Confido, a startup at the origin of a recent ICO, whose name means in Italian "I trust", seems to have ended its activities, having managed to raise 1,235 Ethers (the equivalent of 382 850 euros according to current prices).
The company was supposed to develop a "trustless" payment system - in other words, a system that does not require, through the use of smart contracts, the presence of a trusted third party to carry out value trading.
This scam comes as many voices rise to denounce the lack of regulation around the markets of ICOs.
"I trust"
Logo of confidoVoice what can be read in an article published on Medium by Confido (the article has since been deleted):
"Confido goes through the barrier of trust in trade involving crypto-currencies, while remaining decentralized and not requiring trustless third parties"
After talking about "legal problems" this weekend, the startup seems to have sought to erase a lot of information about it: website, Twitter and Facebook accounts, ...
However, one can still find a "cached version" of the site, and a search who.is leads us to a residential address located in Berlin:
Joost Van Doom is the CEO and founder of Confido. It is unclear if the information presented above is correct, but the name of the site owner could be.
We also know that the domain name has been registered thanks to the NameCheap service, which notably supports Bitcoin payments.
It is also possible to find an FAQ that was available on the Confido website. The following question was asked: "Why is the 'hard cap' [Ed: the maximum amount that can be raised] so low?" The answer was:
"We think the ecosystem of ICOs is messy; companies are raising millions of dollars without even owning a functional product or customers. We talked to financial analysts and we just do not need more than $ 400,000 to develop and promote our project. "
A wind of panic
The address of the contract set up by Confido as part of its ICO now contains 0 Ethers, as well as 676 Confido tokens (worth less than 20 euros).
As rumors spread last Sunday about a possible "exist scam", the price of the Confido token dropped sharply. If it is still traded on 3 platforms (Kucoin, Etherdelta and Mercatox), it seems that it is now difficult to find interested buyers ...
Google's cache also provides a screenshot of some of the team's Twitter posts, which add even more irony to the situation:
The 4.5 million CFD tokens mentioned by the team are stored in this portfolio.
On the forum / biz / 4chan, it is possible to read many messages from investors who felt betrayed:
A possible outcome? But all may not be lost. Tokenlot, who promoted Confido on his site, is the source of this message:
We learn that there would be the possibility of linking to its holder the Ethereum account which has raised the funds collected in the framework of the ICO Confido. The company is reportedly filing a complaint with the FBI in order to "rectify the situation."
A few days earlier, some members of the forum / Biz / had already alerted on the team behind Confido, which did not seem to be real.
Beyond the ICOs, we know that other scams are rife in the world of cryptocurrencies. This is for example the case of Bitconnect, Bitcy, Resonance, all of which promise "guaranteed returns".
steemit account: https://steemit.com/@tighilt
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