Savedroid, an ICO focused on allegedly making cryptocurrency more accessible, has just exit scammed. It has entirely wiped its website clean, replacing it with a satirical meme, and the founder Yassin Hankir has even confirmed this move in a recent Twitter post saying ‘Over and out.’
It is unclear just how much Hankir and Savedroid have stolen from the community, but an estimation from ICObench states that it raised $4,345,948. Hankir seems to be making it as clear as possible that the ICO is officially dead, and at this point, it is doubtful whether the team were ever trying to go through with their promises anyway. This was nothing more than a cash-grab.
ICOs fail and deceive their customers all the time, this is not news anymore, but the real concern here is that somehow Savedroid managed to initially get a rating of 4.0/5 from ICOBench, one of the most respected ICO evaluation sites in the industry. An archive of their initial scoring can be found here (ICOBench have since dropped Savedroid’s rating to 3.3). The archive also reveals the names of all the ‘experts’ who gave the rating.
The question at the heart of this discussion is: how did Savedroid fool ICOBench and, by extension, how did they fool the public?
There are only two scenarios where this could happen, and they are both just as worrying:
- Savedroid tricked ICObench users through well-orchestrated fraudulent behavior.
- Savedroid bribed experts on ICObench to give them a high rating.
Let’s assess both of these possibilities.
Savedroid tricked ICObench users through well orchestrated fraudulent behavior
If Savedroid managed to fool ICObench users and ‘experts’ into thinking they were a legitimate company then we all, as a collective, need to be worried. A site that prides itself on weeding through all the gritty details and verifying all claims should not be able to be fooled through such means. While it is possible that, somehow, the Savedroid team masterfully deceived the experts of ICObench, it is more likely that the people who are considered ‘experts’ just didn’t do their job—they may have only skimmed through the details. This is a huge problem since the site is hailed as being trustworthy solely because its experts are meant to be vigilant.
Savedroid bribed experts on ICObench to give them a high rating
It is possible that the experts on ICObench are usually meticulous in their investigations and rather a select few were compromised through bribery this time. Savedroid could have offered the 40+ experts who initially reviewed the ICO a sum of money in exchange for a high rating. If this is the case then ICObench, perhaps, can never be trusted again as it apparently never held its experts to a high enough standard.
Both of these scenarios are equally damning for the industry, especially the field of ICOs. Hopefully, more details about how this happened will emerge in the coming days.
Update: On April 19, 2018, it was revealed that this ‘scam’ was nothing more than a PR stunt. Please see our latest article here for more information.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.