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Savedroid Seems to Be the Next Exit Scam

Savedroid Seems to Be the Next Exit Scam 101

UPDATE: On April 19, the company announced that the "exit scam" is a PR stunt.

Original story:

Another day, another exit scam, and this time around investors in Savedroid appear to be scammed for their money. This Wednesday, Savedroid's website was replaced with a meme stillshot of South Park, with the words “Aannnd It’s Gone.”

"I have invested in the ICO ... my fear is that all my money is gone now ...," a worried reader emailed Cryptonews.com today.

At first, it looked like the website might be hacked. However, the founder of Savedroid, going under the name Yassin Hankir, basically confirmed the exit scam on his Twitter profile.

Early morning on Wednesday, he tweeted a photo that pictures a man in an airport, next to another photo of a bottle of beer on a beach. The photos were accompanied by the words “Thanks guys! Over and out … #savedroidICO”.

The ICO’s Telegram also has no more admins, users on Twitter have confirmed.

The ICO started on February 9 2018, and was concluded a month later, on March 9, 2018. A total of USD 4.34 million was raised through the ICO. While the total raised capital, including other sources, stands at USD 50 million, according to media reports.

According to ICObench, Savedroid was designed to “democratize cryptocurrencies”.

“Savedroid will create a unique AI fueled ecosystem of crypto saving and investing for the masses. Users will profit from easy access to AI-based crypto saving plans in Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, IOTA, Dash etc. and superior crypto investment opportunities, such as portfolios, derivatives, and ICOs, without any technological adoption barriers,” the description says.

The team behind the project was described as “award-winning German FinTech specialized in AI saving technology”. The two names behind the project were Yassin Hankir and Marco Trautmann.

Only a few weeks ago, Savedroid posted a blog on Medium, entitled “Savedroid ICO – how you can protect yourself against fraud and getting ripped off”, and used the exact same meme stillshot as an illustration for the blog post.

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