Savedroid is an ICO that is based in Germany and the main purpose of it is to manage the saving funds of the investors. They explain that it is sometimes complicated and boring to save funds, so they have decided to create that ICO.
Savedroid works with artificial intelligence and other innovative programs in order to maximize investor’s saving. At the same time, they have announced the creation of a crypto-credit card that would allow users to spend their cryptocurrencies.
The company that raised over $50 million dollars in a very successful Initial Coin Offering.
The So-Called ‘Exit Scam’
On Wednesday, the company’s website went unexpectedly offline and was showing just a meme that said: “Aannnd it’s gone.”
Immediately after, Yassin Hankir, founder and CEO of Savedroid, published an image on Twitter that shows him on an airport and in a paradisiac beach.
“Thanks guys! Over and out… #savedroidICO,” he wrote on Twitter.
Thanks guys! Over and out … #savedroidICO pic.twitter.com/PMRtjlbEdD
— Dr. Yassin Hankir (@YassinHankir) April 18, 2018
The media started to cover that Savedroid disappeared and left its users without their funds and without knowing how everything was going to continue for them. It was a very stressful situation and caused people to feel very upset about it.
Apparently, the ICO is not a scam and did not steal its users, but it was a publicity stunt that the company carried out to gain media attention.
Savedroid’s Return – The Reaction Of Crypto Community
The cryptocurrency community didn’t react as the CEO might expected on this PR stunt. The ICO lost the confidence of their community and other potential investors. Some people might have sold all their funds after all the stress caused by the publicity stunt.
Moreover, if major investors knew about that and small investors did not know, they could have manipulated the price in their favour.
It was a good reminder for people that invests all their money in ICOs that are simple projects and could never be realized. Indeed, just a few ICOs reach the market and succeed. But did this publicity stunt harm Savedroid’s image? Of course that YES!
At the moment, Savedroid’s CEO uploaded a video in which he explains that the company was trying to send a message to demand for strong regulations that would legitimize the ICO industry as a whole.
Even though they probably seek attention from the media & tried to send a message – they did it completely wrong. Their community and their trust was affected, and even the brand itself. Imagine your doctor would say ”You have cancer, joking. You don’t have cancer. But we should do something to prevent this happening to others”
This is why ICOs should not do this, ever. Besides that it shows a lack of professionalism – it also makes the community lose the confidence in the project. It’s important to invest in certain projects after you’ve made your research about it. Start with the idea, the white paper, the team, the company itself, the way they speak, the roadmap and the potential that the ICO has and everything you find out about them. And only invest lower amounts that cannot affect you financially in case a scenario like Savedroid’s one turns out to be true.
