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Cryptocurrency Startup Confido vanishes after Raising $375K in ICO

‘Exit Scam’

cryptocurrency startup confido vanishes after $375k in ICO

Popular cryptocurrency startup Confido that raised nearly $375,000 in an ICO has disappeared out of thin air along with all the funds.

The company which promised to introduce a new decentralized trustless payment solution for online shopping suddenly took down its website. The company went into total darkness closing down its Facebook, Twitter, Reddit and Medium accounts.

The founding team of Confido that included four members has also disappeared leaving no clue about their true identities. Furious Redditors that have been aggressively searching for clues, reported that the social media profiles provided by the men were fake as well. The team included:

cryptocurrency startup confido team

The only social media presence that Confido forgot to delete was its YouTube account. The channel still contains company’s original promo video that was used to promote its Initial Coin Offering.

Traders and investors are extremely distressed and took to Reddit warning their fellow crypto-enthusiasts about the scam.

Nearly $375,000 was raised through the ICO that took place earlier this month hosted by a platform called TokenLot. The platform has dubbed the situation as an ‘exit scam’ and has assured that it is going to contact the FBI.

Although the company has removed all its accounts, archived pages from those accounts are still available. On Sunday, the company announced on its Medium post (which is still accessible) that it is in a ‘tight spot’ due to ‘legal trouble’ with a contract. Confido suffered a 90% drop in value on Monday due to the announcement.

Unfortunately, Confido is not the only cryptocurrency company to disappear over the past few weeks. A trendy Bitcoin lending platform BitPetite mysteriously disappeared along with its investors a few weeks back.  Another Bitcoin investment company BitConnect was pointed out by the UK registrar before the situation could get worse.

These cases are giving the cryptocurrency community a bad name lately and unluckily, these are not the only ones and probably not the last ones too.

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