Wham Bam Exit Scam: Redefining “Scam” ICOs
On April 18, 2018, a German startup company named Savedroid appeared to pull an ICO “exit scam” when they suddenly posted images on their website suggesting they had taken all of the money contributed so far and disappeared with it.
It turns out, however, that this was merely a publicity stunt to shine a light on how easy it is to scam people with ICOs. Although one may question the effectiveness (and sincerity) of this particular stunt, there is no question that there is a lot of fraudulent activity in the space (one example being that ICObench “experts” were able to retroactively change the previously stellar ratings they had given to Savedroid).
Although nobody likes a “scam,” how exactly should that term be defined in a space that is known for being something of a playground for con artists and scammers (not to be confused with the State of Florida, which also has the same designation)?
Read the full article here: https://www.tokenicide.com/opinion/wham-bam-exit-scam/
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