Revolving Games CEO Accused of Failing to Honor $100K Investment Refund

Ammar Zaeem, co-CEO of Revolving Games, is facing serious allegations from an angel investor who claims he has failed to fulfill a promise to refund a $100,000 investment along with losses from NFTs. The investor, known as @Luckytradess on social media, has expressed frustration with Zaeem's handling of the situation after initially agreeing to the refund.

Key Takeaways

Allegation of Fraud: Ammar Zaeem is accused by investor @Luckytradess of failing to refund a $100,000 investment and NFT losses.
No Contract in Place: The investment, made last year, was based solely on verbal agreements and no formal contracts.
Investment Concerns: Luckytradess opted out of the project due to delays related to the RCADE token and requested a return of funds.
Unfulfilled Promises: Despite Zaeem acknowledging the refund, Luckytradess claims promises were broken, and communication was deleted.
Disputes Over Allegations: Zaeem responded, stating he only provided assistance and that refunds aren’t standard in the industry.

Ammar Zaeem, co-CEO of Revolving Games

Main Content

Ammar Zaeem, co-CEO of Revolving Games, has been labeled a “fraudster” by angel investor @Luckytradess, who alleges that Zaeem has failed to repay a $100,000 investment along with losses incurred from NFTs. This controversy came to light after the investor took to social media to express their grievances.

The investment made by Luckytradess was part of an angel round last year, supporting the RCADE token. It is important to note that this transaction was conducted without any formal contract or legal agreement. Following disappointment with the project's roadmap and delays regarding the RCADE token generation event—which was set for tomorrow—Luckytradess requested a refund and liquidated assets, including Nexian Nodes (previously known as Nexian Gems) and RG Bytes NFTs.

Zaeem initially agreed to refund the amount and cover the 1.86 ETH loss that Luckytradess claimed to have faced. However, the investor alleges that, after more than six months of requests and a firm deadline given, Zaeem failed to deliver. They also pointed out that during this time, Zaeem even deleted conversations, leading to further frustration.

In a dramatic twist, screenshots of messages seem to show Zaeem indicating he had sought legal counsel before advising Luckytradess to “go fuck yourself” and threatening to “bury” them in the process.

Responding to the allegations, Zaeem described the accusations as “disingenuous,” arguing it presents a skewed narrative that omits crucial details. He asserted that he informed Luckytradess that “we are not in the business of issuing refunds,” a practice he claims is typical not only in Web3 but in investing in general.

Furthermore, Zaeem argued that he “personally” engaged in various initiatives to assist Luckytradess and even facilitated their attendance at a crypto event hosted on a Qatar Airways flight by startup Redacted.

Despite all this, Luckytradess maintains that he can counter each of Zaeem’s claims, stating that they will observe how mediation with Zaeem's team unfolds.

Protos has reached out to both Zaeem and Luckytradess for further clarification on the matter and will provide updates as more information becomes available.

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