Unauthorised GameStop Memes attracts $4M, but investors left hanging

  • Unauthorised project GameStop Memes (GMS) has amassed $4 million from investors, striving to replicate the success of the Wall Street Memes (WSM) token. However, it has yet to distribute coins to investors who have made payments.
  • An anonymous investor claimed to Cointelegraph that he paid $1,000 for GMS tokens on the project’s website but never received anything in return.
  • The GameStop Memes official development team refused to give a definite end date for the presale right now.

An unauthorised project called GameStop Memes (GMS) has gathered $4 million from investors in an attempt to repeat the popularity of the Wall Street Memes (WSM) token.

GameStop Memes investors left waiting

As per a post made on February 14 by the project’s official X account, the GameStop Memes aims to emulate the Wall Street Memes currency.

However, it is said that the project has not yet distributed coins to investors who have made payments.

According to Cointelegraph, an anonymous investor claimed that he paid $1,000 to purchase GMS tokens on the project’s website but never received anything in return.

Rather, the developers are said to have informed him that the tokens would only be sent when the current presale concluded.

Furthermore, he claimed that the developers declined to provide him with a precise date for the presale’s conclusion, instead informing him that it would conclude only when every token was sold. The investor asserted, “The presale is ongoing and never-ending.”

The GameStop Memes official development team refused to give a definite end date, according to Cointelegraph.

Also read: Hackers pilfer $440K from fake MicroStrategy airdrop news on X

Wall Street Memes model serves as a template

A previous initiative named Wall Street Memes, which earned more than $25 million during its presale, served as the model for GameStop Memes, which aims to emulate its success.

The inception of Wall Street Memes can be traced back to 2019, when members established an online store, Wallstmemes.com. This online store showcased a variety of merchandise, including T-shirts, mugs, and baseball caps, all featuring Wall Street-themed designs.

During the WSM presale, the initial stage started with the lowest presale price, which then increased as each subsequent stage followed. On September 18, it said that there were just seven days left in the presale and that more than $25 million had been raised. The token was listed on the cryptocurrency market OKX on September 26.

Also read: Fintech Lenders Strengthen Lending Standards to Attract Wall Street Investors

GameStop Memes draws inspiration from WSM

In October, the GameStop Memes website went up. It identifies the presale as being in “Stage 1” and has a similar background and user experience to the previous Wall Street Memes website.

The website noted that it drew inspiration from the successful launch of Wall Street Memes and the accomplishments they achieved in the crypto space.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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