In the spirit of 2022, where project founders believed a simple apology will suffice when confessing to their very real crimes, Twitch streamer and founder of several NFT projects, DNP3, has confessed to gambling away investor funds.
Over the course of the last 2 years, DNP3, built a name for himself in the NFT space through projects such as Goobers NFT and CluCoin. Funding these initiatives by raising significant amounts of capital from a series of trusting investors. Now however, the ‘Twitch star’ has revealed that all of the money, including his own, is gone.
On Tuesday, DNP3 posted on Twitter that he had become “incredibly addicted to gambling.” Additionally, he states:
“Over the last year I got incredibly addicted to gambling. Every dollar I could find I would put into Stake in hopes of winning big. Even when the big wins did happen it wasn’t enough. Eventually I lost everything. In addition to my own life savings, I also irresponsibly used investor funds to try and “get my money back” from the casino which was wrong for so many reasons.”
“I am now completely broke both financially and spiritually. My sense of trust in myself is compromised.”
What Effect Is This Having on His Projects?
It appears DNP3 used funds to actively participate in gambling streams and got caught up in a cycle of addiction. Unfortunately, gambling in the Twitch community continues to thrive, with some streamers often spending hours a day gambling thousands of dollars in just a matter of clicks.
Now, DNP3’s announcement is having a negative knock-on effect on his current projects. Coingecko data shows that the price of CluCoin has plummeted more than 60% and Goobers NFT has also seen a significant dip on OpenSea.
Although it’s clear DNP3 has gambled away investor funds, what’s not clear is exactly how much money has been gambled and lost. The coming months will likely reveal the extent of the damages and what will happen next with the projects and DNP3.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Writer and author who enjoys simplifying blockchain technology topics.