Confido (CFD) — a seemingly promising escrow-related crypto startup — has performed a devastating exit scam on investors and allegedly at least one employee, too.
CFD holders were shocked on Sunday, Nov. 19th, when the Confido team released a blog announcement declaring the project had run into some shadowy, poorly-defined legal dispute.
Within 7 hours after the sketchy post, the price of CFD crashed from $.68 USDs to $.10 cents — an astonishing, breathtaking 85 percent plunge.
By Monday morning, all traces of the Confido project’s online presence had been erased: confido.io, its executives’ LinkedIn pages, and all CFD’s social media pages.
Accordingly, prices plunged even further as investors panic sold, trying to get back just fractions of their investments for pennies on the dollar.
As prices plunged nearly 100 percent to $.01, exchanges like KuCoin and others began delisting their CFD-BTC and CFD-ETH trading pairs to officially block out the scamcoin once and for all.
The Confido team quickly privatized the project’s associated subreddit, too, as investors shared heartbreaking stories and suicidal ideations after losing thousands of dollars in the exit scam.
The saddest part is red flags were definitely present all, but the crypto craze unfortunately blinded the majority of the community until it was too late.
For instance, the LinkedIn pages of the 4 Confido executives were so clearly fake in retrospect, but people rallied more to CFD’s small circulating coin supply of 9 million and its $375,000 ICO than to these troubling early signs.
CFD investors will never be made whole again — that much is clear.
But the best thing that can come out of this situation is awareness for everyone in the space. We must all do our parts to raise the alarm and cut through the hype if we identify projects that are amiss.
Together, we can prevent further Confidos from occurring. First, though, we must all be more vigilant.
TLDR: Investors in Confido missed the early warning signs in an exit scam that’s rocked the space and most certainly destroyed several lives.