Police arrested founder of Dutch blockchain gaming startup
Komodore64, a Netherlands based gaming startup that had claimed to have raised €78 million and also became popular in the crypto community is supposedly bankrupt, and company founder Sam Narain has been arrested. Founder Sam Narain allegedly misappropriated funds from the blockchain-based console project. This is the preliminary low point in a crypto-adventure with betrayed suppliers, feigned investors and cheated employees.
Komodore64 which launched in June with the objective to create a game platform where transactions are tracked on blockchain appeared to be a fraudulent scheme that deceived both investors and its own employees. The project and its native crypto coin K64, which have reportedly secured roughly $86 million in investments, have declared bankruptcy.
In order to grab investors’ attention, Narain talked up the funds that the project was able to raise. One false claim that spread around was that Goldman Sachs was an investor. The latter never happened, in fact, it has been reported that a group of individuals staged as the investment firm.
The reason for Sam’s arrest was not yet disclosed, but he imagined it was something related to the bankruptcy filing. The Komodore64 investors had been duped by saying that a Discord chat channel had been started to talk about the various troubles the company was going through. Members of the community have suggested that Sam’s passport must be detained to ensure his stay in the country.
13 November, 2019 11:49
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The CEO of Korean crypto exchange Coinup has been indicted in connection with a $386 million investment fraud. Also, other executives were arrested after an extensive investigation that began in 2018.
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