A group of South African crypto investors has expressed concern about the fate of their investments after investing in the Fight to Fame (F2F token) and reportedly being unable to withdraw their funds as promised.
According to reports, over 2,000 South Africans applied for the token sale.
According to an IOL report, the token that is currently causing investors to panic was brought to the public’s attention by Marius Fransman, a formal regional leader of South Africa’s ruling party (ANC). According to other media reports, more than 2,000 applications were submitted to Fransman’s company, including writers, actors, musicians, and many more who wanted to be a part of the project.
Initially, Fransman intended to use the funds raised to promote an international boxing TV reality show called “Fight to Fame.” According to the report, Fransman’s company, F2F SA, will host many large entertainment events at various venues such as casinos. The plan was to make sure that the tokens were the only way to get into these venues or exchange for gambling chips.
However, as one of the investors who spoke on the condition of anonymity explained, the problems began when investors could not access their funds as promised. According to information obtained from an anonymous investor, F2F SA pledged to allow withdrawals after nine months. However, Fransman’s company has allegedly broken the promises, telling investors that they are only entitled to a portion of their initial investment as a loan.
This unexpected twist and abrupt change in terms of the investment agreement has caused fear and uncertainty among F2F token holders, who believe they will never be able to recover their funds.
Meanwhile, Fransman appears to recognize the reality of the situation but blames it entirely on the Covid-19 pandemic and the resulting lockdowns. According to the report, he stated that due to the unpredictability of Covid-19 and its variants, the ICO could not take place then or now, at least until the pandemic begins to dissipate or dies down completely. As a result of this pause, F2F SA has received requests from various individuals who wish to opt-out due to personal circumstances.
Fransman maintains that his original intention was only to allow individuals to trade in their tokens after the ICO launched. However, Fransman now says that his company is willing to consider buying back the F2F tokens on a case-by-case basis.