FootballStars, a new digital token once endorsed by sports celebrities, has lost 98% of its value, and investors are reporting losses of somewhere around 70% in their portfolio. The FootballStars was launched to revolutionize the world of football through exciting new games and features.
Promo videos of the token featured prominent names like Achraf Hakimi, Romelu Lukaku, Marcelo Brozovic, and Asley Young. It created the impression that the token was regulated and reliable. Fans like Huy, a college student, fell for it to invest their funds.
The tagline of the promotional video was I love Football, and I love Crypto. Follow the best crypto project. Stay Tuned! Adverts like these reached millions of social media users and their followers. The timing could not have been better as well. Promos began running last May-June, a phase when all the players were at their peak after accomplishing big moments in the sport.
However, things turned upside-down when the website and associated social media accounts went inaccessible. The token has vanished, and there is no concerned person to connect with.
Fans have lost tons of cash. While it has not affected those with a small fund invested, traders like Mario Frau lost thousands of dollars. Mario Frau is an Italian architect, and he has called the loss a few thousand dollars, but that is the extent to which FootballStars has made some lives miserable.
Mario Frau narrated the incident to the media, saying that the price dropped suddenly after the founders dumped their coins. He added that many traders don’t have anything left to lose as their worth has turned zero.
He has still held on to a few groups on the internet with the optimism that there would be an update regarding the matter. FootballStars is another example of how followers fall for advertisements without conducting their research. Another example involving Paul Pogda and Andrew Robertson met with a similar fate of ruining the life of many people.
Traders like Yarzar were fortunate enough to sell their holdings when it dropped 50%. A football fan from Myanmar said that he found FootballStars legit only because sports celebrities had endorsed it. Huy raised some warning signs, but they were all silenced. He had attempted to highlight that the token was losing its value a few days before getting banned from the groups.
Players who actively endorsed the token are currently unavailable for comments; however, a spokesperson for Romelu Lukana has confirmed that the player did not mean to promote FootballStars. The spokesperson added that Romelu Lukana did not take money from the company.
FootballStars is not regulated in Italy or Croatia. Ironically, all the players to endorse the brand are from those teams. Followers from across the world lost their holdings. While some were fortunate enough to withdraw their reduced funds, others had no option but to wait for an update.
