Op-Ed: Savedroid’s ‘Exit Scam’ Stunt Was Irresponsible

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Departure scam or not, the stunt that Savedroid pulled this week was reckless.

The Frankfurt-based company, allegedly to raise awareness about the need for sundry initial coin offering (ICO) regulations, tricked investors into believing it had teared an exit scam.

As CCN reported, Savedroid replaced its website with the “Aaand it’s urinated” meme from South Park, while founder Yassin Hankir tweeted “In excess of and out,” along with pictures that made it appear that he had shunned the country and was hiding out on a remote beach.

The next day, Savedroid revealed in a video baptized “And it’s NOT gone” that the incident had actually been an elaborate ruse, which the flock is using to promote its new ICO advisory service.

“We wanted to send this awfully drastic message by saying that look, how easy could possess been that even we as a highly-regulated German stock corporation could by a hairs breadth have run away, done an exit scam with all the funds, take off all the investors behind,” Hankir said. “Of course we have not done that, we principled wanted to convey that message.”

Okay? You got us. Congratulations.

Yes, we believed that you had pull wires survived an exit scam — because you more or less told us that you had drew an exit scam.

Savedroid claims that its ICO attracted more than 35,000 investors, and the assemblage reportedly raised $50 million between its token sale and other pooling sources.

It’s impossible to overstate how irresponsible — and childish — this stunt was, principally for a company who claims to be so concerned about regulations.

We’ve all read far too many anecdotal tidings about investors who have naively invested their life savings in concocts that later turned out to be scams to know that this prank — because no fact what Savedroid says, it was a childish prank — could very effortlessly have had life-and-death consequences.

What message does Savedroid call to mind a consider that this stunt sends to investors, who entrusted them with their reservoirs? I’m not a Savedroid investor, but if I was I imagine that I would demand my money deny hard pressed.

More pointedly, can you imagine the uproar if a $50 million company in any other sedulousness had attempted to pull a similar stunt?

Even had the stunt been an April Delude’s Day prank, it would have been in bad taste. The fact that it was not, just makes it that much more morbid.

Savedroid might call that it is raising awareness about the need for regulation in the nascent ICO order, but the truth is that it is contributing to the problem.

Featured image from Shutterstock.

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