‘Fan token’ company Socios accused of crypto price manipulation
by Emma Roth from The Verge - All Posts on (#5X1W3)
Photo illustration by Jakub Porzycki/NurPhoto via Getty Images Alexandre Dreyfus, the CEO and founder of fan token site Socios, has been accused of withholding payments in order to maintain the price of Chiliz (CHZ), the cryptocurrency used by the Socios community, according to a report from Off the Pitch.
Fan tokens are tied to real-life sports teams, creators, or artists, and give token holders access to exclusive fan clubs where they can vote on decisions within their community. In Socios' case, the platform centers around sports, with users buying Chiliz to purchase the fan tokens representing various teams in soccer, football, motorsports, and more.
Staff members, who were also supposed to receive a portion of their salary in Chiliz, weren't so lucky
As reported by Off the Pitch, Dreyfus...