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The SaveDroid ICO Exit Scam that Wasn’t

June 28, 2018

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The SaveDroid ICO Exit Scam that Wasn’t

Cryptobriefing ran an interview with Yassin Hankir of Savedroid, who secured a bit of notoriety by faking an exit scam.

The nightmare of many an investor in ICOs is that the whole thing is a con, and that the con artists’ exit strategy is an anonymous beach somewhere and a secret bank account. Hankir dramatized that nightmare. After raising $50 million in Savedroid’s ICO, he tweeted out a photo of himself in an airport, in front of a departures-and-arrivals screen, making a thumbs-up gesture. This he juxtaposed with another photo: of a bottle of beer on a beach.

This was not, though, a flamboyant scammer’s “exit.” It was a show, intended to dramatize Hankir’s view that such scams “create a significant risk to the market,” because without trust “the whole market will break down.”

Savedroid is still around, and it has 100,000 installs on the Google App store. Its website claims that the token (SVD) will soon be listed on exchanges. But as Cryptobriefing observes: it isn’t yet. And the make-believe scam did it no favors.

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