South African Crypto Token Holders Worried about Status of Funds

Cryptocurrency ICOs News

A bunch of South African crypto investors, who had chosen to invest in the Fight to Fame (F2F token), have expressed their concerns regarding its fate. This was after they were unable to make a withdrawal of their funds, despite being promised.

According to a report, a former regional leader of the governing party in South Africa i.e. the ANC, named Marius Fransman, had promoted this token due to which the investors had deciding to put their money in it. According to some media reports, more than 2,000 applications were submitted to Fransman’s company from investors, which included musicians, writers and directors, all of whom wanted to be a part of the project.

Fransman had been planning to use the raised funds for promoting ‘Fight to Fame’, which is an international TV reality boxing show. The report added that F2F SA, Fransman’s company, would also host huge entertainment events at different venues that included big casinos and people would use the tokens for getting access to the venue and also exchange them for gambling chips.

However, an anonymous holder of the token explained that problems had begun to surface when investors found that they couldn’t access their funds as promised. Fransman’s company had promised that withdrawals would become possible after nine months and instead of honoring this pledge, the company allegedly informed investors that they could only get a loan that was just a small portion of their initial investment.

Of course, it is understood that investors have now become concerned because of this unilateral change made to the terms of the agreement and now the F2F token holders are worried that they may not get their funds back. Meanwhile, Fransman has acknowledged that his company is unable to honor the pledge they made in the investment agreement.

He reportedly explained that it was the lockdowns brought on by the global coronavirus pandemic that has affected his company’s plans. He stated that due to the COVID-19 pandemic and its variants, it hasn’t been possible to conduct an ICO and it wouldn’t be possible until the pandemic begins to dissipate or disappears completely.

He said that because of this hiatus, a number of people who had invested now wanted to opt out because they are dealing with their own challenges. The South African insisted that all of it was because of the COVID-19 pandemic. Moreover, he went on to say that his company would only permit investors to trade in their tokens after they have conducted the planned ICO in the future.

But, he did say that they were considering buying back the F2F tokens from the investors. They would use a case-by-case basis for this approach, which means they would consider the request of investors individually before making a decision about it. With such statements, it is a given that investors would be concerned about their money because the COVID-19 pandemic does not appear to be dying down any time soon and new variants are popping up globally and cases are surging once more.

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