CEO Of Porn-Focused Cryptocurrency Disappears With Investors’ Money
by Tyler Durden
ZeroHedge.com
Mon, 01/08/2018
The burgeoning market for initial coin offerings is rife with fraud and abuse thanks to unscrupulous people like the creator of FMtokens, a coin designed as a means for paying performers for live webcam chats. The New York Post reported Monday that investors in FMtokens – which purportedly raised just shy of $5 million – are complaining that the company’s shadowy CEO, Jonatha Lucas, has absconded with their money while refusing to deliver the promised tokens.
Lucas aimed to raise as much as $25 million, according to an investment plan.
A cryptocurrency built for watching live-streaming porn is turning out to be a buzz-kill.
Four investors in the digital currency, called Fantasy Market, claimed last week that its shadowy CEO disappeared with their money — and has not refunded all their investment despite repeated requests.
The alleged inability of investors to trade out of the Fantasy Market tokens, or FMtokens, could stand as a warning to all investors in the red-hot cryptocoin market.
Jonathan Lucas, the brains behind FMtokens, was aiming to raise as much as $25 million last year, according to Lucas’ white paper — the investment plan circulated among investors.
The tokens were to be used to pay for livestreaming porn.
Small-time investors from around the world have scrambled to invest in the largest digital currencies – like bitcoin, Ethereum and ripple – which have seen astronomical returns.
Circling back to FMtokens, the venture flamed out in November after the NYP questioned Lucas for about an hour about how his ICO would work and about statements he made in the white paper. The CEO insisted he wasn’t trying to scam anybody, and that he was using his real name. Several of the investors who lost their money believe the name John Lucas is an alias.
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