Confido has recently released a statement on its website claiming that the money raised by the company in its initial coin offering (ICO) is being kept in a trust fund until further notice.

The authenticity of the said letter, along with its legal representative is still under question considering that the company’s whole social media accounts, along with its website, have been previously taken down.

In the said letter, the supposed legal representative claimed that the people behind the Confido project have no intention to scam the investors. However, the money raised in the ICO is not enough to advance the initiative, so its developers decided to shelve it for further assessment.

Part of the letter read:

“Our client emphasizes that Confido is not a scam and that there were never any intentions to disadvantage any investors. However, the project – despite the dreams of the developers – is not feasible within the scope of the results of the ICO. Therefore, our client decided to stop the development of Confido.”

Brief Confido profile

The project that was intended to disrupt the traditional escrow services and transactions. However, after raising almost $375,000 through an ICO on the platform called TokenLot, the company has suddenly disappeared online. All of the startup firm’s social media platforms like its website went completely dark.

An investigation by a news channel also showed that Confido’s alleged Chief Executive Officer (CEO), Joost van Doorn, has lied about his employment history. Based on the probe, Van Doorn was never an employee of the beverage firm PepsiCo and German online retailer Zalando as he previously claimed on the Confido website.

Promised refund

Based on the letter, the Confido investors may potentially have a chance to recover the money they invested in the ICO. It remains to be seen, however, if this will be the case in the next few weeks as there are also lots of doubts concerning the authenticity of the said letter.