Cryptocurrency Exit Scam Robs Investors of $50 Million

rgMekanic

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May 13, 2013
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Not even a week after an ICO scam cost investors $660 Million, another exit scam has occurred costing investors $50 million. CoinTelegraph is reporting that the founder German-based startup Savedroid, Yassin Hankir, has absconded with the money raised from an initial coin offering, as well as private funding. The CEO tweeted earlier today "Thanks guys! Over and out!" apparently while in Egypt.

The coins website, https://ico.savedroid.com/ , has been replaced with a full-screen South Park "Aannnd It's Gone" meme. While not quite as clever as simply leaving "penis" it gets the point across nicely. The whole "A fool and his money" seems apt when talking about ICOs. Thanks to modi123 for the story.

According to what appears to be Savedroid’s only official online presence left standing with an explanation of what the startup is, subreddit /r/savedroid_ico describes Savedroid as "building a user interface that will make a cryptocurrency investment just as simple as a savings account. Our mission is to eliminate adoption barriers and make cryptocurrencies accessible for everyone!"
 

DooLocsta

[H]ard|Gawd
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Jan 26, 2005
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I am a fan of crypto but shit like this just makes me laugh. I mean it's a gamble just like everything with crypto. If you don't have the money to lose don't invest plain and simple.
 

Kdawg

Gawd
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Aug 12, 2017
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i wish I could pull this off.

I'd love to abscond with millions. Being middle class sucks !

So many stupid people easily handing over their money. I want some.
 

Archaea

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Oct 19, 2004
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9,983
These scams and Ponzi schemes aren’t good for anyone or anything. Crypto fan or not, there’s nothing to cheer here.

I wouldn’t object to a little “Old West” justice in this instance should the perpetrators be caught.
 

velusip

[H]ard|Gawd
Joined
Jan 24, 2005
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1,577
i wish I could pull this off.

I'd love to abscond with millions. Being middle class sucks !

So many stupid people easily handing over their money. I want some.
That's how most markets work. Just... stupid for as far as the eye can see -- for the taking.
 

Bielzebuddha

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Apr 16, 2018
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I am a fan of crypto but shit like this just makes me laugh. I mean it's a gamble just like everything with crypto. If you don't have the money to lose don't invest plain and simple.
There's a difference between investing in a good idea, and it going bad for whatever reasons; and someone flat jacking your investment and running away. This might be one of the few times I actually advocate shooting the fleeing thief in the back.
 

Bielzebuddha

Weaksauce
Joined
Apr 16, 2018
Messages
67
These scams and Ponzi schemes aren’t good for anyone or anything. Crypto fan or not, there’s nothing to cheer here.

I wouldn’t object to a little “Middle East” justice in this instance should the perpetrators be caught.
Ah, much more apropos....
 

Iratus

[H]ard|Gawd
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Jan 16, 2003
Messages
1,283
Take money laundering cash and run. Yeah good on ya. Money you'll only be able to use in tin pot countries and living in non extradition countries for the rest of your life. Really not sure it's worth it.



Let's hope he didnt take money from Russians / Albanians / Mexicans etc etc
 

seanreisk

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Aug 29, 2011
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I can't be bothered with worrying about another crypto dine-and-dash. Bed, Bath and Beyond is having liquidity problems, and that means I need to find a new source for bamboo egg spoons. It doesn't matter how many hundreds- of- thousands- of dollars in non-existent coins I don't have if I can't get those tiny 2 oz. Pyrex storage containers with the microwave safe lids. If my guest towels don't match the pillow covers in the third bedroom, life is not worth living.
 

Mega6

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2,745
I can't be bothered with worrying about another crypto dine-and-dash. Bed, Bath and Beyond is having liquidity problems, and that means I need to find a new source for bamboo egg spoons. It doesn't matter how many hundreds- of- thousands- of dollars in non-existent coins I don't have if I can't get those tiny 2 oz. Pyrex storage containers with the microwave safe lids. If my guest towels don't match the pillow covers in the third bedroom, life is not worth living.
Damn u've been married too long. No offense but..
 

EODetroit

[H]ard|Gawd
Joined
Oct 20, 2004
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1,485
Scamming crypto is one thing, but do these guys really think they're going to get away with it? If their own government doesn't find them, another one will, and if that doesn't happen, someone who they scammed will have them killed one day, or extorted for most of the money they stole. Their only protection is anonymity, and I see it as being flimsy as hell.
 

cyclone3d

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13,415
Take money laundering cash and run. Yeah good on ya. Money you'll only be able to use in tin pot countries and living in non extradition countries for the rest of your life. Really not sure it's worth it.



Let's hope he didnt take money from Russians / Albanians / Mexicans etc etc
Especially the Mexicans.... they know Mexican Judo.
Judo know if I have a knife.
Judo know if I have a gun.
Judo know if my homies are waiting around the corner..... judo know.
 

Whach

[H]ard|Gawd
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Dec 22, 2011
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It was a demonstrative ploy apparently. CEO didn't abscond....they wanted to make a point. I dunno, I wouldn't trust this now.
 
Joined
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A Criminal Pyramid
Twenty-some years ago there was a scam called "Women Helping Women" that gave birth to thousands of other female centric pyramid schemes like "Business Women's Network" and so many others. It took a while but the cops got to the tops of those and stiff sentences were handed out. I still know people who just can't admit they got scammed. The twelve stages are taking longer and longer, even worse with a comfy spots all over the internet to help the deluded stay that way.
 
D

Deleted member 222586

Guest
I find it hilarious, really.

Same principle as if somebody offered to buy your $10 bill for $1.

"A fool and his money..."
 

PantherBlitz

Limp Gawd
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Apr 14, 2011
Messages
421
Scamming crypto is one thing, but do these guys really think they're going to get away with it? If their own government doesn't find them, another one will
They didn't do this without having greased the wheels back home first. I'd even wager that they were connected before they even ran the scheme.
 

Lakados

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Feb 3, 2014
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How hard is it to set up some fake profiles on Facebook, Twitter, and Linked in. Pay a few hundred to those profile mills in China and have them photo shop up some profile pics and create a fake person who is the owner/user of those social profiles. Drum up an online scam then run with the money....
purely acidemic question asking for a friend.
 

Carbon_Rod

Gawd
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Apr 2, 2012
Messages
1,022
I was going to say something to those crypto investors.... something important.... but I can't seem to remember what it was....

Oh wait... I remember now

It was "HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!"
 

Cyraxx

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Feb 21, 2005
Messages
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Looks like we are all suckers. Website is back-up, doesn't look like he ran away and really just enjoyed the free publicity that [H] and others provided.
 
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