ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Friday Dec 15th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Confido's Token Value Plunges As Firm Appears To Go Dark

By

Adam

Reese

WriterETHNews.com

Confido holders and other members of the cryptocurrency community are closely monitoring developments after an announcement regarding apparent legal problems on November 20 and the deletion of company social media accounts.

On November 20, a message appeared on the now-private subreddit for Confido, a blockchain firm that completed a token offering (also called an ICO) some two weeks prior. In the message, the team behind the coin announced in vague terms that a legal contract it had signed was somehow problematic. As a result, the memo explained, “development has been delayed until a resolution is found.” While it suggested that the firm would likely “be able to find a solution,” it also warned that “we cannot assure with you 100% certainty that we will get through this.”

Confido

In addition to the subreddit going private, the company’s website has begun displaying a 404 error message and its Twitter account has been deleted. Founder Joost van Doorn’s LinkedIn profile, several medium posts relating to Confido, and a few Telegram channels associated with the company have also disappeared.

Confido founder Joost van Doorn, according to an archived version of Confido’s page.
Confido founder Joost van Doorn, according to an archived version of Confido’s page.
Source

A member of Confido’s support team, who claims to have been left “in the dark,” took to reddit to pledge that he would continue his efforts to keep the community apprised of developments to the story. This individual did not immediately reply to an ETHNews request for comment.

In light of the scandal, Eli Lewitt of the website TokenLot, which hosted Confido’s token offering, described the company’s team as “very good scammers.”

The firm’s LinkedIn page was edited on the morning of November 20, 2017, so that the headquarter location field read “Berlin, Berlin.” Before the change was made, that field contained the address to a quaint home in a suburb of Berlin, according to Google Maps.

Additionally, an archived version of Confido’s website assures that “Funds collected in the ICO will be escrowed by Kraft & Wurgaft, P.C.,” but a google search of the law firm’s name returns only a handful of results, all of which relate to the token offering.

At press time, the value of Confido’s tokens had fallen by over 92% over the past 24 hours to about $0.03 apiece. On November 7, a tweet from the company account announced the conclusion of its token offering, which it said had “sold out within 40 seconds.” Between the presale registration and the two phases of its token offering, the company seemingly reached its fundraising cap of 1,250 ETH, worth more than $460,000 at press time.

The archived copy of Confido’s site linked above, which was captured on November 5, 2017, claims that “Sixty percent of the tokens … will be sold in the ICO, thirty percent … will be held by the company and ten percent … will be allocated to the bounty campaign.” However, according to another archived version of the same site from September 29, 2017, “Fifty percent of the tokens will be sold in the ICO, forty percent will be held by the company and ten percent will be allocated to the bounty campaign.”

According to archives of its site, Confido offers an Ethereum-based executable distributed code contract (EDCC) service whereby purchasers of goods send their payments to one of the company’s EDCCs rather than directly to sellers. The EDCC holds the funds until it confirms via data streams that the items in question have been shipped and delivered, then it releases the money to the vendor, a system which theoretically limits opportunities for malfeasance in commerce. 

Adam Reese

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether and BTC.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Confido, token or other Ethereum cryptocurrencies and tokens news.