Cryptoeats, a business that purportedly obtained $8 million in a Series A fundraising round to develop a cryptocurrency-based Ubereats rival, has apparently vanished following the launch of its token. The business may have raised more than £500K from investors following the introduction of its official token, branded “eats.” The alleged fraud was marketed via UK influencers and associated clothing, as well as staging a London launch party.

Cryptoeats Initiative Vanishes After Token Launch

Cryptoeats, a startup that aimed to create a cryptocurrency-based Ubereats competitor, disappeared from the internet minutes after introducing its official token. The firm, which claimed to have acquired funding to develop its concept, declared that it had conducted a public beta of the service, working with restaurants such as Nando's and McDonald's.

Additionally, the business stated that it had onboarded over 100,000 consumers who had signed up to download and use the app on launch day. However, according to sources, the creators of eats, the platform's native token, emptied the wallet containing monies from the inaugural token sale, taking more than £500K from investors. Soon afterwards, the startup's social media profiles and website vanished.

Cryptoeats Looked Legit

Cryptoeats are concerned with appearing legitimate before they vanish. The firm first released a press release claiming to have raised $8 million in a series A fundraising round in 2020. The company's October 16 press release stated that it was “on track to capture a sizable portion of the $16.6 billion delivery app industry.” The message was initially sent via Globenewswire and was posted on the Yahoo Finance page, but both references have now been removed.

On a more local level, Cryptoeats assisted in gathering influencers from the United Kingdom to promote the new project among their followers. Joey Essex, a reality television personality who marketed Cryptoeats, expressed regret to local media. Essex emphasised:

I'm enraged. This firm utilised my identity to defraud a large number of individuals out of their money. It's revolting, and I feel awful for anyone who finds themselves in that circumstance.

Essex was not, however, the first local star to endorse Cryptoeats. Numerous more influencers attended a Cryptoeats launch party in London last week, where Cryptoeats gear was shown and worn by some of the staff.

What are your thoughts on the entire Cryptoeats debacle? Inform us in the section below.

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