By now, you’ve probably heard about SaveDroid’s recent exit scam, and if you are also among them who fell for it, I pity you. After so many cryptocurrency scams, everyone must now do their research before investing in it. Anyhow in this SaveDroid review, we will discuss how initially seemed to be an iconic startup turned out to be a scam.
What Is The Concept Of SaveDroid?
SaveDroid is an Ethereum token (ERC20) that is traded under the symbol SVD. The idea is to create smartphone software that can assist people in managing their savings and spending habits.
Key Features Of SaveDroid
One of the key features that are included in the whitepaper of the SaveDroid is “breaking the barriers in cryptocurrency structures” it means that there are many roadblocks for investors who want to enter into the crypto sphere, such as private keys, hardware wallets, web wallets, etc. all these conditions make it hard for common people and sometimes even tech-savvy people.
The Save Droid software aspires to remove some of these roadblocks and make saving and investing convenient for savers and investors.
Is SaveDroid A Legit Or Scam?
SaveDroid is a scam. This German firm that raised $50 million through an initial coin offering (ICO) and direct fundraising has announced ceasing operations. The saying image “Annnd Its Gone” is currently shown on the website, and the founder, Dr. Yassin Hankir, has posted on tweeter while thanking funders and declaring, “Over and out.”
Final Verdict: Hype Does Not Necessarily Translate Into Success
One thing is clear from the scams of these cryptocurrencies that you should not always go for the financial products which have a massive hype. It is always better to do a comprehensive study of the White Paper of the ICO and understand if it is making any sense or not.