In a move that for sure will make ICO haters boil, Confido ICO has completely disappeared from the radars having raised $347,000. The tokens sold by ICO were called CFD, and the company promised its early investors ‘safe and trustless cryptocurrency payments.’

Both the site and the Reddit account have completely vanished leaving the investors holding the bag with no traces to find its founders. Joost van Doorn, who is supposed to be one of the ICO’s founders, posted a note at the company’s subreddit:

“We are in a tight spot, as we are having legal trouble caused by a contract we signed. We signed the contract with assurance from our legal advisor that there was minimal risk and it would not be an issue. I can’t and won’t go into details, but he was wrong. It is a problem.”

The full message can be read at the company’s blog on Medium.

Confido was hosted on an ICO store TokenLot, who claims to know nothing of where to find its founders. It’s obvious that the ICO was an absolute scam, as no actual work has ever been done while the tokens were issued. Another version states that the company vanished after some legal issues began.

Eventually, the price of Confido token has dropped by more than 90%.