"Scam" of the Savedroid ICO to be a "Joke"

Looks like not all members of cryptocurrency community liked such a humour 
19 April 2018   363

The German Savedroid cryptocurrency project, which raised about $ 50 million at the ICO and bid farewell to investors this Wednesday, announced that its scam report is a joke that was organized, apparently, to promote a new product.

In the video,Hankir said that the ICO sphere is full of scammers, and scam is everywhere. Yesterday Savedroid showed investors how easy even a well-regulated start-up can hide with their money. According to CEO Savedroid, the current situation threatens the future success of cryptocurrency start-ups and requires active action.

Savedroid is ready to share their knowledge with regulators and authorities to make a difference, says Khankir. In addition, Savedroid launches 2 of its own services. The first of these will be an easy-to-use and free list of items for the ICO, which will allow "in just a few minutes to evaluate any ICO and take a weighted investment decision." The second product is a paid service for the organizers of ICO, which will allow them to develop a campaign that meets the requirements of the list from the first paragraph.

User's reaction to the "joke"
User's reaction to the "joke"

The community did not approve such a way to promote new services and attacked Hankir and his team on Twitter and Telegram.

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3 ICOs of Extrabit banned by Alabama Securities Watchdog

Alabama Securities Commission (ASC) has ordered alleged cryptocurrency mining firm Extrabit to stop its token sale offering in the state
25 May 2018   97

The U.S. state's securities regulator, the Alabama Securities Commission (ASC), has supported its colleagues in Texas and New Jersey in hitting out at ICOs that are soliciting local citizens. The cease-and-desist order which was published yesterday  claimed that the agency has ordered purported cryptocurrency mining firm Extrabit to cease its token sale offering in the state.

The ASC declared the company has been illegally begging Alabama investors with what it considers an unregistered securities offering after it announced its token sale on the website of WSFA, an NBC-affiliated TV station recognized in the state capital, Montgomery. While presently the online advertisement appears to have been taken down, the agency said in the order that the firm originally claimed that investors in the pre-ICO phase could buy Extrabit's token "EXB" at half price.

The advertisement claimed that in order to take part in the pre-sale, the user should invest $20,000 and after the purchase, the tokens will be sent to MyEtherWallet within 48 hours. Then, Extrabit's white paper states that, since the firm generates its profits chiefly from mining bitcoin, zcash and monero, it pledges a 185 percent return on investment every quarter for investors who maintain a positive balance in their EXB wallet.

As well as offering unbooked securities, the ASC said the project made "materially misleading" suggestions to deceive investors. Extrabit is not the only token project that is targeting residents in Alabama. A Google search for "token sale" on the WSFA website currently comes up with over 200 press release-style ads from various ICO projects. 

The ASC has also checked two other token sale projects, called LEV and Platinum, with cease-and-desist orders entered on May 2 and May 18. Like with Extrabit, the agency charged the two projects of selling unregistered securities in Alabama while making vaporous promises to potential investors over the likely returns on investment.