ICO Backed Confido Vanishes into Thin Air After Getting $374,000 From Investors

Just a month or so back, Jordan Belfort—the infamous “Wolf of Wall Street” and convicted financial con artist—cautioned the whole web not to get into scrappy digital currency sponsored new startups. In particular, he cautioned that ICOs, a type of totally unregulated investment asset where crypto-sponsored new companies offer blockchain-based “tokens” in return for things of genuine esteem like money. Now it appears to be yet another juvenile crypto-startup has shown its true colors. Bothered traders are rushing to Reddit to caution individual cryptoenthusiasts that the “best in class” startup Confido, which recently raised $374,477 in an ICO, has vanished out of nowhere.

The organization, which promised to bring another decentralized trustless payment solution for web based shopping, has all of a sudden brought down their site. And, yesterday Confido endured a 90% drop in market value in the wake of updating the investors about a lawful issue which will halt the progress of the project indefinitely.

Furthermore, the shady startup has additionally wiped its web-based social networking fingerprints from the web, shutting down its Twitter, Facebook, Reddit and Medium accounts. But still, you can access all these pages [Twitter, Medium, and Reddit] through the web archives. It is applicable for their website also.

The following were listed as team members

confidoThey stated that their team comprised of four members. And out of those, the CEO was Joost van Doorn. After a deep investigation, some redditors pointed out that their social media accounts were just as fake as the startup. And there were no option to verify the identities provided by Confido.

This is not the first crypto backed startup to disappear in the last few months. In a similar ever, a Bitcoin lending startup named BitPetite also vanished after raising funds.

The unfortunate thing about these disastrous events is that, this Confido or BitPetite won’t be the last companies to play unfair with the investors. Which in effect will leave a bad reputation to the cryptocurrency community as a whole.

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