'Lawyers Are On It:' Fortnite Developer Dubs Crypto Project A 'Scam'

Tim Sweeney, the CEO of Tencent Holdings Ltd TCHEY owned Epic Games, has labeled the Fornite Token (FNT) “a scam.”   

What Happened: In a tweet on Monday, Sweeney said that there isn’t a Fortnite cryptocurrency and condemned crypto exchanges for facilitating trading of the token.

While the alleged scam Fortnite token is not available on centralized exchanges like Binance and Coinbase Global Inc COIN, users can still trade it on decentralized exchanges by manually inputting the token's Ethereum ETH/USD contract address.

Sweeney went on to call out the token’s creators for unlawfully using Fornite’s brand to advertise the Fornite Token NFTs, which users will be able to mint and sell on the decentralized NFT marketplace OpenSea.

See Also: WHAT ARE NFTS?

The team behind the token denied any wrongdoing and remained set in their belief that the ERC-20 token was fairly launched by a community of fans.
“Fortnite Token isn't a scam cryptocurrency project. Instead, this is a fair-launch, community-driven, Fortnite game fans-created cryptocurrency project with no specified owner or company structure behind it or a CEO deciding on its future,” said the token's creators on Twitter.

The Fornite Token’s Telegram channel has been blocked following the comments from Sweeney.

Epic Games partnered with blockchain gaming platform Gala GALA/USD earlier this week. Gala plans to bring web3 games to the masses by releasing its games on Epic Games store which caters to more than 194 million users.