Unofficial GameStop memecoin's $4M token presale draws investor controversy
The memecoin project wants to follow in the footsteps of the Wall Street Memes token, but it has allegedly yet to send coins to investors that have already paid.
GameStop Memes (GMS), an unofficia project which seeks to capitalize on the success of the similar Wall Street Memes (WSM) token, has raised $4 million from investors, according to a Feb. 14 post from the project’s official X account. But some investors allege it is a never-ending presale that siphons away investors’ crypto and gives them nothing in return.
An investor who spoke on condition of anonymity told Cointelegraph that he never received GMS tokens despite having spent $1,000 purchasing them via the project’s website. Instead, he allegedly was told by developers that the tokens would only be delivered once the ongoing presale ends. In addition, he stated that the developers refused to give him an exact date as to when the presale will end, telling him that it will only end when all of the tokens are sold. "the presale is ongoing and never ending," the investor claimed.
In a conversation with Cointelegraph via Telegram, the GameStop development team confirmed that the tokens will not be sent to investors until after the presale is over. The team declined to state a definite ending date for the presale but did say that if the presale fails to sell out, “we have plans in place to match the amount of presale allocation.”
...