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Fans face big cryptocurrency losses after platform goes into liquidation – The Times

fans-face-big-cryptocurrency-losses-after-platform-goes-into-liquidation-–-the-times

One of sport’s biggest cryptocurrency-based fan platforms has gone into liquidation, leaving thousands of supporters with tokens that are now virtually worthless.

IQONIQ, which had deals with La Liga in Spain, the McLaren Formula One team and several leading European football clubs, has collapsed in Monaco. It was in effect a social media engagement platform for fans of the sports it sponsored and it sold its own cryptocurrency tokens.

The liquidation of the platform leaves clubs, sports organisations and fans potentially out of pocket. Its chief executive said that “millions” of IQONIQ tokens or coins had been bought and admitted that they were now worth almost nothing. However, he insisted that the value could bounce back. The Spanish club Real Sociedad have said that they

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