Several South African Cryptocurrency Investors have voiced out worries about the future of their investment in the Fight to fame token (F2F) after they reportedly were unable to withdraw their funds as promised.
According to the report from an IOL, the investors had invested in a token that was promoted by Marius Fransman, a former regional leader of South Africa’s governing party, the ANC.
Various media reports suggest Fransman’s company may have obtained over 2000 applications from numerous investors that include actors, writers, musicians, and directors that wanted to be a part of the project.
The regional leader has planned to use the funds generated to promote an international TV reality boxing show with the name “Fight to Fame.”
The report added that Fransman’s firm, F2F SA, would host large entertainment events at various venues such as big casinos, where the token would be used as a means of access to the venue and also be exchanged for gambling chips.
However, as one unnamed holder of the token said, problems started when investors were unable to access their funds as promised.
Instead of following through with the pledge to allow withdrawals after nine months, Fransman’s company allegedly told investors they were only qualified for a loan that amounted to just a fraction of their initial investment.
It is this unanticipated change in the terms of the investment agreement that has raised fears among F2F token holders that they may not recover their funds.
Meanwhile, the report has quoted Fransman, who came out to admit that his company is failing to honour Its pledge, explaining that Covid-19 and the lockdown have affected his company’s plan.
Fransman asserts that his initial plan was to only allow individuals to trade their tokens after the launch of the ICO. However, Fransman indicated that his company is willing to consider buyback the F2F token on a case-by-case basis.
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