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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!