Investors in the Fantasy Market ICO claimed last week that its CEO had “disappeared with their money.”
The startup aimed to raise $25 million to create an ecosystem around webcam models and their followers, with payments made and received in FMtokens.
Team Profiles Were “Stock Photos”
Though it is difficult to determine how much contributions were raised by the ICO, it is known to have attracted a large number of investors. After several months with no token and no refund suspicions mounted.
“Jonathan Lucas (most likely an alias) has scammed us and run off with the cryptocurrency,” one investor told New York Post reporter Kevin Duggan.
In fact, concerns had long simmered that the ICO might not be all it seemed. Team members appearing on the website were suspected of being stock photos.
In a Reddit post from September the founder addressed the issue by claiming these were pseudonyms, and that until success had been ensured the team were working anonymously.
Lucas stated that he “had been rejected by friends and family” for previous business ideas that were “far, far less controversial than Fantasy Market.”
Though no one from Fantasy Market has as yet made a public statement in relation to the refund policy, the company’s website is asking all investors who have yet to be refunded to reach out directly via email.
Some investors are likely to remain unhappy since the refunds equate to ETH’s value at time of investment, rather than its current value. As one stated in the ICO’s Telegram channel, “since the coin has more than tripled in value since then [the original ICO – Ed], they kept the rest of my contribution, essentially stealing quite a lot of money from me.”