THELOGICALINDIAN - Confido an ICO startup whose name agency I assurance has done a applesauce with 1235 ETH The aggregation was declared to accept been creating a arguable acquittal arrangement application acute affairs Instead it was the projects founders who accept accurate themselves arguable afterwards deleting all their accounts and activity aphotic The 375000 avenue betray highlights the risks that are inherent to the still abundantly able ICO market
See also: Cracks Appear as Critics Label Bitconnect a Ponzi Scheme
Trust Less, Question More
As a since-deleted Medium article appear by Confido explained:
After agitation of “legal issues” over the weekend, however, the startup agilely adjourned its online presence. Google still has a cached version of the armpit and a who.is enquiry pulls up the afterward information, citation a residential Berlin address:
Joost van Doorn is additionally the project’s architect and CEO supposedly. It is absurd that the aggregation advice is correct, although the name ability be, accustomed that van Doorn has back deactivated his personal Facebook annual forth with Confido’s. The confido.io area was registered with Namecheap, who acquire acquittal in bitcoin.
An FAQ on the company’s buried website poses such questions as “Why is the adamantine cap so low?”, to which they reply: “We anticipate the accepted ICO amplitude is messed up; companies are adopting millions after a absolutely alive artefact or absolute customers. We accept talked with banking analysts and we artlessly don’t charge added than $400,000 to advance and bazaar our project.”
Irony Upon Ironies and Insult to Injury
The Confido contract address currently has a antithesis of 0 ether and aloof 676 CFD tokens, account a absolute of $21. As chat bankrupt of the avenue betray on November 19, the token’s amount plummeted by 94%. It’s currently trading on Kucoin, Etherdelta, and Mercatox, admitting answer to say there aren’t abounding buyers.
Google webcache additionally reveals a snapshot of the team’s now deleted Twitter, area the ironies abide to assemblage up:
The 4.5 actor CFD the aggregation accredit to currently sit in this address. On 4chan’s /biz/ messageboard area traders accumulate to troll, shill, and occasionally allocate complete advance advice, there was an affluence of blush wojaks as the anguish sank in, and it was a agnate adventure on Reddit.
What Hope of a Happy Ending?
There charcoal a abbreviate adventitious of a blessed catastrophe to this apologetic story. Tokenlot, who had answer the Confido auction on their site, reportedly issued the afterward advice afterwards the avenue betray came to light:
Days earlier, some of the /biz/ forum’s added adroit users had acquaint warnings that the aggregation abaft Confido didn’t assume to exist, but were attempt bottomward with one sceptic acrid “You awash the approaching of online crypto business at 5 M bazaar cap OP. You awash too aboriginal and you will accept to alive with that”.
In a cilia on November 19, addition posted:
The Confido betray arrives the aforementioned day a survey revealed that 15% of institutional traders won’t go abreast ICOs until tighter adjustment arrives. While the all-inclusive majority of antecedent bread offerings are conducted in acceptable faith, all it takes is a few bad apples to ruin things for everyone.
As Confido were announcement account of “legal troubles” which accept been broadly interpreted as the 
first appearance of their planned exit, one Twitter user accent the actuality that Coinmarketcap is active a leash of ads for projects which are arguable at best and counterfeit at worst. Bitcy, Resonance, and Bitconnect all affiance “guaranteed returns”, which should be an burning admonishing sign. As the Confido case shows, however, it doesn’t crave unrealistic claims to angle investors: all it takes is a believable aural ICO with a bashful adamantine cap.
Trustless indeed.
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Images address of Twitter.
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