Fantasy Market ICO CEO disappeared with raised money

According to the source, Jonathan Lucas could "carry away" from $2M to $5M
09 January 2018   653

Four investors of Fantasy Market ICO reported that the CEO of the startup disappeared with money after the ICO. This is written by NYPost.

Jonathan Lucas, creator of the Fantasy Market project and FMtoken cryptocurrency, intended to raise up to $ 25 million last year, according to white paper. Number of attracted funds is unknown. In November, in a conversation with reporters, Lucas said that he managed to collect less than $ 2 million, but back in September, in private conversations, he said that up to $ 5 million he lacks only 13%.

It was assumed that FMtoken will be used as a means of paying for viewing streaming porn video in real time.

During the November interview, Lucas talked for about an hour about how his ICO was going and explained the contents of white paper. At the same time he stated that he was not trying to deceive anyone and was using a real name. Several investors who lost their money believe that Jonathan Lucas is a pseudonym.

"Jonathan Lucas (probably a pseudonym) deceived us and disappeared with our cryptocurrency," said one of the investors in a conversation with NYPost after two months from the date of the investment.

At the moment of press, website of ICO consists of one page with the text bellow.

Fantasy Market Website
Fantasy Market Website

NYPost was able to talk with an anonymous investor regarding the refund.

[Recently] I wrote threatening to file police and FBI reports. Within hours they refunded me ethereum with a dollar amount equal to what I had contributed in early September, but since the coin has more than tripled in value since then, they kept the rest of my contribution, essentially stealing quite a lot of money from me.

Anonymous Investor

Another investor suggested that Lucas actively trades on the stock exchange crypto-currency, apparently using the money of investors for this purpose.

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Singapore's Watchdog to Warn Crypto Exchanges and ICOs

MAS says it has cautioned the exchanges to seek authorization if trading digital tokens that are regulated under the Securities and Futures Act 
24 May 2018   43

The Monetary Authority of Singapore (MAS), which performs functions of country's central bank, warned eight local crypto exchanges about the inadmissibility of futures contracts trading and digital tokens with the properties of securities without proper authorization from the regulator. This is reported on the Coindesk.

MAS representatives note that if the tokens traded on Singapore exchanges have properties that allow them to be classified as assets subject to the Securities and Futures Act (SFA), the trade in such coins must be immediately terminated before the regulator is given permission to operate as a authorized financial market operator.

If the digital tokens constitute securities or futures contracts, the exchanges must immediately cease the trading of such digital tokens until they have been authorised as an approved exchange or recognised market operator by MAS.

Monetary Authority of Singapore

In addition, local organizers of initial coin offerings (ICO) have also been warned about the inadmissibility of raising funds in Singapore. According to the regulator, ICO-tokens are equity instruments in the assets of companies, and therefore fall within the scope of SFA.

If any digital token exchange, issuer or intermediary  breaches our securities laws, MAS will take firm action. The public should be aware that there is no regulatory safeguard if they choose to trade on unregulated digital token exchanges or invest in digital tokens that fall outside the remit of MAS' rules.

Lee Boon Ngiap

Assistant managing director, MAS

According to representatives of MAS, not only issuers of ICO-tokens, but also other platforms that are intermediaries in the exchange of such assets and contribute to their dissemination, can bear responsibility.