On April 18, 2018, just hours after concluding their ICO and raising 50 mln USD in crypto, Savedroid’s CEO Yassin Hankir posted the following tweet:
Also, the Savedroid website put up the South Park “And it’s gone” meme. What followed was a news spectacle, where thousands of publications around the world speculated that Hankir had orchestrated the heist of more than $50 mln in investor funds. During the 24 hours which the company went silent, thousands of people wrote about how much crypto they had apparently lost, what affect it was having on them and what they would do to Hankir if he was found. It was by far one of the biggest outpouring of anger against a single person in crypto so far.
A few intrepid internet sleuths actually devised the very beach that Hankir had taken his photo on and had called for those in the area to literally hunt the alleged thief down.
After 24 hours, Hankir returned to twitter to post a “gotcha” video, where he explained that the whole event was a stunt to “raise awareness” of how easy it is to scam everyone in the crypto space.
I couldn’t even make it through the whole video, it’s extremely smug of Hankir to sit their espousing safety and security, while he himself had just tricked people into believing that he actually had stolen their property. As an investor, I no longer believe that Hankir has the ability to lead Savedroid, nor should he be entrusted with the sum of capital given to him to build out his project. Additionally, this stunt will hurt the company long term, which in turn will probably affect the price of the token. In any mature financial market, this type of behavior would be a violation of the contract between investors and the company.
Just because you are in the crypto space, does not mean that you can screw around with investor funds. While funds may only be used to buy “utility” tokens, ICO’s are equatable to traditional equity raises and should be treated as such.
In order to rectify the damage done to investors I’m calling for these four things to happen:
- Yassin Hankir must be immediately removed from his position as Founder and CEO. He has shown he cannot be trusted with investor funds and will act rashly in a way which is detrimental to investors.
- The company should provide a full refund to anyone who wishes. The value of the Savedroid token will be affected by the actions of Hankir and investors must be able to recoup their funds before loses can occur.
- The German police should open an investigation into Savedroid and Hankir. If this had occurred for typical equity investors, the CEO would already be arrested and civil charges being drawn up against him.
- The Federal Financial Supervisory Authority should sanction and fine Savedroid and Hankir for their actions, establishing that actions like these are illegal and should not be attempted.
This type of “extreme stunt” was crass, non-educational and should be punished accordingly. Savedroid and Hankir have show they are more than willing to misuse investor funds and cannot be trusted anymore.
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