News Confido May Refund Some Token Offering Proceeds

Confido May Refund Some Token Offering Proceeds


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November 28, 2017 11:16 PM

A letter from a Dutch law firm, which suggests that at least some investors in Confido’s token offering may receive refunds, has appeared on the troubled company’s website.

A law firm representing an unnamed member of the Confido team has suggested that at least some of the funds raised in the company’s token offering will be returned to investors. On November 20, ETHNews reported that the company’s website had begun to return an error message, that affiliated social media accounts had been deleted, and that someone claiming to be the CEO/founder had published a reddit post alerting investors that the company had encountered an unspecified “problem” which could prove insurmountable.

In a letter posted to the homepage of a restored, the law firm Jonkers Van Gemert (the website of which refers to the practice’s attorneys as “bitcoin lawyers”) states its client’s position that the short-lived company was “not a scam and that there were never any intentions to disadvantage any investors.” Instead, it said, the project proved unfeasible “within the scope of the results” of the token offering, leading its client to abandon efforts to develop the service.

The document attempts to excuse the deletion of various social media accounts by framing the action as one taken in response to death threats. It also offers the client’s assurances that “the majority of the [token offering] investments are still unspent” and that those which remain have been “deposited in a trust fund until further notice.”

“In the upcoming days,” the letter projects, “our client will make preparations for refunds.”

Interestingly, the law firm that issued the statement is not the same one that an archived version of identified as having supposedly escrowed the funds collected in the token offering: Kraft & Wurgaft, P.C.. ETHNews was unable to independently verify the existence of the latter group.

A few days after ETHNews’s article on Confido was published, CNBC reported that CEO Joost van Doorn had inaccurately stated details of his employment history on the company’s website, falsely claiming to have worked for PepsiCo and Zalando.

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Confido, token offering or other Ethereum cryptocurrencies and tokens news.

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