Internet & Security

Savedroid: Did the founder make millions & scammed the investors?

Savedroid caused a real stir. The reason for this is not the success of the company, but the mysterious disappearance of the service website and its founder. The website showed a Meme using a screenshot of a popular cartoon South park. Annnnnd it’s Gone!

The promise:
The service Savedroid promised that it will make the crypto world more tangible. Whoever wanted to invest in other digital currency so far, had to deal with many technical peculiarities and sometimes major detours. The approach of this financial engineering company was different. Users could always save small amounts through an app, in the form of crypto currencies. To start, Savedroid promised the first investors the so-called tokens, with which they could invest in this project. But they never delivered their promises and did they? On the first look, it all looked to be a scam…

Savedroid: Website just disappeared
When visiting the Savedroid website, on April 18, 2018, users only saw a meme known from the US series “South Park.” It says “Aannnd it’s gone” (and it’s gone) – in front of the still image of a sequence. The subpages were no longer accessible, the entire website was dead. However, the app of the company still seemed to work. Investors did not really like it as they just invested good sum of money. Then another bad news surfaced on Twitter. Company founder Yassin Hankir posted a selfie from the airport on his account, next to a picture of a beach. The beer brand “Stella” can be seen.

Was it just another exit scam?
So it was suspected that the founder fled to some other country with all the money collected from the ICO. This would be a so-called exit scam. This means: First, a company collects funds from investors and customers, after which the company suddenly disappears as if swallowed up by the earth, & all the money is gone. In the case of Savedroid, it’s probably about an eight-figure amount. Around 50 million Dollars is said to have collected by this young company in a round of financing. For this, Savedroid sold the mentioned tokens to large investors (Initial Coin Offering, short ICO,) as a kind of digital security tokens, but without real value.

A PR stunt that nobody laughs about
The story about the German start-up got so much popularity that even the big news outlets in the US reported about it. Everyone was in the dark. The company was not reachable at the specified address, the phones from Savedroid were also dead. Hankir himself also did not seem to answer any calls. Mails and messages ran into the void. That was not good news for investors. But on the morning of April 19, the site suddenly popped up with the message (and it’s not gone.) So it was all just a PR stunt – a cheaper one. Although Savedroid continues to exist, investor confidence may have lost in the service. And legally, the PR stunt could still have an aftermath. The public prosecutor in Germany explained that the authorities dealing with this case will soon decide whether a legal proceeding should be initiated or not.

About the author

Adil Khan

Adil Khan

Adil Khan is a 30 years old Nerd who has been playing with his toys, computers and electronics, since the late 90's. His passion lies in the digital world of 1's and 0's i.e. until quantum computers are available for purchase :)

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