NFT Project Founder Gambled Away Investor Funds

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  • An NFT and crypto project founder has admitted using investor funds for gambling
  • The individual, knowns as DNP3 on Twitter, apologized yesterday
  • Some were supportive of his admission while others were outraged

The founder of several NFT projects has apologized after admitting to gambling away investor funds. The individual, known as DNP3 on Twitter, admitted that he “got incredibly addicted to gambling” in the past year and, having used up all his own money on the habit, turned to the treasuries of his projects. While some offered condolences to DNP3, others were not so kind, saying that he should face jail time for the reckless use of other people’s money.

“I’m Sorry”

DNP3 was heavily involved in the creation of multiple NFT and crypto projects, including Clucoin, Gridcraft, Goobers, and Xenia, and until his Twitter post yesterday nothing was thought to be awry. However, this all changed in the space of a few paragraphs:

I'm sorry

The response within the markets was telling – Clucoin’s CLU token crashed 73%, while the floor price of Gridcraft and Goobers dropped 60% and 20% respectively. This is hardly a surprise, as there is now no money left for developing the projects of which he was the head, meaning that they are essentially dead unless someone takes over and essentially starts again.

Admission Divides Community

What was more interesting however were the takes from the community. Seemingly, DNP3’s admission of a gambling habit and profuse apologies, which were straight out of the Sam Bankman-Fried playbook, hit the mark, with plenty of people bearing no ill feeling whatsoever:

Others, however, couldn’t get over the fact that DNP3 had abused the trust that investors had put in him and had, essentially, stolen their money:

Theoretically there is no reason why the police shouldn’t get involved in a case like this, and it may be that DNP3’s only saving grace is his pseudonymity, although that may only be temporary if some investors are determined enough to see him punished.