Wednesday, February 8, 2023

Alleged Scamcoin Confido Promises ICO Investors a Refund

Alleged Scamcoin Confido Promises ICO Investors a Refund

Through their legal representatives, the Confido team — who allegedly “exit-scammed” stakeholders just days ago — has declared they’ll be refunding the CFD ICO’s investors. The CFD token price has tanked as a result of the debacle. 

Also read: Bitcoin Price Hits Yet Another All-Time High: $12,000 Imminent

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Confido Disappeared … Initially

After making a Medium post about vague, undefined legal obstacles, the Confido (CFD) team seemingly disappeared without a trace.

Indeed, before stakeholders could even wrap their heads around these vague “obstacles”, Confido’s developers deleted the token project’s entire online presence. Some suggested an exit scam was in the making, alleging the operators were absconding with the funds they raised.

CFD became virtually worthless within hours accordingly. Today, November 25th, CFD has 99 percent less value than it did only one week ago.

The brains behind the supposed escrow-crypto platform presumably made out like bandits, still holding the bitcoins and ether raised during their initial coin offering. Investors, though, were devastated — being left with heaps and heaps of now worthless CFD tokens.

CFD’s buy volume and price dropped off a cliff this week.

And then there came the radio silence. After Confido’s online presence was deleted, many in the crypto community presumed that’d be the last time we ever heard about the CFD team again.

We were wrong.

Confido ‘Lawyers Up’ as Rage Continues to Build

In what’s certainly a perplexing twist to an already painful episode, the Confido team’s reappeared — through their lawyers, of course — and are now promising to refund CFD ICO investors.

Hiring on Amsterdam’s Jonkers & Van Gemert advocaten firm, CFD’s executives are claiming that they did not intentionally defraud investors — never mind the fake LinkedIn profiles for project members, and so forth.

They declared their innocence in a new, single-paged letter on the website.

The letter in full, per their lawyers:

“To whom it may concern,

On behalf of our client, the represenatives of Confido, we hereby state the following:

Our client sincerely regrets the rumours concerning Confido that appeared in the news last week. Our client emphasizes that Confido is not a scam and that there were never any intentions to disadvantage investors. However, the project – despite the dreams of the developers – is not feasible within the scope of the results of the ICO. Therefore, our client decided to stop the development of Confido.

Due to serious threats against his life, our client decided to take down the website and delete all social network accounts linked to Confido.

Our client ensures that the majority of the investments are still unspent. These assets are currently deposited in a trust fund until further notice.

In the upcoming days, our client will make preparations for refunds. All updates will be posted on this website.

We invite investors to send an e-mail with any questions and/or remarks to the following address:

Best regards,

Jonkers & Van Gemert advocaten
Attorneys at law”

What to Make of the Legalese?

At this point, it’s best to take the Confido team’s word with a grain of salt. Let’s be clear: The only takeaway we have from this new announcement is that the Confido team intends to refund investors.

And “intentions” can make a world of difference in the field of law — particularly when a securities fraud case may lie just over the horizon.

What we don’t have is a timeline, a methodology, or anything else tangible through which to trust the actualization of this refund.

In other words, we’ll believe it when we see it. And that’s a fair approach to take after the CFD team figuratively burnt all their bridges to the community only days ago.

Biggest Victims? Those Who Bought CFD at the Top

If this alleged refund really does materialize and ends up being targeted only at CFD ICO investors, then the biggest losers in this whole CFD disaster will have been the investors who invested post-ICO.

Indeed, post-ICO investors flocked in droves to the ERC-20 token as it hit all-time price highs above $1.00 USD mere hours before Confido’s initial Medium “admission,” as it were.

May this entire CFD nightmare serve as a reminder for the community, then. It’s best to let projects prove themselves first instead of hopefully maximizing gains by getting in as early as possible.

Scammers want to take advantage of crypto investors rashness, just like the CFD project apparently did. Let’s all do our best, then, to make sure it can’t happen again.

Will Confido really give refunds to ICO investors? Share your thoughts below.

Images via Confido, CoinMarketCap

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