Despite endorsement by pastors, celebrities, crypto firm allegedly worth $15 billion fails expectations

Despite endorsement by pastors, celebrities, crypto firm allegedly worth $15 billion fails expectations

  • Crypto firm, VirtualSax has not met the expectations of its investors despite a litany of endorsements by popular people.
  • Its promoters included pastors, musicians and sportsmen who used their platforms to sing the gospel of the crypto firm.
  • Years after, VirtualStax is yet to launch its tokens and its celebrity endorsers’ digital trading cards.

Cryptocurrency company, VirtualStax has failed to meet the expectations of investors after being super-hyped by a roster of sportsmen, celebrities, and pastors who invested money into the project, according to Forbes.

The cryptocurrency wave across the globe has come with b negative and positive aftermaths, enriching some and impoverishing others.

Despite endorsement by pastors, celebrities, crypto firm fails to meet expectations
TurnCoin investors - NFL star, Patrick Mahomes and NBA player, Wendell Carter Jnr Photo credit - Fox, BlogABull
Source: UGC

For VirtualStax, the CEO and founder Rudolf Markgraaff had claimed that the venture was worth $15 billion and promised potential investors the company would bring in $97 billion in revenue in three years.

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Despite the hype, VirtualStax is yet to launch its tokens and its celebrity endorsers’ digital trading cards. No known institutional investor for TurnCoin, the token that powers VirtualStax, has been disclosed so far.

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After years of delay, VirtualStax's digital trading card site was eventually launched in October 2023. However, TurnCoin is yet to be listed on any major crypto exchange even though the company insists its worth $15 each.

Celebs and pastors who endorsed VitualStax and TurnCoin

By the end of 2021, Margraaff's smooth-talking and charisma earned him the trust of an impressive group of celebs to boost VirtualStax.

Stovall Weems, a pastor at Celebration Church in Jacksonville, Florida invested about $100,000. Al Velez, a pastor of Eagle Mountain International Church in Fort Worth in Texas was also sold.

Others include country musician Luke Bryan, former American Idol judge Randy Jackson, Orlando Magic NBA player Wendell Carter Jnr, and NFL stars, Patrick Mahomes, Cameron Jordan, Drew Brees and Von Miller.

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Despite the promises of the firm, the app is still unavailable on Android or iOS. Stax cards issued by celebrities like Mahomes, who began promoting the company in 2021, are also yet to be available.

Cryptocurrency platform FTX goes bankrupt in US, boss resigns

FTX, one of the world's largest and most popular cryptocurrency exchanges crashed in the United States with the founder/CEO Sam Bankman-Fried resigning from his position.

The crash of FTX which handled around $1 billion in transactions daily came as a big surprise to many crypto world, forcing many traders to embark on massive selloffs, a situation which further deepend the crisis in the crypto industry.

30-year-old Bankman-Fried, who worked as a broker on Wall Street before moving to Hong Kong in 2017, had cultivated friends in Washington and basked in glowing tributes when he stepped in to rescue other ailing crypto companies earlier in the year.

Bankman-Fried, one of the world's youngest billionaires, has gone from a net worth of $26 billion (N11.4 trillion) to nothing in eight months (November 11, 2022).

Source: Legit.ng

Authors:
Victor Enengedi avatar

Victor Enengedi (Business HOD) Victor Enengedi is a trained journalist with over a decade of experience in both print and online media platforms. He holds a degree in History and Diplomatic Studies from Olabisi Onabanjo University, Ogun State. An AFP-certified journalist, he functions as the Head of the Business Desk at Legit. He has also worked as Head of Editorial Operations at Nairametrics. He can be reached via victor.enengedi@corp.legit.ng and +2348063274521.

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