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After collecting almost $375K in ICO, Cryptocurrency start-up Confido's CEO vanishes! Apparently, there is NO record of him working for either PepsiCo or Zalando as stated on his resume. Ebay has not yet replied regarding his employment with them.
Confido claimed that it would disrupt traditional escrow services.
Soon after the ICO, all its social media became silent. All that was revealed was through a blog, which has now been taken down, that the company was facing legal issues related to some contract.
The team of founders has not been contactable according to messages on Reddit left by investors in this shady start-up.
In addition to the social media going silent, the "official" website for Confido is down. Before it went down, it said the CEO was Joost van Doorn.
Usually, an ICO is the ideal methoid for cryptocurrency start-ups to accumulate currency by issuing its digital tokens in exchange for ETH or BTC. Investors don't own a percentage or part of the company with the tokens. However, the tokens can be traded or used for a service on the platform.
ICOs have literally exploded. Over $3.55 billion has been raised just this year!
The platform used by Confido was called TokenLot, a firm that hosted the ICO.
This Monday, TokenLot said Confido had "pulled an exit scam". Furthermore, TokenLot was unable to get in touch with Confido.
At the time of this writing, ICO's are BANNED in China & S. Korea. This is probably a good thing since they are not even regulated.
If you're unregulated, then investors don't have anything to fall back on in case of fraud.
Even the CEO of Ripple has issued a statement calling a lot of what's going on with ICO's to be FRAUD. So stay away!
Excellent. Follow me, I follow you. I'm new to steemit
Thanks. I followed you as well.
more people need to know of the risks of investing in untrustworthy icos, everyone needs to do their own due diligence before they invest into anything
thanks for spreading the word !
Thank you for your comment/feedback. There are a lot of people in such a rush to invest in cryptocurrency. They think that there's some kind of urgency. Like if they don't act now, they'll lose out big time or something. That's so not true, in my opinion. There are SO MANY things that you can invest in when it comes to cryptocurrency. If you just take the time and understand the crypto world, do a lot of reading and research, you'll be in a much better position to invest.
In my opinion, there's a lot of uncertainty and volatility in the crypto world right now. This will settle down when there are advancements in technology that will make transactions faster and more secure. It is a good idea to keep studying crypto and watching it closely till that time approaches. Once that time comes, you can invest with confidence.
I agree with your opinion.
I can understand the mindset of why people want to rush to invest, every new crypto that sounds promising could "be the next bitcoin" .
This could be true but many of the main early adopters of bitcoin understood the technology and the market for bitcoin which is why they invested. If everyone did their research investments would be safer because less people would invest in bad icos.
Agreed.