Exclusive: Savedroid CEO Says False Exit Wasn’t The Right Call
Savedroid's CEO spoke with us today about the incident that took place in April where the ICO appeared to be running off with millions of dollars of investor funds.
After the incident in April where Savedroid seemed to disappear with all of its investors’ funds, the company naturally lost some of their trust. The PR stunt was poorly executed, and it seems that Dr. Yassin Hankir, the project’s CEO, is conscious of that.
During our conversation with him, he provided a little bit of background to what led up to the faux pas.
“The background to this is that we’ve been doing our own ICO before. This was running from the middle of January to, basically, the middle of March. After the ICO was done, over the whole month, we have been confronted 24/7 with scams like cloning of our webpage, fake administrators on Telegram that tried to trick our community, basically, people who wanted to spend their black money in our ICO to do money laundering. Then, of course, this included some strange deals which were offered to us for purchasing some databases of user data which we could then use for marketing our ICO, and so on, and so forth.
We were completely shocked, I must say, because I was still new to the crypto economy… I was completely shocked at the high level of scamming going on. The fact that we were confronted with this so much made us think twice about what to do now. Should we just ignore it and just be thankful that we’re now through all of that?
Or, is there a way to stress a point, to raise a point? At some point, we came to the conclusion that we should communicate this to the market somehow,” he said.
Eventually, the only idea that Savedroid was able to muster up was to create the impression that the ICO was a scam to deliver a hard-hitting message to token buyers and make them aware of how easily one could be scammed.
Naturally, this scenario didn’t play out well for Savedroid, as it would lead to a revolt and plenty of FUD from investors. For this, Dr. Hankir apologized.
“Here, the effect was two-fold. On one hand, I am truly apologetic to all the token buyers because we gave them a very hard emotional time. I’m aware of that because we know that they had to experience fear about their money with which they bought tokens.
On the other hand, besides apologizing to the whole community, we are now focusing on conveying this message that our belief, given the high level of scamming going on, is that the market will not be sustainable,” he added.
We asked Hankir if this was the right course of action after all, to which he replied, “Definitely not.”
“I think the action itself was not the right way to go. Clearly, the message did not justify the means. This was too extreme. And that’s why I apologize for that, genuinely. I think we should have found a better way in order to communicate the message,” he said.
When asked what Savedroid could have done better, Hankir said that the team wasn’t able to come up with a better way, “which is why we did what we did.” What the ICO is doing now, according to him, is working better now.
“We’re doing three things. First, we are being very open and transparent to our own community, which means having AMAs every two to four weeks. There are community events every quarter in which everyone is invited to ask questions and visit our offices to see that we are approachable. Secondly, we do community voting so that everyone can have a say in relevant topics about the token. Thirdly, and this is going to take some time, we are talking to all the players in the crypto scene to gather support for this position for claiming higher quality standards in the future to make the market more sustainable,” he said.
Hankir firmly believes that Savedroid can reconcile with its investors, adding that the quality of the product offered by the company will speak for itself.
“We are making good progress towards our launch in the next few weeks. Then, the market gets to decide on our product and not on the actions which we took [in April],” he added.
The question now is whether Savedroid’s plan to make peace with the incident that took place in April will come to fruition and whether it would be enough for investors to set aside the emotions that ran during that incident.
It’s too soon to tell, but Dr. Hankir is right about one thing: It appears that some sort of international standardization is necessary to ensure that scammers can’t simply run amok with investor money every which way.