Savedroid are infamous in the cryptocurrency world, but not for having a good product or a successful project. Instead, they’re well-known for launching a despicable hoax on their investors, wherein they completed their ICO with a total of 50m USD in funding, then proceeded to close their website and pretend the whole thing had been an elaborate exit scam.
The CEO, Yassin Hankir, orchestrated this hoax and revelled in the attention his company received in the aftermath. He claimed it was a PR stunt, but it was very poorly received. If we fast-forward to the current day, we see a token that has dropped massively in value, a product that hasn’t been launched effectively and nothing solid in place for future developments.
This class action is accepting class members
Savedroid’s white paper promised a revolutionary savings app that would utilise a next-generation AI to assist users in automatically investing in pre-established, curated portfolios of cryptocurrencies. This certainly was not made a reality, as the app itself is perpetually locked in a beta state with nothing added since ‘launch’. The reviews that are present on App stores are fake, vague and obviously are paid-for advertising, such as:
“The savedroid app will help users manage their various cryptocurrencies and provides the highest form of digital security. It also serves as an avenue to save funds.”
They detailed a baseless chart, indicating a high customer engagement and extremely positive count of feedback, without showing the sources on which this information was based:
Further to this fact, Savedroid offered a bleak and generic roadmap laden with marketing language and over-the-top promises at a miserable count of one item per-year:
Savedroid also went on to promise the launch of a “cryptocurrency credit card”, something which is generally considered a dubious proposition and is also a promise frequently seen among ICOs suspected to be funding a sham operation:
No, it’s almost irrelevant. Nobody is using the token and the transactions in the blockchain are nil. It has no utility beyond being trade-able on exchanges, and even that isn’t happening. The concept that Savedroid would need to hold an ICO for a token while they’re developing an app that deals with investment in other, existing cryptocurrencies is almost nonsensical. In reality, Savedroid could have crowdfunded the app development and released a viable, working product. Instead, the token was created simply to raise funds for a product that would never be realised.
Savedroid stated their funding would be used thusly:
15% banking and crypto
5% legal and admin
None of this was ever realised, of course. Why should a super-smart, AI driven, hyper-secure app need a larger marketing budget than their technology budget? We haven’t seen any bold marketing endeavours to back up this massive allocation of funding, in the same way as we have seen no development of any product.
Yes, they envisioned a high-performing token that would be used for every day transactions as well as fiat-to-crypto transactions.
No, SVD is an industry-standard ERC20 token with no innovation.
Savedroid thought they were smart in hoaxing their investors and the wider cryptocurrency industry, but it backfired massively and directly impacted the performance of their token post-ICO, further alienating and impacting their investors. Today, the company has released nothing of any worth, the token has crashed enormously in value and there is nothing on the horizon in terms of rescue or recuperation.
If you have been impacted financially by Savedroid’s ICO, please join this class action with confidence.
- MR. YASSIN HANKIR
- MR. MARCO TRAUTMANN
- MR. TOBIAS ZANDER
BOARD OF ADVISORS:
- MR. DEBJIT CHAUDHURI
- MR. ROBERT HABLE
- MR. JOCHEN SIEGERT
- MR. DANKO NIKOLIC
- MR. HENRI DE JONG
- MR. KILIAN THALHAMMER
- MR. MICHAEL RUNDSHAGEN
Approx. funds raised:
About this ICO:
– 98% drop in
– Scam hoax
– No real product
– Fake marketing
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