• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Dutch blockchain gaming company CEO on the run as fraudulent activities come to light
Blockchain

Dutch blockchain gaming company CEO on the run as fraudulent activities come to light

November 14, 2019 by Akash Anand

New companies are being built on the blockchain daily, and one of the most significant contributors to that are gaming firms. In between the cutthroat crypto world, some companies have taken steps to gain unfair advantages, which have now been called out. One example of such a company is Komodore64, a Dutch blockchain organization that has filed for bankruptcy after the founder defrauded its investors.

The founder has been on the run after raising millions of dollars in investment rounds but failing to pay employee salaries or even deliver a product. As per the Dutch Newspaper, The Sprout, the company wanted to use blockchain technology to keep track of transactions that occur within the game.

The idea generated so much buzz that it received funds from multiple quarters with an Italian investor, even transferring 600,000 to the company.

Sam Narain, the alleged perpetrator, took drastic steps as the CEO to ensure that the company received investments no matter what. The information has come to light that he had even asked some of his people to pose as Goldman Sachs employees to fool investors into thinking he had a deal with them.

The company allegedly tanked all its savings by thrown extravagant parties and events with one launch party at the Fokker Terminal in Hague amounted to thousands of euros.

What made matters worse is that the company had not paid the supplier at that event either, bringing up the fraudulent nature of the case. It has not been fully confirmed as of yet, but the latest reports now show that the founder has been arrested in The Hague. The local newspaper also informed:

“Whether the arrest actually took place at that hotel is not yet clear. In the meantime it has been established that the entrepreneur was recently arrested and will be questioned on Tuesday, the curator of Komodore64 John Dullaart confirms to Sprout. According to him, it is not yet 100 percent certain that the arrest has to do with the bankruptcy of Komodore64, but it obviously has the appearance of that.”

The development still has its tendrils spread out as there is also speculation that the real co-founder was Max Theyse, who was not able to fulfill the role that was then taken up Narain. Police are still looking into more evidence to pin down Narain as the actual culprit and to ensure the disgruntled employees are helped out.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: News Tagged With: Blockchain Games, Ponzi Scheme

Primary Sidebar

Recent Posts

  • Ethereum Powers Premier League’s Teamup with Sorare For Digital Player Cards In Fantasy Sports February 1, 2023
  • Bitcoin Boom: $117M Influx Brings Investors Back To Digital Asset Market January 31, 2023
  • Bitcoin Best Month: 43% YTD Price Increase Amid Short Squeezes January 31, 2023
  • Binance And Mastercard Join Forces To Launch Crypto Card In Brazil January 31, 2023
  • XRP: Web3 Domain Provider Unstoppable Domain Adds Support For XRP Toolkit January 31, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.