One company raised $375,000 in cryptocurrency—then disappeared from the internet

Confido was the light in the dark that promised better times ahead.

After a string of Initial Coin Offerings that brought buyers nothing but grief (and lost money), the scrappy little startup become the darling of the crypto world. It was only raising $400,000. It was running lean. 

But now, just two weeks after the ICO ended, the project’s website and founders are all gone, and the price of the Confido token (CFD) is near zero. 

To see why Confido was successful — at first, at least — we need to go a little further back. ICOs, or digital token crowdsales, are events in which startups raise funds by selling digital tokens to anyone willing to participate. And this summer, ICOs for projects such as 0x, Civic and district0x  were incredibly successful: The projects’ founders raised tens of millions of dollars, and shortly after the tokens became tradable their value surged, bringing quick and easy profits to token owners. Read more…

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