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$50 Million ICO Scam PR Stunt, or Is It?

The $50 Million heist PR Stunt was revealed yesterday on twitter – “SAVEDROID” a startup founded by Dr. Yassin Hankir (who is also the face of the $50M ICO scam PR stunt) and is aiming to develop an AI to manage users investment relating to cryptocurrency and crypto-backed credit card. Dr. Yassin Hankir posted a “Over & Out” message along with the fleeing scene at the airport also at a beach resort seemingly enjoying the newly stolen $ from the ICO they managed to put in their pocket. It raised huge concern and outrage within their ICO investors and the public, of course. Someone also went to their headquarter to check what was going on and found deserted fancy office space with the scene of after party celebration instead. Someone even suggested to hire a hitman to deal with this (fake?) scam. Later on, Yassin Hankir posted another video stating that the whole thing is just a PR stunt and a decorated/planned theme to warn the public of the potential ICO (or unregulated cryptocurrency market) traps which might happen even in the highly regulated business environment countries. Companies could easily raise a huge amount of money and close the shop without any consequences in any legal forms.

ICO potential harms – Companies could easily raise a huge amount of money and close the shop without any consequences in any legal forms.

“Over and out” – Thank You Message To $50M raised ICO Investors on April 18, 2018

 

After this post someone went to check on SAVEDROID’s HQ and posted a tweet as follows,

 

As you can outline in your head, it stirred some heated air all over the Internet. After all, there had been couple of ICO scams on the history book already. Would this be another big dent which would take the cryptocurrency market all the way down again?

 

Note:

Unpacking the 5 Biggest Cryptocurrency Scams

from cointelegraph.com

 

Dr. Yassin Hankir Explained The PR Stunt Behind This ICO Scam

Dr. Yassin Hankir posted a video stating the intention of this PR stunt. He claimed that his intention is to push the regulation towards to build a better cryptocurrency market future. As we all know that cryptocurrency isn’t really being regulated by any authorities. That is why it’s so volatile. Forget about the Bitcoin most glorious day couple of months ago when it reached almost $20,000 USD mark. Just take a look at the past few days, Bitcoin price has been rising and falling about $3,000 USD (as of this writing, bitcoin price is $8,249.02 USD).

 

What’s ICO – Initial Coin (Crypto Tokens) Offering

If you know IPO, it’s not quite like that but it’s going to be easier to understand. So … let’s start with the IPO.

What’s IPO?

Initial public offering (IPO) – Investors buy stocks which issued by the company who offers the IPO. Those stocks translate to the ownership shares of that company.

So, what’s ICO exactly in plain and simple English?

Initial Coin Offering (ICO)Investors buy cryptocurrencies issued by that specific company hoping that the company will actually make it big (meaning that it will become a valuable company) so that the cryptocurrencies that company offered and you purchased will become valuable when that day comes. It’s a super risky move since, again, there is NO real authority to regulate this market YET.

The following is a very good and clear explanation from CNN Tech. You can click the link here to watch the video.

 

 

Will ICO Be A Real Thing?

It’s already a real thing but just extremely risky. If you wanna invest, you should do your homework and, if possible, follow high profile investors’ move. Since they have resources to filter bad apples out and do the diligent works on companies they are planning to invest in advance.

The sign of the ICO will not go away or, in general, cryptocurrencies will stay for a foreseeable future can be seen from the “Basis” ICO news. This ICO includes several high profile investors such as Andreessen Horowitz, Bain Capital Ventures, Lightspeed Ventures, and Google Ventures… etc. Based on the history pattern, if ICO won’t stand long, those high profile investors won’t get involved (statistically speaking on this). Again, it’s a risky investment so do the diligent work on the companies you plan to invest before you take actions. Also, remember that “There is no such thing as 100% certain under the sun”. Even though those high profile investors are very optimistic about the ICO market, we still need to be very cautious about it since $1M cash to them (high profile investors) might equivalent to less than 1 cent to us. Therefore, we gotta remember that $133M ICO investment to them is a very cautious move on their end.