An Ethereum Startup Just Vanished After People Invested $374K

Cryptocurrency is weak. It has no base in gold, silver, or land.  Its numbers.  We have a company trading real world cash for digital bits and bytes.  When the company hit a critical mass they disappeared off the internet.  You know where those ‘bits’ live.  While not the biggest scam around this is perty good one.  Read more on Motherboard:

A startup on the Ethereum platform vanished from the internet on Sunday after raising $374,000 USD from investors in an Initial Coin Offering (ICO) fundraiser.

Confido is a startup that pitched itself as a blockchain-based app for making payments and tracking shipments. It sold digital tokens to investors over the Ethereum blockchain in an ICO that ran from November 6 to 8. During the token sale, Confido sold people bespoke digital tokens that represent their investment in exchange for ether, Ethereum’s digital currency.

But on Sunday, the company unceremoniously deleted its Twitter account and took down its website. A company representative posted a brief comment to the company’s now-private subforum on Reddit, citing legal problems that prevent the Confido team from continuing their work. The same message was also posted to Medium but quickly deleted.

New Update: Trendy cryptocurrency startup pulls an exit scam after raising $375K in ICO

It seems yet another fledgling cryptocurrency startup has pulled a Houdini. Distressed traders are flocking to Reddit to warn fellow cryptoenthusiasts that up-and-coming startup Confido, which recently raised $374,477 in an ICO, has vanished out of thin air.

The company, which promised to bring a new decentralized trustless payment solution for online shopping, has suddenly taken down its website. Coincidentally, yesterday Confido suffered a 90-percent drop in value after informing investors a legal issue will halt development of the project indefinitely.