Confido ICO disappeared with $340k raised public fund
November 22, 2017 2:03 pm
In a move that is certain to get under the skin of ICO naysayers, a current ICO has totally vanished subsequently to raising $347,000. The ICO, called Confido, sold tokens called CFD and guaranteed to offer ‘sheltered and trustless cryptocurrency payments.’
The site and the undertaking’s subreddit have totally vanished, leaving no hint of the assets or the organizers. The affirmed organizer and president, Joost van Doorn, who was beforehand utilized with eBay, presented a message on the organization’s Reddit sustain saying:
“We are in a tight spot, as we are having lawful trouble caused by an agreement we signed. We marked the agreement with confirmation from our legitimate guide that there was an insignificant hazard and it would not be an issue. I can’t and won’t go into details, yet he wasn’t right. It is an issue.”
The full message is accessible here, as an archived Medium article.
The company was facilitated by TokenLot, who has no learning of the whereabouts of the coins. The ICO obviously was a trick, and keeping in mind that tokens were issued, no real work at any point occurred on the stage. Or maybe, because of lawful issues, the company just vanished and all hint of its founders has vanished.
Because of the vanishing, the cost of the Confido token has lost more than 90 percent of its esteem.
ICOs are still broadly considered an extremely hazardous business, as governments are looking for course on direction. This leaves the purchaser in danger.