Sunday, January 29, 2023

Over and Out: Savedroid Calls it a Day

Over and Out: Savedroid Calls it a Day

Having raised a whopping $50 million USD in its ICO and through private funding, Savedroid founder and CEO Yassin Hankir has vanished, leaving behind an empty office, a cruel image on the website, and a tweet with pictures of what he purports to be him at an airport and then on a beach in what is believed to be Egypt.

[Update April 19th 11:00 EST]: Details are still unclear, but it appears Hankir’s disappearance and “exit scam” may have been part of an elaborate, albeit ill-conceived, publicity stunt. Bitsonline will continue to track events and provide updates as they come to light. Hankir’s actual whereabouts remains unknown and there are a number of explanations for this new development; some of which cast doubt on the trustworthiness of Hankir’s explanation.

Also see: NYT Crypto Writer Nathaniel Popper Hears Chatter of ICO ‘Safe Harbor’

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One Swine in a Very Big Trough

Hankir, if that is his real name, claimed to have founded Savedroid to develop smart contracts to create an AI-driven ecosystem of savings and investments in cryptocurrencies. It was essentially billed as a fund management company, intending to offer investment opportunities in futures contracts, ICOs, and portfolio savings, all linked to cryptocurrency.

Given the sheer frequency of ICO exit scams, it is surprising that Savedroid was able to raise $50 million in light of its business model. Buying and creating a portfolio of cryptocurrencies is easy enough to do for anyone with the sufficient knowledge to have sent Savedroid money in the first place. Exacerbating the level of incredulity here is that the ICO was unique insofar as it allowed investors to send any one of a staggering 56 different cryptocurrencies.

If Hankir is as bankrupt in intellect as he is in morals, he has done little to help himself avoid attention and arrest. He tweeted images of himself purportedly leaving Frankfurt, where the company was headquartered, and then enjoying a beer in what many on twitter recognize as Egypt.

Of course, that may not be him at all. Crypto enthusiast Theo Goodman confirmed the offices of Savedroid had been vacated in a video he posted on youtube.

Savedroid’s Southpark Meme Is No Penis

Well-known ICO exit scam Prodeum, with the pretend and ridiculous goal of revolutionizing the fruit and vegetable industry, left victims with the word ‘penis’ plastered on its website. Savedroid offered its victims something a little nastier – a still from Southpark and the words “Aannnd it’s gone”, a reference to the $50 million the outfit raised. At least the offenders behind Prodeum had a sense of humor. savedroid

The Three Rules of ICOs

Despite countless acts of fraud, deception, incompetence, and half-baked business plans, investor appetite for ICOs has failed to wane. Condoleezza Rice was once described by President Bush as an “unsticker”. Perhaps a similar effect is happening to the three rules of ICOs:

Rule 1 – Don’t invest in ICOs

Rule 2 – Don’t invest in ICOs

Rule 3 – Don’t invest in ICOs even if John McAfee promotes them.

Because those rules don’t seem to be sticking.

Have your say. Are you sick of ICO exit scams? Would you ever invest in an ICO again?

Images via Pexels, Savedroid

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