Founder of blockchain console Komodore64 arrested
The founder of the crypto startup Komodore64 has been arrested in The Hague. Like the Dutch news magazine Sprout reported, the company which collected 78 million euros from investors filed for bankruptcy. 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 has started with great ambitions. As a gaming platform, Komodore64 was to integrate blockchain-based transactions that could be used via the Komodo platform. The project attracted many people who invested in the corresponding K64 cryptocurrency.
Narain had said last July that Komodore64 would have generated 78 million euros of growth capital from investors. The news in turn attracted investors to the supposedly ambitious project.
Loud Sprout Narain has used a particularly inventive trick to attract new investors. At the time, Narain said that the money came from a "known investment company". However, recent research has revealed that Narain has hired a group of people to pretend to be a delegation to American bank Goldman Sachs, which allegedly donated millions.
The investment charade is not the only trick Narain should have played. The start-up celebrated its official start with a launch party worth tens of thousands of euros at the Fokker terminal in The Hague. Now it turns out that suppliers of Komodore64 should have rented the venue, which have remained at the expense.
But the confusion continues: Max Sheze, who has introduced himself as a co-founder of Komodore64 appearances, should have never actually performed this role. According to Komodore64 curator John Dullaart, "the real co-founder is someone else". However, Narain displaced them shortly after the company was founded.
In addition, the twelve employees of the company have been waiting for their salary for months. Two weeks ago, Komodore64 employees filed for bankruptcy.
Meanwhile, the Dutch police has arrested Narain. Whether the arrest is directly related to the bankruptcy of Komodore64 or other allegations led to the arrest, is not yet clear.
Blockchain instead of bread box
The name Komodore64 alludes to the legendary home computer Commodore 64, which was lovingly called Bread Box because of its shape. That the Komodore64 was inspired by the prominent template in the naming of the name: given. However, K64 has impressively demonstrated that media-savvy marketing that uses a familiar name to associate cozy nursery memories and integrate blockchain-based transactions does not guarantee a good gaming platform.
So far, the status quo gives little cause for joy. In addition to numerous card games, in particular Tamagochi-type collection applications, which promise all true ownership through Blockchain, present the current game trends dar. Creative approaches that go beyond a Blockchain economy or ownership, have yet to develop in the gaming sector.
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