Nowadays, almost everybody knows what Bitcoins is. Or, at least, they have heard the name. In the past few years, Bitcoin has become one of the most talked-about cryptocurrency-related topics. However, there are many other altcoins as well as tokens investors and traders can choose from. Today, we will focus on a particular cryptocurrency token.
Moreover, this token operates on the Ethereum platform. Also, it was one of the most discussed tokens in the past few months. So, keep on reading to understand what Confido Coin is.
What Is Confido?
As we mentioned earlier, Confido Coin is a cryptocurrency token, which operates on the Ethereum platform. Currently, the supply of Confido Coin is 15,000,000 CFD with 9,000,000 CFD in circulation. Unfortunately, Confido was an ICO (Initial Coin Offering) startup that has proved to be a scam.
After raising money, its presence from all of the social media sites or platforms also disappeared suddenly. Moreover, the founder of the company has deleted all of the accounts and disappeared from the market. Furthermore, this scam of $375000 puts a light on the risk involved in the existing ICO market that is unregulated.
There is no doubt that Confido has removed its presence from the online world. Also, the official website of this token is no longer working. However, you may see a cached version of its website on Google.
Also, when you look at the FAQ section of Confido’s website on the cached version available, you will see that they are replying to the question of why the hard cap is so low. They claim they do not require more than $400000 for developing and marketing their projects. And as far as the registration of the domain name is concerned, it was registered with Namecheap. Is it a coincidence that Namecheap accepts payments in Bitcoins?
Current Existence of Founder
Joost van Doorn who is the founder of the company has deactivated the personal Facebook account he had. Moreover, the company’s account has also been deactivated by him.
Further, the person who hosted the company is considered to have had no knowledge about the coins’ whereabouts. He claims he just issued the tokens. However, he didn’t do any work on the platform. And, later he and the team behind this project disappeared from the market due to some legal issues.
Unfortunately, there are no traces of their funds for the company. The president and founder of the company, Joost van Doorn, is said to have been an employee of a reputed eCommerce company previously. However, this is not a piece of verified information.
Balance Of Contract Address
The contract address of Confido possesses only 676 CFD tokens as a balance. And, it is only equal to $21. Naturally, the value of token plummeted when there was news about the exit scam. At present, it is trading on Etherdelta, Kucoin, and Mercatox. However, there are not a lot of buyers, and who can blame them. Confido Coin has proven to be an untrustworthy cryptocurrency token.
Moreover, as far as the price of Confido Coin is concerned, it has lost even more than ninety percent of its value due to its exit. Currently, Confido Coin has a cost of $0.014031.
Signs Of Exit Before Making The Exit
The scam exit of Confido may be considered as a preplanned one. That’s because there were posts from them having the news of some legal troubles. Such news that they were posting may be thought to be the first stage of the plan they had made for their exit.
And, it is good learning for all involved in the ICO market. It should be kept in mind that unrealistic claims are not needed to have a hook on investors. All that is required is just an ICO that sounds plausible, along with a modest hard cap.
Moreover, Resonance and Bitcy both make a promise of providing “guaranteed returns.” This should also be considered as an instant indication of warning.
In ICO based cryptocurrency startups, companies issue their own tokens in digital forms. In exchange for those tokens, they accept virtual currencies like Bitcoin, etc. However, in such investments, investors are not issued a share or stake. However, they can use the issued tokens for further trading on the services provided.
As the case of exit scam of Confido Coin clearly indicates that ICO’s are the businesses having a significant risk at present. All investors need to be conscious and mindful of the risks involved in this type of investment.