A bunch of South African cryptocurrency buyers have voiced considerations concerning the destiny of their funding within the Battle to Fame (F2F token) after they reportedly have been unable to withdraw their funds as promised.
Token Sale Attracts Over 2,000 Candidates
In response to an IOL report, the buyers had invested in a token that was promoted by Marius Fransman, a former regional chief of South Africa’s governing social gathering, the ANC. Some media experiences counsel Fransman’s firm might have obtained over 2,000 functions from buyers that embrace actors, writers, musicians, and administrators that wished to be part of the undertaking.
Fransman had deliberate to make use of the funds that have been raised to advertise a global TV actuality boxing present referred to as “Battle to Fame.” The report provides that Fransman’s firm, F2F SA, would host massive leisure occasions at venues similar to massive casinos, the place the tokens could be the means to entry the venue and likewise to be exchanged for playing chips.
But as one nameless holder of the token defined, issues started when buyers have been unable to entry their funds as promised. As an alternative of honoring the pledge to allow withdrawals after 9 months, Fransman’s firm allegedly instructed buyers they have been solely entitled to a mortgage that amounted to only a portion of their preliminary funding.
It’s seemingly this unilateral change to the phrases of the funding settlement that has sparked fears amongst F2F token holders that they might not recuperate their funds.
Impression of Pandemic on Fransman’s Plans
In the meantime, the report quotes Fransman — who seems to acknowledge that this firm is failing to honor its pledge — explaining how Covid-19 and lockdowns have affected his firm’s plans. He stated:
The unpredictability of Covid-19 and its variants has meant that the ICO couldn’t happen then or now, a minimum of till the pandemic begins to dissipate or die down utterly. Arising from this hiatus, F2F SA has now obtained requests from numerous people wishing to opt-out, as they’ve their very own challenges.
Fransman insists his plan was to solely enable people to commerce of their tokens after the launch of the ICO. Nevertheless, Fransman prompt that his firm is prepared to think about, on a case-by-case foundation, the buyback of the F2F tokens.
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