Concerns are surfacing again in South Africa over another case of investors losing their funds.
A group of investors who had put their money in an international cryptocurrency, promoted to them by people that include a politician of ruling ANC party, Marius Fransman, just before the Covid-19 pandemic struck in March 2020, are now concerned that they might not get their investment back.
Under their arrangement, F2F SA would host large entertainment events at venues such as big casinos where the tokens would be the means to access the venue and also to be exchanged for gambling chips.
However, according to F2F SA, the unpredictability of Covid-19 and its variants has meant that they could not hold an ICO.
Several investors are asking to draw their funds, a situation that was not intended based on the model F2F SA had in mind. It was intended that individuals would trade in their tokens after the launch of the ICO.