Confido ICO raises $340K vanishes

[gabbie2010]

This is absolute incredible to hear that an ICO (confido) raises $340K in their sales disappeared and vanished into thin air this is a bad signal to potential investors in new ICOs I believe it is high time regulators should come up to screen out scam ICOs just like spot forex and other financial institutions.

https://cointelegraph.com/news/confido-ico-raises-340k-vanishes

[Veidt]

I read there was an "announcement" by Confidos CEO stating that there are "legal issues". Facebook and twitter accounts all gone, devs nowhere to be found. This is very bad press for cryptocurrencies that will put off a lot of potential investors.

[neurotypical]

I read there was an "announcement" by Confidos CEO stating that there are "legal issues". Facebook and twitter accounts all gone, devs nowhere to be found. This is very bad press for cryptocurrencies that will put off a lot of potential investors.

It looks like a classic exit scam, but who knows, maybe they felt threatened by something, and they had to choose to either run with the money, or face jail time and stay poor as feds confiscate all the money.

Eitherway, they are criminals on the run, and thank god I didn't fall for it. It is becoming increasingly harder to let go any BTC into any other project. Just hold BTC and enjoy.

[cryptohunter]

one of the more honest icos then

didn't inflate with bullshit fake numbers of 100's millions

just straight up took your money too so you know its gone... just rip the band aid off.

... not left months watching it slowly erode n sats value against all hopes like most icos lately as they use your btc for "development funding "

ICO AIRDROP all these new distributional scams methods are going to be histroy soon like the 90% of the funds given to them

It could end up being advantageous to investors now they will forget icos junk and look for real projects to invest in.

[btcone111]

this is really bad. For whatever reason they are doing this for. They should not have done this.
Maybe it is good thing if ICO becomes regulated - some sort of regulation is needed to restore investors confidence in ICOs

[Veidt]

I read there was an "announcement" by Confidos CEO stating that there are "legal issues". Facebook and twitter accounts all gone, devs nowhere to be found. This is very bad press for cryptocurrencies that will put off a lot of potential investors.

It looks like a classic exit scam, but who knows, maybe they felt threatened by something, and they had to choose to either run with the money, or face jail time and stay poor as feds confiscate all the money.

Eitherway, they are criminals on the run, and thank god I didn't fall for it. It is becoming increasingly harder to let go any BTC into any other project. Just hold BTC and enjoy.

Scams are becoming harder and harder to spot. However, I wouldnt just ignore altcoins cause thats where the x20 gains are made. Scams exists everywhere, yes, you will get scammed if you are not careful and a bit paranoid, but thats the risk you have to take if you want those gains. Bitcoin is the safe pillow for everyone, but there is no way you will make more gains investing in bitcoin and leaving alts out of the question.

[johnnywoo2015]

This is absolute incredible to hear that an ICO (confido) raises $340K in their sales disappeared and vanished into thin air this is a bad signal to potential investors in new ICOs I believe it is high time regulators should come up to screen out scam ICOs just like spot forex and other financial institutions.

https://cointelegraph.com/news/confido-ico-raises-340k-vanishes

I read it too.

Scam ICOs are around every corner. At least they scammed 340K and not 34M like some other projects. People just need to choose carefully where to invest because ICOs are completely unregulated market.

[The Sceptical Chymist]

And you wonder why the U.S. banned participation by their citizens--this is one reason (though I don't agree with the ban).  People need to stop being so damn gullible and greedy.   Those two G's don't mix well, as you can see clearly in this case and others.  Sadly I know that's never going to happen as long as there's even a slight chance to get rich.   But people can be smarter and can learn from the mistakes of others, which is why even if I was allowed to participate in ICOs, there's no way I would. Too much uncertainty, dishonesty, and charlatanism, and too few advantages to most of these projects.

[BitCaptcha]

https://medium.com/@confideal/end-of-confideal-ico-67cda39c8744

They're offering refunds

[serian]

This is absolute incredible to hear that an ICO (confido) raises $340K in their sales disappeared and vanished into thin air this is a bad signal to potential investors in new ICOs I believe it is high time regulators should come up to screen out scam ICOs just like spot forex and other financial institutions.

https://cointelegraph.com/news/confido-ico-raises-340k-vanishes

Yeah saw this news. Not good news for crypto world. Another scam, sadly.

[ICOtoINVEST]

Read this a few hours ago! Truly sad news especially for those who lost money in the process, unfortunately the team took advantage of the situation.
Be cautious of scammers and fraudsters!

[icochick]

Kind of wild that this could happen -- but again as another poster said at least it wasn't THAT much money -- but still leaves a bad taste in your mouth when it comes to investing in other ICOs ---

That's why DD is so important - if things seem off then likely they are -- I've always gone with my gut feeling (in all aspects of life) and it's served me well (thus far..) --

I don't think though that ALL ICOs are scams - and I don't think its fair to label them ALL under that either -- there are some really forward moving, future thinking ICOs that make sense and that will create revolutionary change in the world and specific industries.  

Again doing your own research, asking as many questions as possible and getting a good vibe from people is always the better way to go and best thing to do before investing your money - in anything.

[tk808]

With every scam ICO, it makes me more happy. Because, just because people have invested their own life savings, that doesn't mean it's safe or you should to. Take this as a lesson to be learned, do some research and background searches on who actually you are dealing with on the other end, because more often than not, the ones who don't research are the ones who get scammed.

Research and learn everything you can before giving some guy halfway across the world your Bitcoins.

[PMmesexycoins]

However, I wouldnt just ignore altcoins cause thats where the x20 gains are made. Scams exists everywhere, yes, you will get scammed if you are not careful and a bit paranoid, but thats the risk you have to take if you want those gains. Bitcoin is the safe pillow for everyone, but there is no way you will make more gains investing in bitcoin and leaving alts out of the question.

It's the prospect of these huge gains what attracts us to invest into high risk projects. For every winner there seems to be many losers however, it all balances out.

[johnnywoo2015]

And you wonder why the U.S. banned participation by their citizens--this is one reason (though I don't agree with the ban).  People need to stop being so damn gullible and greedy.   Those two G's don't mix well, as you can see clearly in this case and others.  Sadly I know that's never going to happen as long as there's even a slight chance to get rich.   But people can be smarter and can learn from the mistakes of others, which is why even if I was allowed to participate in ICOs, there's no way I would. Too much uncertainty, dishonesty, and charlatanism, and too few advantages to most of these projects.

There are much bigger 'legal' scams in the US. Do you remember Madoff scam https://en.wikipedia.org/wiki/Madoff_investment_scandal or all banks bankrupts in 2008 and then you are comparing 375K steal...

[dunfida]

This is absolute incredible to hear that an ICO (confido) raises $340K in their sales disappeared and vanished into thin air this is a bad signal to potential investors in new ICOs I believe it is high time regulators should come up to screen out scam ICOs just like spot forex and other financial institutions.

https://cointelegraph.com/news/confido-ico-raises-340k-vanishes

Why do people do still shock on these kind of events? We do know already these stuffs can really possibly happen anytime on ICO which they can vanished in an instant leaving all the investors behind without any single cent been left.This is why I don't really easily trust these fundings specially if its not escrowed because it is really prone on getting scam since funds are being handled by owners wallet and once they decide to run then we cant chase them.

[R519sg]

This is absolute incredible to hear that an ICO (confido) raises $340K in their sales disappeared and vanished into thin air this is a bad signal to potential investors in new ICOs I believe it is high time regulators should come up to screen out scam ICOs just like spot forex and other financial institutions.

https://cointelegraph.com/news/confido-ico-raises-340k-vanishes

Why do people do still shock on these kind of events? We do know already these stuffs can really possibly happen anytime on ICO which they can vanished in an instant leaving all the investors behind without any single cent been left.This is why I don't really easily trust these fundings specially if its not escrowed because it is really prone on getting scam since funds are being handled by owners wallet and once they decide to run then we cant chase them.

Fully agree with you, and investors in ICO are certainly not just the guys who understand all the risks. A housewife can and ordinary shares to take without ICO on the OTC exchange.

[MarekMax]

This confido incident will bring us down to earth.
This is Crypto and everything is possible.

[bundo]

I read there was an "announcement" by Confidos CEO stating that there are "legal issues". Facebook and twitter accounts all gone, devs nowhere to be found. This is very bad press for cryptocurrencies that will put off a lot of potential investors.

Whether this can be categorized as a scam because it deliberately creates certain reasons ..Always remember that not all ICOs will succeed. In the business world we also already know from thousands of new startup surely there are only a few that are successful.

[JLCoin]

IT's not the first time. Look at what happened with OneCoin. That was hundreds of millions of dollars