Angel investors in the SocialFi platform Fantasy.top say roughly $50,000 in early funding remains unresolved after the project generated millions in revenue. The dispute has triggered accusations of a “soft rugpull,” highlighting governance tensions that often surface in crypto startups built around pseudonymous teams.
The controversy began when X user and investor “varrock” claimed the project had stopped communicating with angel backers and refused refund requests tied to an early investment. The platform, built on the Blast ecosystem, previously raised $4.25 million in a seed round led by Dragonfly with participation from Alliance DAO. At its peak in 2024, Fantasy.top ranked among the top 10 crypto protocols by fees and revenue generated, according to data from DeFiLlama.
So @fantasy_top_ refuses to refund my angel check after they made multiple million dollars then decided to shut down their main product
— varrock (@varrock) March 11, 2026
I gave them ~$50k and will never see it while they use the money they made to pay themselves salaries
Crypto angel investing is rough man
Did Fantasy.Top Abandon Its Original SocialFi Model?
Fantasy.top built early traction by allowing users to trade NFT-style “hero cards” representing crypto influencers. The SocialFi game briefly surged in popularity during the 2024 Blast ecosystem boom. But recent investor posts claim the project has shifted development toward prediction markets instead of expanding its trading-card mechanics.
The complaints gained attention after several industry figures publicly supported the criticism. Trevor Thompson wrote that he also received no communication from the team after investing, though he added that he never expected repayment. Meanwhile, Mike Dudas said he made a small angel investment and urged the project’s pseudonymous founder to clarify the roadmap.
The founder, known online as Travis Bickle, responded Wednesday by disputing the accusations.
“For the past two years, the company has been fully self-funded through product revenues,” Bickle wrote on X, adding that no investor funds were used for operational expenses.
There’s a lot of misinformation circulating about Fantasy today, so let me clarify a few facts.
— travis bickle (@travisbickle0x) March 11, 2026
• For the past 2 years, the company has been fully self-funded through product revenues.
• Revenues were reinvested into development across multiple products and systems built…
If revenues funded development instead of investor capital, why do some early backers say communication stopped?
Bickle also said Fantasy.top has more than 50 angel investors and acknowledged that structural changes inside the company have slowed updates. According to the founder, the team has reduced operating costs, streamlined staff, and cut founder salaries while maintaining several years of financial runway.
The dispute illustrates the governance risks that remain common in crypto-native startups where early capital often arrives through informal angel rounds rather than formal venture agreements. The next catalyst may come when Fantasy.top reveals its planned “next phase,” which investors say will determine whether the project regains community trust.
