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The company raises $ 347K ICO, disappears

A company called Confido raised a small ICO by selling special CFDs designed to enable "safe and flawless cryptocurrency payments." According to ICODrops, they increased their target by about $ 400,000 and have quickly disappeared, taking money with it.The site is currently a stationed web server that is pointless.

The founder and former eBay employee, Joost van Doorn, posted a message to a board of directors at Confido Reddit, saying that "we are in a difficult situation because we have legal problems caused by a contract that we signed.We signed the contract with the assurance of our legal advisor that the risk was minimal and that it would be no problem.I can not and I will not go into details but he was wrong, that's a problem. "

According to the coordinator of Reddit for ICO, the move "is completely out of character" for Joost.

"There is a potential that the withdrawal of everything is due to the legal situation they are facing, which is possible because I felt that the situation was disastrous. not agree with this course of action because it left the entire community and myself in the dark, "he writes


ICOs or symbolic sales are very hot right now, but I've talked to a number of founders who face the same legal issues – albeit in a less drastic way – and who are avoiding the process by Due to the law, logistical and security issues. Given the amount of cryptocurrency involved and multiple moving parts, including legal cover, white paper production and monetary management, it is amazing that symbolic sales do not ignite like this .

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To date, there is no way to contact the founding team. The chips rose to a price of about $ 1 before going back to a penny. The $ 374,000 – essentially the founder's assets before the disappearance – are apparently held in escrow by Kraft & Wurgaft, P.C.

"They were very good crooks," said Eli Lewitt, co-founder of TokenLot at Motherboard