Four Fantasy Market investors have alleged that the founder did not reimburse them. Jonathan Lucas had said he was trying to collect a maximum of $25 million. Now, however, investors claim that they cannot cash out their FMtokens.
A CEO who designed cryptocurrency for the live streaming of porn is said to have gone missing with his investors’ cash. Four Fantasy market investors have alleged that the digital currency founder, Jonathan Lucas did not refund their investment in spite of numerous appeals, according to the New York Post.
‘Jonathan Lucas (it very possible that this is not his real name) has swindled us and disappeared with the cryptocurrency,’ one furious investor informed the newspaper.
According to Lucas’ investment plan, he was trying to collect a target of 25 million. It indicated that FMtokens or Fantasy Money tokens could be utilized to pay for watching live-streaming porn.
The actual amount that was raised by Lucas is not known. In private chats, he bragged that he had raised about $4.4 million the previous year in September. But, afterward, he informed a reporter that he had collected lower than 2$million.
During the weekend, it seemed that the firm was attempting to refund investments. They requested investors to get in touch with them in the following 90 days.
However, an investor who failed to obtain a refund claimed that he remains angry after receiving a dollar sum equivalent to his September investment.
‘But, as the coin’s value has increased by more than threefold from then, they retained the remainder of my donation, basically pocketing a large quantity of my money,’ he remarked.
It happens days following the warning from the U.S. Securities and Exchange Commission that investors need to ‘be careful’ with cryptocurrencies such as bitcoin. It was noted that government and federal regulators might not manage to recover any missing investments from unlawful actors.
A lot of initial coin offering (ICOs) promoters and other investments of cryptocurrency are not adhering to regulations from federal and state securities, said a statement from Jay Clayton, SEC Chairman and Commissioners Michael Piwowar and Kara Stein.
Regulators endeavor to supervise these markets that are developing fast, but the SEC advised investors to be careful.
‘The state securities regulators and SEC are investigating breaches; however, once more, we warn you that in case you incur cash losses, there is a significant risk that the efforts we put in will not lead to the retrieval of your investment, said the officials.
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