Confido website disappears days after raising $420,000 in ICO
A tech start-up that claimed to offer a new payment and goods tracking service has deleted its website days after raising $420,000 from investors through an initial coin offering (ICO). Confido had earlier posted an announcement on the site referring to "legal trouble" as a result of a contract they had signed, but provided no further details. The statement from founder Joost van Doorn also contained an apology for the financial damage the announcement would cause. The cryptocurrency lost 80% of its value on exchanges after the announcement.

A little known project that raised half a million to develop a new goods tracking service so that you pay through a smart contract only after delivery, has today closed shop.

“We are in a tight spot, as we are having legal trouble caused by a contract we signed,” Joost van Doorn, the project founder and a former eBay employee says before adding: