Fan Token Chiliz :
Fan Token’s connection with football is growing stronger and stronger due to the rising crypto trend.
Fan Token is connected with real-life artists, sports teams, and creators, the fan token holders have access to exclusive fan clubs with the privilege to vote on decisions within their community. But the trend is now under hot talks.
According to Off the Pitch, the CEO & founder of fan token site Socios, Alexandre Dreyfus has been accused of payments withheld for maintaining Chiliz (CHZ) price (Chiliz is the Socios community’s cryptocurrency).
Socios is a sports-centered platform where users buy Chiliz to get hold of the Fan Token representing different teams in motorsports, soccer, football, and other sports.
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Based on Off the Pitch’s report Alexandre Dreyfus is accused of withholding payments(a pre-accord Chiliz shares in exchange for endorsing the cryptocurrency) that was due for some of his advisors.
An anonymous tech executive reported to Off the Pitch that he was paid only a “little portion of what was promised,” and stated that the CEO of Socios was “avoiding all communications with the advisors” in September 2020.
After the heated debates on this allegation on the Fan Token, the company broke its silence and responded to Off the Pitch by stating that CEO did not want to see a steep drop in the value of Chiliz.
“We also need to protect the investors, when you give free tokens, people can sell at any price – it doesn’t matter for them.”
Off the Pitch investigated 3 more advisors in the same context and found that their pay was due too.
One of the employees about the Fan Token claimed the company previously agreed to pay $10 million but all he got was $60,000. Socios later brought out a new contract to replace the old ones signed by the employees.
One of the company’s staff members was terminated from his post after it was released to the press.
However, Chiliz reacted to Off the Pitch’s report and stated that it “does not reflect the truth of the matter.”