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- A Twitch streamer lost investors’ funds and his life-savings to gambling.
- He apologized for his actions.
- The individual has created projects like Goobers, CluCoin and more.
Regulators around the globe are trying to take control over the sector following extreme market volatility and malicious actors trying to exploit investors. Now a recent case involving gambling came into light where the individual lost investors’ fund while trying to recover the previous loss. DNP3, a Twitch streamer and creator of projects like Goobers NFT, CluCoin and more, admitted all this in a Twitter post.
Apology Accepted?
He apologized for losing the funds and took to Twitter to post an apology letter. He revealed that he lost all of the investors’ money to gambling. The streamer had lost some money in the past and tried to recover that using investors’ funds. However, the plan backfired. Moreover, his lost his life-savings as a result of the addiction.
Now that all the money’s gone, he revealed that this has left him broke, both financially and spiritually. The NFT creator is currently working with a support group to overcome the addiction. Finally, he mentioned his projects and said that he will create another Twitter post regarding them.
While the letter ended with apologies, the matter continued on the social media platform. A user showed some empathy and hoped he would find some “clarity and peace”. Moreover, ZachXBT, an on-chain investigator, took the matter to his Twitter and asked the viewers to not focus on the “replies”. Another user said that if Zach is looking into the issue, it’s a problem for DNP3.
Matters like these are among the reasons leading to a trust deficit between the community. The crypto sector is already infested with fraudulent projects where people have lost their hard-earned money. Investors need to do their own research instead of throwing cash into random projects.
Though gambling is legal in several states, it is becoming a growing problem. According to a report, 2 out of 3 gamblers admitted that they were involved in illicit acts associated with the activity while 70% reported getting into illegal acts. Moreover, the state of Georgia says that correctional costs involved in such issues range from $2,000 to $3,000.
Crypto and NFT sectors experienced negative momentum throughout 2022 which has caused many investors to exit their positions. According to CoinMarketCap data, the cryptosphere has shed over $2 Trillion since the November 2022 peak.
These incidents serve as a lesson for all those getting involved in the digital asset sector. The market currently lists over 22,000 crypto assets but only a handful of them are operating in a legit manner.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
