Confido May Refund Some Token Offering Proceeds

A law firm representing an unnamed member of the Confido team has suggested that at least some of the funds raised in the company’s token offering will be returned to investors. On November 20, ETHNews reported that the firm’s website had begun to return an error message, that affiliated social media accounts had been deleted, and that someone claiming to be the CEO/founder had published a reddit post alerting investors that the company had encountered an unspecified “problem” which could prove insurmountable.

In a letter posted to the homepage of a restored confido.io, the law firm Jonkers Van Gemert (the website of which refers to the practices’ attorneys as “bitcoin lawyers”) states its client’s position that the short-lived company was “not a scam and that there were never any intentions to disadvantage any investors.” Instead, it said, the project proved unfeasible “within the scope of the results” of the token offering, leading its client to abandon efforts to develop the service.

The document attempts to excuse the deletion of various social media accounts by framing the act as one taken in response to death threats. It also offers the client’s assurances that “the majority of the investments are still unspent” and that those which remain have been “deposited in a trust fund until further notice.”

“In the upcoming days,” the letter projects, “our client will make preparations for refunds.”

Interestingly, the law firm that issued the statement is not the same one that supposedly escrowed the funds collected in the token offering: Kraft & Wurgaft, P.C., according to an archived version of confido.io. ETHNews was unable to independently verify the existence of the latter group.

A few days after ETHNews’s article on Confido was published, CNBC reported that CEO Joost van Doorn had inaccurately stated details of his employment history on the company’s website, falsely claiming to have worked for PepsiCo and Zalando.