savedroid AG has asked me to act as escrow agent for the current ICO. The most important points on this topic – also the scam scan – are listed in the following.
I. About savedroid AG and savedroid tokens
savedroid AG is a company headquartered in Frankfurt. Their core business is an app that, among other things, can help you save through gamification. You can determine the goal, timeframe, as well as the type of saving, and the app ensures that amounts from your own checking account are set aside for savings.
In the future, savedroid also aims to make investing in cryptocurrencies possible. It therefore stands to reason that this development will be implemented with the help of an ICO.
You can find additional details directly on the savedroid ICO website.
II. Scam Scan
Whenever I am to act as escrow agent for a project, I examine several factors to reduce the risk of investors being scammed.
1. Verification via video chat
Following extensive phone interviews and email correspondence, Mr. Marco Trautmann — founder and COO — verified his identity in a video chat.
2. Evaluation of the whitepaper / business plan
The evaluation of the whitepaper/business plan is done summarily. There is generally no statement regarding the likelihood of success. This is not the responsibility of the escrow agent.
As part of the evaluation, I reviewed the services provided, the team, and the business model. There were no indications typical for a scam.
3. Exotic risks for investors
No anomalies beyond the risks typical for an ICO could be determined. The ICO takes place in Germany. German jurisdiction provides slightly higher-than-average protection for token buyers in comparison to other ICOs. The tokens themselves are designed as a kind of voucher.
4. History/ WWW tracks
The company executing the ICO has been in existence since 2015 according to the commercial register. Details of their balance sheet could be gleaned via Federal Gazette. Unfortunately they are to reduced to make a statement. In the larger context, however, this should not be regarded as a disadvantage.
Responsible parties involved in this project are highly networked and have been linked in the media for a long period of time. This also speaks against a scam risk.
5. Bottom line
There are no indications of a scam. I classify such a risk as unlikely.
III. Execution of Escrow
Within the framework of the ICO, I am the trustee of the monies paid as Bitcoin or Ethereum. These are the accounts
Please note that this website may also be hacked. Therefore, do not make unverified investments from my website, only after verification at savedroid.
My activities as trustee are covered by my professional liability insurance up to 1,500,000 EUR per individual case and 3,000,000 EUR annually.
You can find more information in the general terms of the client agreement.
3. Transfer to token issuer
As soon as savedroid has sent the savedroid tokens to the buyers, savedroid can request the coins held in the escrow wallets. This is already possible during the ICO.
Upon request of the coins, respective buyers have one week to object to the transfer, insofar they did not receive any tokens.
I will make this request to me known via Twitter and in the official Bitcointalk thread.
Should I receive an objection, I will try to find a mutually agreeable solution.
4. Helpful hints for a refund
To receive a refund, every token buyer must prove that the coins (ETH/BTC) were sent by him/her. Generally, it is sufficient that you can send a signed notification from the sender address (wallet). Sending ETH/BTC directly from an exchange is thus problematic for a potential refund.
There are additional, subsequent means of verification. However, the risk of not receiving a refund due to lack of verification is then borne by the token buyer.
To be clear: this verification is only necessary if the token purchase must be revoked (for example, because you sent cryptocurrency after the deadline).
Good luck to all participants!
This post is also available in: German