Crypto Venture VirtualStax Accused of Fraud and Ponzi Scheme Allegations

South African digital trading card company VirtualStax has raised $100 million from investors, including NFL players Patrick Mahomes, Lamar Jackson, and Tyreek Hill. However, the company has been accused of fraud and owes $12 million in unpaid royalties, according to a lawsuit filed in Harris County District Court. The company had promised to generate $97 billion in revenue within three years, but has yet to launch its tokens and digital trading cards endorsed by celebrities. VirtualStax has also faced regulatory scrutiny for allegedly promoting opaque investment opportunities without disclosing payments to celebrity endorsers. Despite promotional efforts, the TurnCoin app has not yet appeared on Android or iOS and Stax cards owned by celebrities are not available.

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