Recently, De’aron Fox of Sacramento kings closed an NFT venture and swiped away $1.6 million of the investor money. Many fans and NFT collectors invested in NFT tokens put up by Fox but now are gobsmacked by this sudden turn of events.
He tweeted about closing the venture, posted an explanation on discord, and then deleted all the social media accounts related to the project. Press request to Fox and his agent has gone completely cold as there is no statement from the guard.
This has made the fans and the buyers angry about the lack of response, as they demand answers about their vanished crypto tokens.
In December of 2021, he mentioned his plans to launch an NFT project called Swipathefox. He said he wants to start a venture in which investors can buy NFT and other tokens and get some lucrative benefits. The venture was almost like a club where the investors and Fox himself would be part of, connect, and get mutually profited from it.
Fox promised some benefits and perks for the investors when he launched the project in January. These promises looked highly lucrative for the fans and investors.
Be promised more than five universities of Kentucky scholarships for the investors. With it, he also promised merchandise and tickets to all-star games, metaverse space for tournaments, one-on-one meet-ups with the guard, etc. he said that buyers could mint new NFTs by shelling out 400 dollars and can become green members by buying 0.3 ETH worth 1000 dollars.
He also launched a discord chat room where he will talk with the buyers himself. Even in the beginning, Fox chatted with the fans, cleared doubts, and made some big promises. This created a sense of community among the buyers, and that fired up the sale even more.
On Feb 25th of 2022, Fox tweeted about how the project was ill-timed and ill-planned, and that is the reason he had to close down the venture.
On discord, he talked about the reasons why he had to pull the plug and that the benefits will be cleared out.
At that time, there were around 3,000 investors involved in the project, and Fox had raised around 1.2 million dollars in the form of 475 ETH.
Many investors stated that this tactic of running away with investors’ money is simply gross from someone who is a public figure and has such a fan following. As Fox is a well-known player and is an active under-contract sportsperson, many are speculating that this can bring an end to his career as well.