Last Updated: December 5, 2025 | Word Count: ~4,500 | Reading Time: 18 minutes
Quick Facts
| Specification | Value |
| Project Name | Savedroid |
| Token Symbol | SVD |
| Status | ❌ Reputationally Dead |
| Category | Fintech / Crypto Savings App |
| ICO Amount Raised | ~$50 Million |
| Fake Exit Scam Date | April 18, 2018 |
| Founder | Yassin Hankir |
| Headquarters | Frankfurt, Germany |
| Claimed Purpose | “Raise awareness about ICO scams” |
| Result | Destroyed trust, company faded into obscurity |
Table of Contents
- Executive Summary
- What Was Savedroid?
- The ICO Success
- April 18, 2018: The “Exit Scam”
- The Reveal and Backlash
- Aftermath and Decline
- Why This Was So Damaging
- Lessons Learned
- Frequently Asked Questions
- Sources & References
Executive Summary
On the morning of April 18, 2018, Savedroid investors woke up to a nightmare. The German fintech company’s website displayed nothing but a meme—the infamous South Park “And it’s gone” banker. CEO Yassin Hankir’s social media showed him on a beach holding a beer, captioned: “Thanks for the money, over and out.”
Within hours, crypto media declared Savedroid the latest ICO exit scam. Investors panicked. Some traveled to Savedroid’s Frankfurt office, finding it apparently abandoned.
Then, approximately 24 hours later, Hankir reappeared in a video explaining that the entire disappearance was staged—a “marketing stunt” designed to “raise awareness about ICO scams” and demonstrate how easily investors could be fooled.
The crypto community was not amused.
What followed was universal condemnation. The stunt didn’t demonstrate clever marketing—it demonstrated catastrophic judgment. Savedroid had just proven to its own investors that the company would lie to them, manipulate them emotionally, and treat their money as a prop for publicity.
The company technically survived the incident, but its reputation was destroyed. Savedroid faded into obscurity, becoming a case study in how not to manage investor relations.
What Was Savedroid?
The Product
Savedroid was a German fintech startup that offered an AI-powered savings app. The core concept:
- Users link their bank accounts
- AI analyzes spending patterns
- Small amounts automatically transferred to savings
- “Round-up” feature saves spare change from purchases
Think Acorns or Digit, but German.
The Crypto Pivot
In 2017, Savedroid expanded into cryptocurrency:
- Crypto savings: Automatically invest spare change into Bitcoin, Ethereum, etc.
- Crypto debit card: Spend crypto at retail (planned)
- SVD Token: Native token for the platform ecosystem
The Team
Yassin Hankir – CEO & Founder
- German entrepreneur
- Background in fintech and startups
- The face and primary decision-maker of the company
The team included approximately 25-30 employees at its peak, primarily based in Frankfurt.
Regulatory Status
Savedroid was a legitimate, registered German company:
- Operating under German financial regulations
- Had banking partnerships
- Real office, real employees, real product
This legitimacy made the fake exit scam even more shocking.
The ICO Success
The Token Sale
Savedroid conducted one of Germany’s largest ICOs in early 2018:
| Detail | Value |
| Token | SVD |
| Total Raised | ~$50 Million |
| Participants | Thousands |
| Token Standard | ERC-20 |
The raise included both public ICO and private investment rounds.
The Vision Sold to Investors
Savedroid pitched investors on becoming the “gateway to crypto for normal people”:
- Simple app interface
- Automatic savings features
- Fiat-to-crypto integration
- Licensed, regulated, trustworthy
The combination of German regulatory credibility and crypto innovation was compelling.
Early Optimism
Before April 2018:
- Active community
- Regular development updates
- Product was functional (the savings app)
- Team was visible and accessible
There was no reason to expect what came next.
April 18, 2018: The “Exit Scam”
What Investors Saw
The Website Savedroid.com was replaced with a single image: the South Park meme showing a banker saying “And it’s gone.”
CEO’s Social Media Yassin Hankir’s Twitter and social accounts posted an image of him on a beach, holding a beer, with the message:
> “Thanks for the money, over and out”
Communication Channels
- Telegram: Silent
- Support emails: No response
- Official channels: Dead
The Office Some investors and journalists traveled to Savedroid’s Frankfurt headquarters. Reports described the office as seemingly abandoned.
Media Response
Crypto news sites quickly published articles:
- TechCrunch: “Another Day, Another $50 Million ICO Exit Scam”
- Finance Magnates: “German ICO Savedroid Pulls Exit Scam After Raising $50 Million”
- Business Insider: Covered the apparent scam
The narrative spread rapidly: Savedroid had joined the long list of ICO frauds.
Investor Reaction
Panic ensued:
- Token price crashed
- Investors assumed total loss
- Anger mixed with resignation
- Some began researching legal action
For approximately 24 hours, everyone believed their money was gone.
The Reveal and Backlash
The “Joke” Explained
Roughly 24 hours after the fake exit scam began, Yassin Hankir posted a video:
Key Points:
- The exit scam was fake—a deliberate stunt
- All funds were safe
- The company was still operating
- Purpose: “Raise awareness about ICO scam risks”
- Demonstrate how easily investors can be deceived
- Encourage better due diligence
Hankir appeared to genuinely believe this was clever marketing that would generate positive attention.
Immediate Backlash
The response was overwhelmingly negative:
Investor Fury
- Betrayal of trust
- Emotional manipulation
- Proof the company would lie
- Questions about future honesty
Media Criticism
- TechCrunch updated: “The ICO That Cried Wolf”
- Finance Magnates: “Savedroid Stunt Backfires Spectacularly”
- Universal condemnation
Community Response
- Mass exodus from community channels
- Token dumps regardless of “safety”
- Social media ridicule
- Permanent reputation damage
Sample Reactions
> “They literally demonstrated that they’re willing to lie to investors for publicity. Why would anyone trust them now?”
> “Congratulations on the worst marketing decision in crypto history.”
> “You pranked people with their life savings. That’s not awareness, that’s cruelty.”
Hankir’s Defense
Yassin Hankir attempted to defend the decision:
- No funds were ever at risk
- The stunt lasted less than 48 hours
- Intent was educational, not harmful
- Company would continue operations normally
These arguments convinced virtually no one.
Aftermath and Decline
Immediate Impact
Token Price The SVD token, which crashed during the fake exit scam, never recovered. The “reveal” didn’t restore confidence—investors sold anyway.
Community
- Telegram membership collapsed
- Reddit became a ghost town
- Social media following evaporated
Media Attention All future Savedroid coverage referenced the stunt. The company could never escape it.
Attempted Continuation
Savedroid claimed it would continue operating:
- Development would proceed
- Products would launch
- Business as usual
But the damage was done.
Gradual Fade
Over the following months and years:
- Product launches received minimal attention
- User adoption was negligible
- Team members departed
- Media stopped covering the company
Current Status
Savedroid effectively ceased to be relevant:
- No significant user base
- No meaningful market presence
- SVD token effectively worthless
- Company may technically exist but has no industry impact
The company that raised $50 million became a cautionary tale rather than a successful fintech.
Why This Was So Damaging
Trust Is Everything
In financial services—especially crypto—trust is the only product that matters. Savedroid:
- Proved they would deliberately deceive investors
- Demonstrated willingness to cause emotional harm for publicity
- Showed poor judgment at the leadership level
- Made every future statement suspect
If they lied once for marketing, when else might they lie?
The Asymmetry Problem
The “stunt” exposed a fundamental asymmetry:
- Upside for Savedroid: Temporary media attention
- Downside for investors: Genuine terror about life savings
- Net result: Massive negative sentiment
The potential gain never justified the guaranteed harm.
Regulatory Implications
German and EU regulators took notice:
- Questions about investor protection
- Scrutiny of ICO practices
- Potential investigations
Even if no formal action resulted, regulatory attention is never positive for a startup.
Cultural Misread
The crypto community in 2018 was traumatized by real exit scams. Making light of that trauma for marketing was tone-deaf to the point of cruelty.
Lessons Learned
For Companies
1. Never Joke About Investor Funds There is no scenario where faking a loss of investor money is acceptable. None. Ever.
2. Trust Cannot Be Rebuilt Once you prove you’ll lie to your stakeholders, that reputation follows forever.
3. Marketing Stunts Have Limits Viral attention isn’t always positive. Savedroid got famous—for the worst possible reason.
4. Leadership Judgment Matters The decision to fake an exit scam reveals catastrophic judgment that should concern any investor.
For Investors
1. Watch for Red Flags Savedroid’s stunt was a red flag factory. Any company that would do this once might do something similar again.
2. Trust Your Instincts If a company’s leadership makes you uncomfortable, there are thousands of other investments.
3. Diversify Never have so much in one investment that a fake exit scam causes genuine life distress.
For the Industry
1. Self-Regulation Matters The crypto industry’s reputation suffers when any company behaves this way.
2. Standards of Conduct Even without formal regulation, there should be norms that everyone follows—like not faking crimes against your investors.
Frequently Asked Questions
What was Savedroid?
Savedroid was a German fintech company that offered an AI-powered savings app and expanded into cryptocurrency services. It raised approximately $50 million in an ICO in early 2018.
What happened on April 18, 2018?
Savedroid faked an exit scam. The website was replaced with a meme, the CEO posted “thanks for the money” from a beach, and all communication stopped. Investors believed for about 24 hours that their funds had been stolen.
Was Savedroid actually an exit scam?
No. The exit scam was fake—a marketing stunt. Funds were never actually stolen. However, the company’s reputation was permanently destroyed by the stunt itself.
Why did Savedroid fake an exit scam?
CEO Yassin Hankir claimed the purpose was to “raise awareness about ICO scams” and demonstrate how easily investors could be deceived. This explanation was universally rejected as inadequate justification.
What happened to Savedroid after the stunt?
The company’s reputation was destroyed. Token value collapsed and never recovered. The community abandoned the project. Savedroid faded into obscurity and has no meaningful presence today.
Was anyone punished for the stunt?
There’s no public record of formal legal action against Savedroid or Hankir specifically for the stunt. However, the market punished the company severely—the business effectively ended.
Can I still buy SVD tokens?
SVD tokens may technically still exist on Ethereum, but they have no value, no liquidity, and no utility. Purchasing them would be pointless.
Sources & References
- TechCrunch – “Another Day, Another $50 Million ICO Exit Scam” / Updated coverage – techcrunch.com
- Finance Magnates – “German ICO Savedroid Pulls Exit Scam” – financemagnates.com
- Business Insider – “Savedroid CEO Tracked Down by Journalist” – businessinsider.com
- Crypto Briefing – “Yassin Hankir: Savedroid Exit Scam ICO” – cryptobriefing.com
- The Next Web – “Savedroid ICO Not Gone” – thenextweb.com
- Fintech Futures – “Savedroid ICO Scam Joke Backfires” – fintechfutures.com
Disclaimer
This article is for informational and educational purposes only. It does not constitute financial, investment, or legal advice. Cryptocurrency investments carry significant risk. Always conduct your own research (DYOR).
Article by: LAB Blockchain Summit Research Team Category: ICO Disasters | Marketing Failures Tags: savedroid, SVD, fake exit scam, ICO stunt, yassin hankir, germany