Investment platform, 86FB, has pointed accusing fingers at Fintech company, Flutterwave, for its inability to run efficiently and pay up its investors.
The platform which claims to focus on football and collaborates with William Hill, a global online gambling company based in London, England, to integrate probability and statistics, disclosed in a statement that its funds have been maliciously frozen by Flutterwave. It added that this had made it impossible for it to pay up its investors.
Noting that it would not succumb to unreasonable acts, the platform called on investors to join it in enforcing Flutterwave to release its funds.
What 86FB is saying
The platform, in a statement to investors, noted,
“A series of things have happened recently that make us unable to operate normally, and I apologize for this. The purpose of today’s announcement is to explain to you why 86fb cannot run normally. The reason is because we have been maliciously frozen by a payment company called Flutterwave.
“This payment company maliciously froze our funds, and intends to take the funds as their own and extort us by cooperating with the local police. 86fb have never yielded as we have been trying our best to protect the rights and interests of every user, but the other party has a strong background in Nigeria, we cannot fight against it, so now 86fb cannot withdraw money normally”
“For everyone’s funds, and for the dignity of 86fb, we will not bow to this force. On behalf of 86fb, I implore you all to join me in fighting against Flutterwave unreasonable freezing of funds. I hope you can help us get justice.”
Promise to repay investors
- The platform, however, promised investors that it will pay investors as soon as Flutterwave refunds all of the funds it froze.
- It said, “If the money is to be returned, 86fb will pay all users’ funds as soon as possible!
- “At present, we have received feedback from many members that they have to get their own money when they find Flutterwave, so the platform recommends everyone to go to the Flutterwave payment company to get back their own funds!”
Since the 86FD’s allegation against Flutterwave became public knowledge, many investors have taken to Twitter to cry out to Flutterwave to release the alleged funds.
— NUEL ODEH (@NUEL3105) April 30, 2022
#flutterwave is our problem.They connive with Nigeria government to freeze #86FB funds. Is it a crime to be rich in this country?
Is it a crime to invest?
Is it a crime to work smart than work hard?
Is it a crime for the youth to be rich?#flutterwave must go down.#instablog9ja pic.twitter.com/OvMp8s64nM
— TheGoodBadBoy (@BayoOfLagos1) April 29, 2022
#flutterwave Olugbenga Agboola CEO at #flutterwave please release our funds. Whoever sponsored you to freeze 86fb account just want to destroy U. Millions of Nigerians are suffering due to this including MOGs that I know who are trying to make extra income to support God's work. pic.twitter.com/rWODRAg3Qo
— Olarewaju Racheal (@OlarewajuRachel) April 29, 2022
— Rap_healzz (@rap_healzz) April 29, 2022
What you should know
- Nairametrics had earlier reported how Nigerians were reacting to the possible crash of 86FB investment platform.
- The platform says it runs a hedge fund arbitrage method that combines finance and conceptual science to earn stable returns with extremely low risk in sports gambling.