Did Savedroid really exit scam $50 Mn or was it a publicity stunt?

Yesterday there were rumors that Savedroid ICO had exit scammed $50 Mn as in their website showed nothing but this meme. A lot of news outlets reported about this ICO potentially being an exit scam.

The CEO Yassin Hankir also tweeted “Thanks guys! Over and out”. Many were outraged thinking that this was an actual exit scam and were in search for the CEO of Savedroid while some thought that their website was hacked. Oddly enough their telegram channel was also shut off.

But it seemed very unusual that someone would scam so openly and show their faces and potentially location to the whole world. The scams which have happened so far were anonymous where the founders never revealed their identity and escaped overnight. The founder had also appeared in a lot of conferences.

Later today their website was up and running again. On the homepage, there is a video in which the founder Yassin himself where he explains that this was not meant to play around or a “prank”, but it was to raise awareness about the scams happening in this space and to change it.

He says “We all have a common goal we want to have this market, the crypto market, the ICO market to be sustainable to have it as a real refinancing option for successful for innovative startups and I think the whole scamming around the industry really endangers that and that is why we wanted to send this very drastic message by just saying Look how easy could have been that even we as a highly regulated German star corporation could just have run away, done exit scam with all the funds leaving all the investors just behind loosing out, but of course we have not done that we just wanted to convey that message”

So in order to avoid this, he believes that there have to be regulations in this space and that Savedroid wants to help and contribute to better regulations which are practical and strengthens the whole market for trustworthy ICO’s.

So, in conclusion, this turns out to be a PR Stunt and Savedroid definitely has gotten a lot of attention as a result of this stunt. But at the same time, a lot of people lost trust in them because of staging a scam and disliked them for creating panic.

It’s only in the crypto space that companies put meme’s on their websites staging scams (some real scams with inappropriate images too of course!) and put Ryan Gosling in their design team.

It is indeed the wild wild west in here.

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