The GameStop Memes (GMS) project, aiming to replicate the success of Wall Street Memes (WSM), has allegedly failed to deliver tokens to investors who have already paid. Despite raising $4 million in investments according to a post from its official account on February 14, concerns have arisen about the ongoing presale, which some investors claim is endless and results in no tokens being provided despite payment.
An investor, preferring anonymity, disclosed to Cointelegraph that despite investing $1,000 via the project’s website, they have not received GMS tokens. Developers reportedly stated that tokens would only be distributed after the presale concludes, with no definite end date provided. The investor expressed frustration, labeling the presale as perpetual.
GameStop Memes’ development team, in a Telegram conversation with Cointelegraph, confirmed that token distribution would occur post-presale. However, they did not specify an end date, noting contingency plans if the presale does not sell out.
Despite the resemblance in name, GameStop Memes is unrelated to the GameStop retail brand. The project falsely claims a partnership with Cointelegraph, although this assertion has not been confirmed.
GameStop Memes, inspired by WSM’s success, was launched in October, boasting a similar website layout. The project claims to continue WSM’s legacy but faces scrutiny over alleged partnerships and fund allocations.
Transactions linked to GMS reveal deposits directed to various centralized exchanges. However, as of publication, no tokens have been distributed to investors, despite ongoing purchases.
The project’s token contract, created in October 2023, holds the entire supply in the deployer account, with no distribution to investors. An admin emphasized the project’s broader vision beyond being a meme coin but did not specify a presale end date.
While blockchain data shows continued coin purchases, no tokens have been released to investors, nor have any been sold into the market, as the total supply remains in the deployer account.