[2017-11-23] Confido disappears after attracting $374,477 via ICO

[fanatseal2]

“It does this in a decentralized way, which is how cryptocurrencies are supposed to be,” cheerfully tells the narrator of a corporate advertisement by Confido, promoting their platform based on smart contracts. If only all ads were true — then we would see a black hole at the end of the video with money flying towards it and disappearing one by one, and with investors standing nearby and crying. Because apparently, the corporate management has decided to escape with the money it has recently raised through Confido’s ICO ($347,477), closing down its main website and social media accounts.

When The Next Web contributors found out that the YouTube account remains active, Confido owners, whoever they are, closed it as well and the news website had to reupload their advertisement directly in the article. Users noted that the social media accounts of the management were fake and...Read more

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[partysumo]

Things like this happen, unfortunately. It gives a bad rep to all other ICOs that mean well. I hope people will be more careful about which ICOs they want to invest their money in.

[bitcoinisbest]

Things like this happen, unfortunately. It gives a bad rep to all other ICOs that mean well. I hope people will be more careful about which ICOs they want to invest their money in.

This is not the first time its happening. Previously also with some other ICO this has happened and this will certainly be going to impact the ICO. now each country may take a stand in coming time like China has taken to ban it. They raise the money for themselves and run away which is looting the public money. Also investors should consider a lot before investing in any ICO.

[Kemarit]

Things like this happen, unfortunately. It gives a bad rep to all other ICOs that mean well. I hope people will be more careful about which ICOs they want to invest their money in.

This is not the first time its happening. Previously also with some other ICO this has happened and this will certainly be going to impact the ICO. now each country may take a stand in coming time like China has taken to ban it. They raise the money for themselves and run away which is looting the public money. Also investors should consider a lot before investing in any ICO.

Things like this made China decided to really ban a hammer ban of ICO. Its really sad to see that such scam are affecting the reputation of a more trusted ICO nowadays. I but do believed that people will not stop from investing in ICO because its really returning a good investment. But you should cautiously study because putting your money in them. Actually this Confido ICO really caught my attention and you can't even spot them as being scam because they are really offering good returns and they have a signature campaigns here that's why I was able to see what this project is all about. And its looks like the scammers doesn't care now how much money they would stole. From $300K to $300M. This will not be the last of them for sure, so for those investors consider a lot of factors and study the ICO before putting investments in them.

[Karakyli]

This fraud in the ICO demonstrates once again that all ICOs must be regulated and the relevant authorities must identify individuals who are about to start releasing their tokens. Decentralization is good, however, it seems to me, not in this case. Otherwise, scammers will greatly undermine confidence in the crypto currency, and investors will refuse to invest in ICO, the process of improving the crypto currency and its introduction into our life will stop.

[aso118]

Things like this happen, unfortunately. It gives a bad rep to all other ICOs that mean well. I hope people will be more careful about which ICOs they want to invest their money in.

Most of the ICOs are scammy; this one just swindled the money without doing any work. At some point, people are going to see through ICOs for what they are - tokens for a system which has not been built. Then this entire house of cards is going to come tumbling down.

[Slow death]

I read this news earlier and went to see their thread, I know many people were cheated and stolen but serious, if someone read their thread the person dies laughing 

it is your bounty campaign : http://bitcoingarden.org/forum/index.php?topic=19256.new#new  

We are not affiliated in any way with that person. That thread is not made by us.


We appreciate the free publicity, though.

EDIT: We just made an account on that forum, it has the same name as this account.

very fast work, I like, making transactions easier and simpler, this will save time, and greatly help young entrepreneurs who need a lot of time to work, I hope the project goes well and successful

Interesting project.
So if I understand it correctly, this is an escrow platform.. without a third party?

Correct. There are no mediators involved like with other escrow payment solutions. This is completely trustless and decentralized.

New article will be up soon with some real-world use cases of Confido!

this project seems very promising to follow, I will participate in bounty and ICO this project, because I believe this project will be successful for some time to come,good luck for everyone in this projet

As an investor in this project I can say I am excited to see what the team can do!

Still not even top 300 market cap and so much room for growth for a coin that has partnership with ChainLink and Kleros. Soon they will be also presenting their prototype to Binance.

By he end of Quarter 1 of 2018, we can see CFD = $5.00 so easy & even more, just look at the circulating supply & the market CAP, it's insane.

These guys made one of the most innovative ideas in crypto world (the first actually), there will be lots of projects like Confido soon in the crypto World.

The idea of the project itself has unlimited potentials.

the project looks pretty promisng and i really appreciate the guys for not being so greedy
thats they way you can succeed
nice work mates

[Taki]

We live in such world where scammers ready to spend a lot of money to get even more money. Just like it happen now. Who knows how much costed their promotion, site, and social media activity, but in the final they made really huge amount of money and just disappeared.
This case make bad reputation for other projects, but we already know that only one percent of ICOs really succeed.

[vit05]

People should look more for the code of the company and for the advisors and who is investing. there are companies that don't have anything new. Just copy the code from another project and spend some money on marketing. There was a copy of Monero that has almost disappeared after being one of top25 just after the ICO.

[IAMYOURLEADER]

It just did not make investors lose their money but also a major slap in the face on people who believes in crypto. We are all excited to make crypto to be the future but scam like this will always give a tremendous effect to push possible investors and adopters go away.

[odolvlobo]

This fraud in the ICO demonstrates once again that all ICOs must be regulated and the relevant authorities must identify individuals who are about to start releasing their tokens. Decentralization is good, however, it seems to me, not in this case. Otherwise, scammers will greatly undermine confidence in the crypto currency, and investors will refuse to invest in ICO, the process of improving the crypto currency and its introduction into our life will stop.

I disagree. This fraud demonstrates that people should be more careful about who they give their money to. Giving your money to some anonymous group of strangers on the internet is stupid. Regulation is not a cure for stupidity, it encourages it.