I just heard about this. Sorry if I'm late to the subject. It happened Sunday. My friend, young kid in his 20s, who I play poker with invested 5 grand (all he had in Confido) and got robbed. He now thinks he's going to get 3 cents per coin out of it. I know, I know, why put all your money in one basket, but he's young and that's what young people often do. Unfortunately, his experience has made him leery of ALL cryptos.
https://www.cnbc.com/2017/11/21/confido-ico-exit-scam-founders-run-away-with-375k.html
"A cryptocurrency start-up that raised nearly $375,000 through an initial coin offering has disappeared with the funds.
Confido billed itself as a company that is developing "smart contracts" to act as an escrow between a buyer and seller during a transaction of some sort.
Traditional escrows would be held by a third party. But smart contracts are supposed to be fulfilled when both sides meet certain conditions, removing the need for that third party.
The ICO took place earlier this month through a platform called TokenLot, which facilitates the fundraising. Nearly $375,000 was raised. Investors were given "contract for differences" tokens.
These tokens traded as much as $1.20 on Nov. 14, but plunged following the disappearance of the Confido team to around 2 cents, according to data from Coinmarketcap.com."
My friend said he bought in for 50 cents and now wishes he sold at $1.20. He still can't believe it. The lad was still visibly shaken when he told me the story tonight. I'm going the OTC route right now for cryptos.
