Revolving Games CEO accused of breaking $100K investor refund promise
Revolving Games co-CEO Ammar Zaeem has been branded a “fraudster” by an angel investor who claims he has reneged on his promise to refund a $100,000 investment and NFT losses.
That’s according to X user @Luckytradess, who made the USDC angel round investment last year against the RCADE token, which involved no contract or legal agreement.
Luckytradess claims they were put off the project by its roadmap and delays in its RCADE token generation event (scheduled for tomorrow). As a result, they asked for their investment back and sold their Nexian Nodes (formerly Nexian Gems) and RG Bytes NFTs.
Zaeem agreed to refund the sum and cover the 1.86 ETH loss Luckytradess suffered when they sold these NFTs.
However, Luckytradess claims that, despite pursuing Zaeem for more than six months and giving a firm deadline, the founder repeatedly broke promises to send the money and even deleted chats.
They also discovered that their funds hadn’t gone to Zaeem as implied, but to another third party.
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Message screenshots appear to show Zaeem revealing he sought legal advice before telling Luckytradess to “go fuck yourself,” and threatening to “bury” them.
Revolving Games CEO denies “fraudster” allegations
Zaeem denounced the thread as “disingenuous,” claiming it was a one-sided story that’s “omitting key context.”
He claims he told Luckytradess, “We are not in the business of issuing refunds, which is standard not only in Web3 but investing.”
He then argued that he “personally” helped them with various key-opinion-leader initiatives and tried to get them a seat on a crypto-powered networking event hosted onboard a Qatar Airways flight by startup Redacted.
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Zaeem also said their tokens “are still available” and that he set up a group with his brother “to ensure the ETH offer could be processed.”
“I was trying to help, not making a promise,” he added. Luckytradess, however, said he can debunk each of his claims and that, for now, he’ll see how the mediation goes with Zaeem’s team.
Protos has reached out to both parties for further explanation and will update this piece should we hear back.
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