An Ethereum Startup Just Vanished After People Invested $374K

[bbc.reporter]

I am sure some of you found out about Confido and made an investment, I saw their signatures worn around the forum.

In any case, how is the mood in the Confido community and what are the investors' plans to force the people responsible to give them a refund?



A startup on the Ethereum platform vanished from the internet on Sunday after raising $374,000 USD from investors in an Initial Coin Offering (ICO) fundraiser.

on Sunday, the company unceremoniously deleted its Twitter account and took down its website. A company representative posted a brief comment to the company’s now-private subforum on Reddit, citing legal problems that prevent the Confido team from continuing their work. The same message was also posted to Medium but quickly deleted.

“Right now, we are in a tight spot, as we are having legal trouble caused by a contract we signed,” the message stated (a cached version of the Medium post is viewable). “It is likely that we will be able to find a solution to rectify the situation. However, we cannot assure you with 100% certainty that we will get through this.” The message was apparently written by Confido’s founder, one Joost van Doorn, who seems to have no internet presence besides a now-removed LinkedIn profile.

Read this story in full https://motherboard.vice.com/en_us/article/j5j34x/ethereum-startup-confido-vanished-after-people-invested-374k-ico

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[Quantumplation]

NOTE: This message was originally not posted by me, but instead by someone who compromised my account.  I have deleted the content.

[Crypto Capital]

I am sure some of you found out about Confido and made an investment, I saw their signatures worn around the forum.

In any case, how is the mood in the Confido community and what are the investors' plans to put the people responsible to give them a refund?



A startup on the Ethereum platform vanished from the internet on Sunday after raising $374,000 USD from investors in an Initial Coin Offering (ICO) fundraiser.

on Sunday, the company unceremoniously deleted its Twitter account and took down its website. A company representative posted a brief comment to the company’s now-private subforum on Reddit, citing legal problems that prevent the Confido team from continuing their work. The same message was also posted to Medium but quickly deleted.

“Right now, we are in a tight spot, as we are having legal trouble caused by a contract we signed,” the message stated (a cached version of the Medium post is viewable). “It is likely that we will be able to find a solution to rectify the situation. However, we cannot assure you with 100% certainty that we will get through this.” The message was apparently written by Confido’s founder, one Joost van Doorn, who seems to have no internet presence besides a now-removed LinkedIn profile.

Read this story in full https://motherboard.vice.com/en_us/article/j5j34x/ethereum-startup-confido-vanished-after-people-invested-374k-ico

Even thought the people in this company may have lost their money they should keep the information that they sent to them because they could start back up again.

It will not start back up again. I myself tossed in $500 when I saw it come off it's ATH a couple days ago. Then I witnessed it go down 80% in an hour. Managed to ride the waves to reduce my total loss to $350 but I can assure you, there is no project. The community manager "chris" on the confido telegram stated that he is calling the police because he now knows it was a fraud. All social media has been wiped out. Yup it's pretty safe to say there will never be a confido.

[ImHash]

Joost van doorn is not a real name They collected $374K just like that and now you think that they will refund the investors? A linkdin account and a signature campaign is not enough, Millions of easily earned money by so many shady ways, They are lost just as easy.

[SGToken]

Another scam I experienced personally is Oren. Kinda getting used to it in the crypto world. There should be some ICO platform to escrow the funding and release by stages by project achieving milestones.

[dhka]

Bullshite excuse, they were scamming investors from day one
Luckily only $300k was collected

There is should be a legal review before being able to conduct an ICO these days, its getting out of control

[bbc.reporter]

Joost van doorn is not a real name They collected $374K just like that and now you think that they will refund the investors? A linkdin account and a signature campaign is not enough, Millions of easily earned money by so many shady ways, They are lost just as easy.

I reckon the names of the developers in the team page of their site might either be fake or are stolen identities. It is very easy to find people on social media these days, know their professional background and download their pictures.

Then there are the few developers that can really be trusted who are not given any support anymore. Why?

[piano7]

I'm really disappointed that people pull off these scams and that I'm not surprised it happened.

[Yaunfitda]

Damn. I saw signature campaigns around last September if I'm not mistaken run by Atriz and the terms is like participants are going to be paid if they made like $50K the minimum, I try to follow it because I want to join that signature campaign before, however, I'm still a low rank member then and its only accepting Full Member at least.

I wonder how can they pull this stunt after people have already invested on them. Legal trouble? I doubt it. This is just another scam. I really thought that the project is solid and legit however, even a measly $300K is enough, I don't know if they are going to give back the money, but most likely not. This kind of ICO's really hurt a true and legitimate ICO putting put up.

[KingScorpio]

I'm really disappointed that people pull off these scams and that I'm not surprised it happened.

wow and they got even listed on coinmarketcap,

proves my theory that scammers have the bigger marketing budgets,

regards

[MickeyT2008]

This is incredible because i remember that this project had a massive marketing campaign in this forum, it is very amazing to see that they were really going to be scamming everybody in here.
But we all knew that this was going to happen, i dont know why aTriz runned this signature campaign, those campaigns who are always saying that they are going to pay if they raise X amount of money, are never going to pay the participants because they are going to run out with the funds.
I have never liked coinfido, but i dont know why they did this for just $375 thousand dollars, it is nothing compared to all the money that other projects like this can raise on a good managed ICO.

[DevelopmentBank]

This is incredible because i remember that this project had a massive marketing campaign in this forum, it is very amazing to see that they were really going to be scamming everybody in here.
But we all knew that this was going to happen, i dont know why aTriz runned this signature campaign, those campaigns who are always saying that they are going to pay if they raise X amount of money, are never going to pay the participants because they are going to run out with the funds.
I have never liked coinfido, but i dont know why they did this for just $375 thousand dollars, it is nothing compared to all the money that other projects like this can raise on a good managed ICO.

You gotta be kidding me. $375,000 USD is nothing? You must be rich because thats a lot of money to share between a small team for only a few months work. I'd imagine they are now in an exotic beach resort in the Philippines sipping margaritas with all the money they stole from hard working people.

[Acguy]

The crazy thing is they could have just put out fake progress news once a while and there wouldn't be a difference from legit ones.
Pretty sure that's what some ICOs are doing.

[krazy89]

not only 374k $ imo , they might even bought their own tokens on ETHdelta i think , to push the price up , when its stable around 1$ , They dump it a little day by day , easy money .