South African crypto token holders are worried about the state of funds and cannot withdraw as promised – Emerging Markets Bitcoin News
According to reports, a group of South African cryptocurrency investors expressed concern about the fate of their investment in the battle of fame (F2F token) after failing to withdraw their funds as promised.
The token sale attracted more than 2,000 applicants
According to the intraocular lens report, The investor invested in a token promoted by Marius Fransman, the former regional leader of the ANC, the ruling party of South Africa. Some media reports stated that Fransmann’s company may have received more than 2,000 investor applications, including actors, writers, musicians and directors who want to participate in the project.
Fransman had planned to use the funds raised to promote the international reality television boxing show called “Fight for Fame”. The report added that Fransmann’s company F2F SA will host large-scale entertainment events in large casinos and other venues. In these venues, tokens will become a means of entering the venue and can also be used to exchange gambling chips.
However, as an anonymous holder of the token explained, the problem begins when investors cannot use their funds as promised. Allegedly, Fransmann’s company did not fulfill its promise to withdraw funds in nine months, but instead told investors that they could only get a loan equal to a portion of their initial investment.
It seems that this unilateral change to the terms of the investment agreement has raised concerns among F2F token holders that they may not be able to recover their funds.
The impact of the pandemic on the Fransmann plan
At the same time, the report quoted Fransmann — who appeared to admit that the company had failed to deliver on its promises — to explain how Covid-19 and the blockade had affected his company’s plans. He said:
The unpredictability of Covid-19 and its variants means that ICOs cannot happen then or now, at least until the pandemic begins to dissipate or disappear completely. Due to this interruption, F2F SA has now received many requests from people who wish to quit because they have their own challenges.
Fransman insisted that his plan was to only allow individuals to trade their tokens after the launch of the ICO. However, Fransman suggested that his company is willing to consider repurchasing F2F tokens based on specific circumstances.
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