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Founder of Dutch blockchain game company arrested

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The founder of a Dutch blockchain-based company was arrested after his company went bankrupt.

Founder of Dutch blockchain game company arrested

Game firm Komodore64 claimed to track the sales of its in-game collectibles through the Komodo blockchain. Since launching in March the company claimed to have raised 78 million euros ($86M) through private investments.

The company also seemed to have raised money through its digital asset called K64. One user claimed that he had paid 600,000 euros ($662k) to the game company but the company failed to pay the suppliers and filed for bankruptcy. It was unclear what had happened to the money.

Allegedly, the founder of the company, Sam Narain had deceived the suppliers, employees as well as investors of the company. He defrauded investors by claiming that the firm had secured investments from Goldman Sachs. This seems to be false as Narain made a group of people act as representatives from the bank to fool potential investors.

The company enjoyed a lavish launch party that cost thousands of euros. The party was held at the supplier’s location who is yet to pay for the event. The employees are claiming that they have not been for a couple of months. The UWV (Dutch Employee Insurance Agency) is submitting a claim to recover unpaid salaries.

Narain was arrested recently while staying at the Hilton Hotel in The Hague. Apparently he had been staying at the hotel to avoid “angry crypto investors”. Although it seems that he was arrested with connection to Komodore64 it was yet to be confirmed.

Featured image by Flickr.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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