A cryptocurrency start-up that raised nearly $375,000 through an initial coin offering has disappeared with the funds. Confido billed itself as a company that is developing "smart contracts" to act as an escrow between a buyer and seller during a transaction of some sort.
The ICO took place earlier this month through a platform called TokenLot, which facilitates the fundraising. Nearly $375,000 was raised. Investors were given "contract for differences" tokens.
These tokens traded as much as $1.20 on Nov. 14, but plunged following the disappearance of the Confido team to around 2 cents, according to data from Coinmarketcap.com.
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