Not Gone: Savedroid ICO Comes Back, Plans ICO Advisory Service

James McQuillan
  • SafeDroid, a company that had reportedly pulled an exit scam, revealed it was all a publicity stunt showing how easy it is to pull such a scam in this sector
  • While the team claims it wants to help regulators and will launch an ICO advisory service, investors didn't enjoy the move

In a YouTube video titled “And it’s NOT gone” published by SaveDroid AG the company's founder, Yassin Hankir has recently revealed that the company hasn’t pulled an exit scam, and unveiled it plans to launch an ICO advisory service to help with regulatory efforts.

According to reports, the German-based company, SaveDroid, has been accused of conducting an exit scam, as its website’s homepage had been altered to a single image of the 'Aaand, it's gone' meme from South Park.

Through Twitter, Hankir gave investors the idea that the company pulled an exit scam, as he shared a picture at the beach holding a beer, while captioning it “Thanks guys! Over and out…” The project reportedly raised over €40 million (about $49 million) from investors.

 

SaveDroid has made waves within the German Fintech sector, as the amount it raised is relatively large, compared to other startups in the country. Local news outlets even speculated SaveDroid was hacked.

Seemingly, the company just attempted to pull a publicity stunt that seems to have left a bad taste in its investors’ mouths. While the move got media attention, it also garnered investor ire.

“And It's NOT Gone!”

SaveDroid’s webpage recently added a Youtube video, in which its CEO Hankir explains that the team pulled a fake exit scam, which was not intended to be a prank. Instead, it was a move meant to convey what he refers to as a 'serious message'.

"If we look at this market, we've seen that there is so much scamming happening... From the beginning to the very end of an ICO. And what we've seen so far has been only the tip of the iceberg."

Yassin Hankir

Hankir then mentions the damage that such wide-scale scamming has on the cryptocurrency ecosystem’s credibility. The false scam was SaveDroid's way of demonstrating how easy it is for a company to shut down, leaving investors in the dark and out by hundreds, even thousands of dollars.

"The message behind this is, if we don't change that and if we don't go for better regulation. We believe that this will bring the whole market down...," he said.

Organizations such as US Securities and Exchange Commission (SEC) are seeking a more collaborative system of regulation and oversight. This is akin to what Hankir goes on to address, claiming SaveDroid wants to help counter the prevalence of scams in the cryptocurrency world.

"SaveDroid wants to contribute in two ways: Firstly, we do want to be an active partner for regulators, for authorities. So basically sharing our insights, sharing our knowledge by discussing with the guys how sustainable regulation would look like (…) The second part of it being we will launch a new service line which is [a] professional ICO advisory..."

Yassin Hankir

While the video’s intentions were seemingly good, the number of dislikes the video has makes it clear investors didn’t enjoy the move.

Western Union CEO Says Company is Prepared to Add Cryptocurrencies When It's Necessary

Western Union CEO Says Company is Prepared to Add Cryptocurrencies When It's Necessary
Omar Faridi

Western Union, the leading international money transfer service provider, recently released a video in which it noted that the company is “uniquely positioned to connect the cash and digital world.”

“On-Ramp & Off-Ramp For Global Money Movement”

Western Union’s video explained that the giant money transfer service currently has access to “billions of bank accounts” throughout the world and also works with “over half a million retail agent locations.” This allows Western Union to work as an “on-ramp and off-ramp for global money movement.”

Commenting on how the company is prepared to integrate cryptocurrencies to their cross-border payment platform, Odilon Almeida, the president of Western Union, remarked:

Western Union is ready today to adopt any kind of currency. We already work with 130 currencies. When we feel it’s the right time to introduce cryptocurrencies to our platform … technology-wise, it’s just one more currency. I think cryptocurrency may become one more option of currency or assets around the globe to be exchanged between people and businesses. If that happens, we would be ready to [introduce them on out platform].

“Still Don’t Understand Blockchain?”

In response to Almeida’s explanation, a Twitter user named jas (@a1mk3) noted:

You're not transferring money, you're digitally updating a ledger on a sender & receiver side, so a prefunded account can transfer local Fiat. Still don't understand blockchain by now?

Although it’s true that Western Union’s current money transfer platform does not use blockchain technology, the company has been providing a reliable and effective service for many decades.

Regardless of what specific technology is being used to accomplish a particular task, the end result is what users will be concerned about. In this case, funds are being transferred from one party to another and what's important is how much the transaction costs, and how long it takes for the payment to go through. Whether blockchain is used to complete money transfers is irrelevant to most.

When we connect to the internet, we may be using the best fiber-optic technology and the latest communications protocols and standards. However, that’s not something the end-user is generally interested in. The consumers are busy doing other real-world things, which the underlying technology has made easier and more practical.

As CryptoGlobe reported in early October, Daniel Larimer, the chief technical officer (CTO) at Block.one, a distributed ledger technology (DLT)-focused firm, had said:

When people start making things easier, when blockchain actually makes people’s lives easier and more secure, that’s when it’ll get widespread adoption.

Not Recognizing Revolutionary Technology When You See It?

Paradigm-changing technologies don’t come along every day. However, those who don't realize that a particular innovation will change the way business or other social activities are conducted in the future may pay a heavy price for their ignorance.

Interestingly, Twitter user mystery x pointed out that back in 2000, the CEO of Blockbuster, a company that offered a wide variety DVD rentals with numerous store locations across America, had rejected a $50 million offer from Netflix. The creator of Netflix wanted to sell his company to Blockbuster for what may now be considered an absurdly good offer as Netflix’s market capitalization has now exceeded $32 billion.

Because Blockbuster's managment did not embrace new technology, the company's stores had to shut down. The firm's CEO and board members failed to realize that “streaming videos” and “on-demand live video content” would be in very high demand in the future. Whether or not this is the case with blockchain technology and payments, is something only time will tell.