ike many crypto companies, VirtualStax had a surefire way to generate hype: a roster of celebrities willing to tout its blockchain-based digital trading cards. NFL Superbowl champion Patrick Mahomes, former American Idol judge Randy Jackson, Orlando Magic NBA player Wendell Carter Jnr. — they all endorsed VirtualStax’s cards to their fans.
But that heady valuation is one of several statements made by the company that don’t seem to add up. Markgraaff’s VirtualStax — part of a coterie of companies he runs, including a platform to list the trading cards called TheXchange and another that issues TurnCoin, the token that powers VirtualStax — has not publicly disclosed any notable institutional investors. The launch of its digital trading card site in October followed years of delays.
But the on-record presentation was cut short when Wesley Wright, an external consultant for the company, demanded thatdeclined to do so as a matter of journalistic ethics. In a follow-up email, Markgraaff said thatreporting was “either misstated, misunderstood, misrepresented or worse, false” but did not provide specifics when asked.
In a statement, a spokesperson for James said “LeBron has never endorsed, invested, or had any relationship with these companies.” Representatives for VirtualStax ambassadors Mahomes, Jackson and Carter did not respond to requests for comment. The claims against the South Africa-based company — which says it has offices in six cities across the world, including Austin, Texas — come as the Securities and Exchange Commission ramps up its crackdown on celebrities endorsing crypto projects that promote opaque investment opportunities without disclosing they are being paid. Kim Kardashian, for example,
Otherwise known as blatant fraud.
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