Other
"Exclusive: Football’s crypto king and the missing millions"
Primary Source ↗Incident Details
Off the Pitch reported on March 11 that Socios, the sports fan platform, had withheld payments owed to staff, advisors, and others who had signed agreements to endorse the platform’s cryptocurrency, chiliZ. Internal messages showed that Socios founder Alexandre Dreyfus repeatedly referred to the payments owed to advisors as “the free money we give them”. The reasoning for withholding the payments he’d agreed to? According to internal messages from Dreyfus, “When you give free tokens, people can sell at any price… It doesn’t matter for them; so it makes the price going down… and the REAL investors who bought are losing money because of that.” Staff members also were not paid the amounts they were owed. Some of them had moved to Malta, where Socios is headquartered, and were stuck there waiting to be paid.
Technical Details
- Vendor / Product
- Socios payments controversy
Timeline
- 2022-03-11 Breach occurred
- 2022-03-11 Publicly disclosed