Fantasy.top Fundraising Controversy: Angel Investor Accuses of Losing Contact, Founder Claims Never to Have Used a Single Penny

On-chain trading card platform Fantasy.top cryptocurrency investor “varrock” posted on X on Tuesday accusing the project team of refusing to return his approximately $50,000 in angel investments and claiming he has not received the promised roadmap and financial reports. On Wednesday, Fantasy.top’s pseudonymous founder Travis Bickle publicly denied the allegations for the first time, emphasizing that over the past two years, the company has been fully self-funded through product revenue.

Investor Allegations: 50 Angels Waiting for an Answer

The core accusation in this dispute is that the Fantasy.top founder has been indifferent to angel investors after the project became profitable. User “varrock” on X clearly stated in his post that he “never sees any results because they use all the money earned to pay themselves,” and claimed that the promised roadmap and financial reports have never been delivered.

This post resonated widely within the crypto community. Ethos Network CEO Trevor Thompson said he has never received any communication from the Fantasy.top team, though he admitted he never expected angel investments to yield returns from the start. Responding more directly, Mike Dudas, co-founder of early venture firm 6th Man Ventures, publicly called out the founder: “You made millions of dollars but haven’t repaid your angels or communicated with them. Do you still have any honor?”

Founder’s Full Response: Self-Funding for Two Years

In response to external doubts, Travis Bickle issued an official statement on X on Wednesday morning, presenting the following key points:

Funds Fully Self-Funded: Over the past two years, the company has operated entirely on product revenue, reinvesting all profits into the development of multiple products and systems under the Fantasy app, never using investor funds.

Over 50 Investors: Bickle stated the platform has more than 50 angel investors, emphasizing that the company has been working to keep everyone informed, “although some structural changes take time to implement.”

Proactively Reduced Costs: In recent months, the company significantly cut down on cash burn, streamlined the team, and reduced founder salaries.

Years of Operating Reserves: The company currently holds operating reserves sufficient for years without needing to use investor funds.

Upcoming Plans to Be Disclosed: The statement promised to “share more about the next phase very soon.”

Fantasy.top’s Past and Present

Fantasy.top was once a star in the 2024 crypto ecosystem. This game, based on Blast Layer 2, allowed users to trade NFT-style “hero” cards of crypto influencers. It raised $4.25 million in seed funding led by Dragonfly and received early support from Alliance DAO. It ranked among the top ten crypto protocols in DeFiLlama’s 2024 ranking by fees and revenue, alongside pump.fun.

However, recent investors and community members have pointed out that Fantasy.top has gradually shifted from a trading card game to a prediction market platform, a change not officially clarified. In November last year, the team posted that they would not shut down core game features, but whether this promise is still being honored remains a matter of community debate.

Frequently Asked Questions

What is a “Soft Rug”? How does it differ from a traditional rug pull?

A traditional “rug pull” is a scam where project founders quickly shut down the project and run away with investor funds after raising capital. A “soft rug” is more covert—project teams do not explicitly disappear but delay communication, shift focus, or refuse refunds, gradually discouraging investors from pursuing accountability. Since there is no clear illegal activity, soft rugs are difficult to legally pursue and are more of a moral judgment within the community.

Can angel investors legally recover their funds?

It depends on the initial investment agreement. If the agreement includes clear refund clauses or performance commitments, investors may have legal grounds to pursue recovery. However, angel investments are typically high-risk, and many agreements do not include refund protections. As Trevor Thompson admitted, he never expected returns when investing, reflecting the high uncertainty of early crypto angel investments.

Does Fantasy.top’s shift to prediction markets mean the end of its original product?

There is no official confirmation yet. The November statement indicated that core game features would not be shut down, but Bickle’s latest statement mentioning “multiple products and systems” suggests the product line has already expanded or is expanding. He promised to “share more about the next phase soon,” and the community awaits clearer answers on the platform’s future direction.