The ICO Confido has vanished, along with it $374,000 of investors funds. To highlight the dangers of ICO’s without doing ones proper research, this is an example to be made.
Confido had been described as a blockchain based application to enable people to track shipments and make payments, and vanished after taking $374,000 of investors funds. Most ICO sites are a risky business, especially if the developers have used fake details to keep themselves Anonymous, including hiding of WHOIS data.
After raising the funds, their website vanished from the internet, but their main page has been preserved here by the wayback machine.
The site had a very professional look, even with a view of an ‘application’ which can easily be knocked up in a few minutes.
Look closely at their ‘app preview’
And you can see the ‘white’ edge to the right of the app, where its simply been cut and pasted in very badly.
Beneath the professional image, lies a very poor quality website, which you can view for yourself at the internet archive link provided.
This is an example as to why you should never invest what you cannot afford to lose, and be very careful doing research on a company, as many scammers play on the investment mania, and even the greed or naivety of many.
Do not be another victim, always research, and it is likely that the funds cannot be recovered, so this is going to be an expensive lesson for some. The WHOIS contains data, but it is likely fake data.
Their social media feeds have also been deleted, sealing that this was a scam from the beginning. We send our well wishes to those who lost funds, and we ask the rest of the cryptocurrency community to stay vigilant.
If something sounds too good to be true, it probably is. Do not be lured in by the promise of quick riches, there is no ‘get rich quick’ scheme that is guaranteed, and most are scams.