Fan token company accused of manipulating cryptocurrencies

Recently, it has been on the agenda with the agreements it has made with sports clubs. fan token site Sociosaccused of manipulating the cryptocurrency world. Alexandre Dreyfus, founder and CEO of, cryptocurrency Chiliz (CHZ) your price It may have stopped payments to protect it.

A new report shared by Off the Pitch looks set to pit sports clubs against fan token firm Socios. CEO and founder of Alexandre Dreyfushas been accused of doing some tricks for the cryptocurrency used by Socios members.

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Socios ‘cheated’ to hedge Chiliz price

allegedly Founder of Socios.compart of the share agreements it has made with some of its advisors. Chiliz would pay using But the Socios executive, who alleges that share payments are on hold, told Off the Pitch that he got “only a fraction of the promised money”.

Reason for not paying consultants Chiliz cryptocurrency was to keep it safe. A message from Dreyfus, allegedly sent to advisors, revealed that he did not want Chiliz to be devalued:

“We also need to protect investors. When you give away free tokens, people can sell them at any price because the price of Chiliz doesn’t matter to them. However, real investors who buy Chiliz may lose money as a result of advisors selling the currency.”

It has been learned that employees who are supposed to receive a part of their salary as Chiliz also have problems. Anonymous source working at, while Chiliz’s value has increased severalfold, 10 million dollars worth Chiliz debt He claimed he didn’t get it. The employee, who was supposed to receive 10 million dollars, managed to get only around 60 thousand dollars in cash as a result of the agreement.

What is CHZ Coin?  - Chiliz

Chiliz spokesperson In a statement to Off the Pitch, he confirmed that some consultants he had worked with in the past were not paid on time, and expressed his regret for this situation:

“The deals were made while the company was still in its founding phase and at that time we were not able to issue CHZ as it was not listed on any exchange. To be clear, this delay is unacceptable and does not reflect the way we run our business and falls short of our standards. But we fixed the issues with our advisors and we maintain good relations today.”

For those who don’t know fan tokens; It is issued by referring to real-world sports teams, companies, or artists and gives some rights to token holders. These rights often include having a say in decisions regarding sports clubs.

If Socios in the world of sports appears and users use the Chiliz infrastructure to purchase fan tokens representing various teams in many fields such as football, basketball, motorsport, etc.

How do you interpret the manipulations by Socios for the Chiliz price? Do not forget to share your views with us in the comments section or on the SDN Forum.

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