Confido disappears after attracting $374,477 via ICO

“It does this in a decentralized way, which is how cryptocurrencies are supposed to be,” cheerfully tells the narrator of a corporate advertisement by Confido, promoting their platform based on smart contracts. If only all ads were true — then we would see a black hole at the end of the video with money flying towards it and disappearing one by one, and with investors standing nearby and crying. Because apparently, the corporate management has decided to escape with the money it has recently raised through Confido’s ICO ($347,477), closing down its main website and social media accounts.

When The Next Web contributors found out that the YouTube account remains active, Confido owners, whoever they are, closed it as well and the news website had to reupload their advertisement directly in the article. Users noted that the social media accounts of the management were fake and were erased simultaneously with Confido’s website closure.

This is a perfect example why those who advise not to trust advertisement and social media promotion materials. However the videos and posts might try to impress you, they might lie. If an investor has any doubts about whether or not to participate in an ICO — it is already not a good sign. The best scenario is to check the previous business history of the company holding an ICO in order not to become like those unfortunate people who trusted Confido. For example, the ICO for TenX has had more than a 2.4 times token price growth, so one might assume the future ICOs by the same people are at least not going to be complete frauds.