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.
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