Ahead of the TGE for their $RCADE token on July 9, Revolving Games co-founder Ammar Zaeem has been accused of malpractice by @Luckytradess, an angel investor in the project.
According to a post on X, @Luckytradess sent $100,000 USDC to Zaeem in April 2024 to take part in Revolving Games’ angel round. After TGE delays, @Luckytradess asked for his $100,000 back in December 2024 – reportedly an uncommon practice for angel investments – and was told he would be refunded.
To date, @Luckytradess has not received his funds, with private messages between the two reportedly getting increasingly heated – which led to @Luckytradess taking the conflict public ahead of the July 9 TGE, and warning the public of the supposed risks of taking part.
Key Insights
- Revolving Games co-founder Ammar Zaeem has been accused of malpractice by @Luckytradess
- @Luckytradess contributed $100,000 USDC towards an angel round in April 2024
- In December 2024, he asked for a refund, and was told he would receive one – uncommon for angel funds
- @Luckytradess is yet to get a refund, and made the dispute public ahead of TGE
- The Revolving Games $RCADE TGE is expected to take place on July 9
What is Revolving Games?
Revolving Games is a Web3 game studio, headquartered in San Francisco, California.
The team spans multiple locations around the globe, and reportedly has over 150 personnel on their roster. Revolving Games is perhaps best-known for games such as Hatchlings, Skyborne Legacy, War of Nova, and the recently-released GTFO mobile game.
The studio is one of the most well-funded in the blockchain gaming industry, having raised over $37 million USD from the likes of Animoca Brands, Polygon and Dapper Labs – plus one of the co-founders of Rockstar Games, Dan Houser.
The Revolving Games ecosystem includes the RCADE Chain, the RCADE Foundation, and the soon-to-launch $RCADE token – with its TGE to be held on July 9.
How have Revolving Games responded?
Revolving Games have elected not to respond directly, but Zaeem has responded to @Luckytradess on X.
Is his response, Zaeem stated that “it’s disappointing to see this situation being aired publicly”, adding that “posting one side of the story in a tweet, while omitting key context, feels disingenuous and counterproductive.”
Zaeem’s response also appears to retract the offer of a refund. “I’m still open to resolving this respectfully, not directly but through my team and a third party after TGE. That remains my final offer and will not engage on this further.”
Zaeem would conclude by asking @Luckytradess to take down the post – though he responded by claiming he could refute Zaeem’s claims, which as of writing has yet to see a response.
With the $RCADE TGE set to take place tomorrow, July 9, we won’t have to wait long to see if this controversy will affect the future of Revolving Games.
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