- An angel investor accused Revolving Games co-CEO Ammar Zaeem of failing to issue a promised $100,000 refund and to cover losses from NFT sales.
- The investor claimed there was no formal contract for the investment, which was made in the RCADE token round.
- Message screenshots show Zaeem agreed to refund the sum and cover 1.86 ETH (about $6,100) in NFT losses, but never followed through.
- Zaeem denied all fraud allegations, calling the claims “disingenuous,” and stated that issuing refunds is not common practice in Web3 or startup investing.
- The dispute has moved to mediation, with both sides sharing their accounts and documentation online.
An angel investor has publicly accused Revolving Games co-CEO Ammar Zaeem of failing to honor a promise to refund $100,000 and compensate for NFT losses, following concerns about delays in the RCADE token project. The dispute centers around a no-contract investment made last year during a fundraising round tied to the blockchain-based RCADE token.
The investor, who goes by @Luckytradess on X, said they withdrew from the project after becoming uncomfortable with the roadmap and timeline. They requested their initial investment be returned and sought compensation for their loss of 1.86 ETH (about $6,100) after selling the project’s NFTs, Nexian Nodes and RG Bytes.
Screenshots posted by Luckytradess show Zaeem agreeing to cover both the $100,000 and the ETH loss. However, the investor claims that after more than six months of repeated requests, Zaeem did not send the funds and deleted portions of their communication. “He probably realized that he’s in deep trouble now so asked for wallets to return the funds and then just 2 days later started cursing and threatening that he will make me wait 3 years,” Luckytradess stated in a public post.
Further, Luckytradess alleged that the original investment was not sent directly to Zaeem, but to a third party. Screenshots appear to show Zaeem telling the investor to “go [expletive] yourself” and threatening further delays.
Zaeem responded by dismissing the claims as a one-sided narrative. He stated, “We are not in the business of issuing refunds, which is standard not only in Web3 but investing.” He emphasized that tokens are still available and said he attempted to process the ETH reimbursement through his brother. Zaeem also contended that he helped the investor with networking opportunities, which he considered as personal support, not an official refund.
Luckytradess maintained that all of Zaeem’s public statements can be challenged with evidence, and confirmed that the case is now in mediation. Protos has reached out to both parties for further statements and will provide updates if new details become available.
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