The popular free-to-play online video game Fortnite by Epic Games found out about a homonymous digital token that was created in late 2021. The firm’s CEO Tim Sweeney confirmed that Fortnite does not have any official cryptocurrency while mentioning taking legal action.
The CEO took to Twitter that such projects and accounts are just a “scam” while slamming the whole crypto industry.
“There isn’t a Fortnite cryptocurrency. The Twitter accounts promoting such a thing are a scam. Epic’s lawyers are on it. Also, shame on the cryptocurrency marketplaces that enable this kind of thing,” Sweeney tweeted on Monday.
Epic Games’ CEO, however, faced resistance from the crypto community on Twitter for addressing the crypto markets as a whole. A user with the name “@JarretCF” says that “no one can stop bad actors, no more than you can stop cheaters in your tournaments. To me, it’s all the same people.”
The Fortnite Token (FNT) team denied being a scam project soon after Sweeney’s tweet. “Fortnite Token isn’t a scam cryptocurrency project. Instead, this is a fair-launch, community-driven, Fortnite game fans-created cryptocurrency project with no specified owner or company structure behind it or a CEO deciding on its future,” says the Fortnite Token team.
Epic Games’ CEO also mentioned copyright and trademark issues with the so-called “fans-created” token, since it uses Fortnite’s official images and name without permission and in any relation to the game’s parent company.
A similar case
The vast interest in memecoins and the decentralized nature of digital tokens has created room for many scammers and fraudsters to misuse the emerging technology since new coins or tokens can be created in a matter of hours.
One of the most popular rug pulls in the industry is related to a Netflix show called the Squid Game (SQUID). The token was marketed based on a play-to-earn (P2E) game that users would make money from. However, what the investors didn’t know was that the project was a complete scam.
The token surged from $38 to $2,861 in a matter of a few hours, according to data provided by CoinMarketCap. However, the investors could not withdraw their money and the project plunged by roughly 100% to $0.007.
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