Confido, which raised $374,000 from investors in an ICO and reached $10 million in market cap last week, has disappeared from Sunday this week.
The company’s ICO ran from Nov 6 to 8 on TokenLot. TokenLot now says in a statement about Confido, that the lines of communications between them and Confido are also now not operational and they do not have much information about the situation.
However, TokenLot says that after reviewing the emails on their platform about Confido, they have found “very positive lead” to help trace the team behind the project. The team says that the ETH collected was sent to an account with Bittrex.com and is working with Bittrex Management on the same.
“We have reviewed all previous emails and conversations to try and find any clues that might lead us to the actual people behind this scam. Fortunately, we have stumbled across one very positive lead. Blockchain analysis shows that the ETH that was collected and transferred to Confido, ended up being sent to an account with Bittrex.com.”
Bittrex Management has confirmed that the account, is an account where enhanced KYC verification was authenticated. They are also working with KuCoin and gathering all information for the team behind the project.
KuCoin also suspended trading and deposit of Confido’s CFD tokens on Monday according to an announcement on its website.
“We are suspending the trading and deposit of Confido due to the shutdown of its official website and Twitter account. The users can cancel orders via Assets – Active orders and withdraw CFD via Assets – Withdraw. We are contacting the project team right now and we will make another announcement about the next step.”
Confido Ethereum-based app for making payments and tracking shipments first claimed, in a brief statement on Reddit, that legal problems are preventing it from continuing their work.
“Right now, we are in a tight spot, as we are having legal trouble occuring by a contract we signed. It is likely that we will be able to find a solution to rectify the situation. However, we cannot assure you with 100% certainty that we will get through this.”
The message was from Confido’s founder Joost van Doorn, whose LinkedIn profile is also now not working.
A Confido representative on Reddit says he was unaware of the issue and in dark about it. He says he will do his best to find out what is happening and update everyone about the situation.
“There is potential that the removal of everything was due to the legal situation that they are facing. Since it is possible as I got the feeling that the situation was dire. I don’t agree with this course of action. However, as it has left the entire community, and myself, in the dark.”
People are still commenting on the company’s Bitcointalk forum thread.