

An ICO cryptocurrency startup, Savedroid, based in Germany, has reportedly abandoned its scammed investors after the conclusion of its recent initial coin offering (ICO). Yassin Hankir, the Founder and CEO of the Savedroid project, tweeted recently that it’s ‘over and out’ and thanked the people who supported the ICO that raised more than $50 million. Last week, Hankir opened a live Q&A session, which exposed various grievances from the investors who had high hopes for the project.

The firm’s website abruptly went offline last week and has since been replaced by a single image with a bizarre message, “aannd it’s gone.” However, its social media accounts are still functioning. Before its exit, Savedroid promised its clients that it’s developing a savings app that uses artificial intelligence to enable the users to directly invest in the curated portfolios of multiple digital currencies and other blockchain innovations.

Furthermore, the firm assured its potential investors that plans are underway to create a cryptocurrency funded credit card, a claim commonly used to lure more people into the ICOs. Savedroid attracted a large number of investors since it allowed its users to trade in more than 56 cryptocurrencies in its ICO, including popular tokens like Bitcoin, Ethereum, Stella, EOS, Tether, Tron and other smaller coins such as Civic and Storj. Most other ICOs typically accept only BTC and ETH.

According to CNN, incidents such as the Savedroid scam have become quite common as many investors have increasingly lost their money in cryptocurrency ICOs. Recently, Bitcoinn2Gen, supported by famous ambassador Steven Seagal, unexpectedly exited the project leaving its clients in shock after making huge sums of money in the ICO.

According to the latest news from WirtschaftsWoche, Hankir disappeared after raising large amounts from the ICO and other external funding initiatives. Social media platforms promptly reacted to the latest scam with many people commenting on Twitter that if Savedroid has turned out to be a scam, a donation should be launched to help the victims recover their lost savings.

Since the cryptocurrency operations are decentralized and not regulated, it’s difficult to track down the notorious scammers such as Hankir who tricked innocent investors. Savedroid duped the investors through empty promises that it’s developing “smart contracts” to build a strong cryptocurrency ecosystem that would allow crypto investment to the masses, with multiple opportunities such as portfolios, futures and much more.