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German ICO Savedroid Completes Exit Scam Prank

April 19, 2018

Yesterday Wednesday April 17, a German based media outlet broke the story of an obvious exit scam. It wasn’t hard to connect the dots –

 

The founder of Savedroid, Yassin Hankir, Tweeted a shot of himself holding a beer on the beach. The website had been completely shut down, leaving nothing but a well known South Park Meme “Aaaand it’s gone.” A video was posted shortly after of a deserted office space that had been Savedroid’s physical location.

 

Today April 18th, the website came back with a message from Yassin on the importance of establishing standards for ICOs. He sees the number of scams so far as the “tip of the iceberg.”

 

“We need to establish high-quality ICO standards in order to have a good future for the ICO market to be a relevant financing tool for innovative, successful and trustworthy startups in the future”.

 

Savedroid

 

The especially ironic part of the stunt is that Savedroid had proved to be a standard for complying with German regulation and being transparent with their investors. The prank was a perfect example of how easy it can be to deceive the consumer no matter what. The company was established in 2015. They have a working product in the German market.

 

Savedroid App

 

The Savedroid app was launched in 2015. It now has over 200,000 downloads. It creates a simple tool for users to help themselves save money, or inspire personal development in other ways. An individual will set a rule, such as “if I run a 5k, save $50.” This removes the action of actually having to take that money and put it away for good – the app does it for you. It sounds almost silly, but most people simply won’t save, if given the choice.

 

Savedroid Token (SVD)

 

Since founding the company they have been developing investment algorithms to perfect an AI service for the Savedroid token project. It is designed to help individuals invest their money smarter, by putting the “smarter” task on the computer. By 2019 they hope to integrate payment-processing capabilities with the toke and app.

 

 

 

BY: BGN Editorial Staff

 

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