Bitcoin Forum

Link to his post
http://www.twitlonger.com/show/n_1ss7f8q

He got addicted to gambling and lost even the investors money to gambling. He plans to soon announce his next moves related to crypto projects he was involved with including Clucoin.

If you have not heard about the coin, he is coinmarketcap link https://coinmarketcap.com/currencies/clucoin/

Now I do not know how many people invested in this project but whoever showed trust in it is now cheated.

Lesson here is not to trust every other new altcoin. Only invest in solid projects.

Just another bad news isn't it, in this bear market it's really hard to get a project going. But I don't know what this CEO or those entity behind the projects chooses to gamble the investors money in hope to double it or at least pay them.

There were reports that SBF did gamble too the money of his investors and look at what happen to his FTX.

Yes, we should be very very careful on investing on some project right now because they are turning into a outright scam.

What a d*ck head.

He losing everyone and development money because of his gambling addiction and he said are gonna fixed something on his next move? Did he still have some brain or somethings. The one who are problem is him, and do people are gonna to believe in him again? He should not being a founder, because of his d*ck head gambling addiction using other money.

He must have been a long time gambler even before he founded Clucoin. With Investors money, it fueled his addiction more and gave him more means to gamble, a reason why core gamblers cannot be trusted with holding money for any purpose. In the wake of Sam's case, maybe he has thought it wise to come clean to the public on his own terms, that is he is reporting himself before someone who knows about it exposes him and it becomes more serious.

I hope people take this advice this new year.

You don't gamble your investor's money and just say sorry and that's it, you have to pay for all your wrongdoings I'm sure investors will try to recover what they've lost because of mismanagement, we have so many bad actors now in the industry and it should stop, authorities should prosecute these scammers and put to jail or pay a hefty fine.
This is proof that people should do diligent research on the character of the admin they are putting their money into.

That's foolish. Who would want to visit to know such coin whose project developer got bankrupt after he went nuts on gambling. Damn, if this news is public and we already know who is he then a lawsuit can be lodged against him. Its fact which he himself agreed. There is no next crypto project or plans for this guy because simply he is done for his profile. Anyone hiring this guy will have their own projects failed in the first place due to trust issues. You know that you are touching the investors funds for foul play which is itself a crime and the serious one. No one can defend that statement, I just hope peeps who were involved in the project will take proper lawful advice to get the money back.

I thought the username looked familiar so I tried searching using the bpip.org and a few accounts came up. What are the odds that the user "DNP" is also the same person registered here?

That founder is lucky if nobody knew his real identity. Did none of the "investors" noticed the transactions from the wallet where the funds were supposed to be held?

Nice advice OP, I believe this message will surely help many people not to experience failure in their long and short term investments by carry out research before investing in a solid projects. This advice has made me to changed my mind not to invest in any new projects than to look for solid projects that has many investors and their teams are well organized to make it successful in the future.

I visited their telegram, and i didn't even know they had such an active community.
And apparently way before this reveal there was someone in discord calling founder out and asking hard questions and he only got banned for FUD

One thing most communities does wrong is not being able to seperate critique from fud. I've been kicked out from many failed projects just by pointing flaws in their tokenomic game theory or just pointing out math errors, if they don't know that their marketing tactics are illegal or other red flags. I've been screwed over so many times that at least i want basics to be watertight before investing.

Well first of all i have to say that i have never heard of Clucoin before and after checking your coinmarketcap link it seems it always was a pretty small project that never really had a big trading volume. Of course this does not automatically mean that it also was a bad project because nowadays there are appearing so many new crypto projects that it is very easy to miss a new one that is actually good and promising.
That the founder of this project used investor funds in order to win back his gambling losses is a really bad move from him. I would guess that he already lost everything that he owned personally and then there was only his investor funds left and then he used that. This just proves again that a gambling addiction can easily destroy your whole life and in this case maybe even the life of others.

So, it was a coin? I thought it was some kind of an exchange because its name sounds like kucoin (a well known crypto exchange ) I didn't check the link yet so idk but maybe one of their plans later on is also to build an exchange however its great that they have been busted out too early. If not then a lot of people are going to invest on them and this could be the next big thing after the FTX because there are stories that the founder of FTX do also got involved in gambling.

This could be one of the reason on why they use the money of their customer and losses it all. They aren't an old project either so let's not only judge the new coins here shall we.

That is the mentality of those that have gotten away with their bad behavior for far too long, they are always going to think that there is a way for them to get out of the problems they have created, and since that has been true so far then why things would change now? It would not surprise me that in order to keep their development working the founder creates yet another project with ridiculous promises of giving a huge ROI per year, but since now everyone knows what kind of person he is I doubt he will get any money out of such project.

Terrible news to hear, even though I had no idea what the coin was.

I can honestly feel hope for his projects, at the same time. At least he plans to do something about his actions (owning up to his actions and planning on how to make it right). While I'm bearish for the price of his coin (even though it's already down ~25%), I think it will eventually come back. His idea seems solid, but I honestly feel bad for him (though more for investors, of course).

If this news is legit then I think the CEO of the project had finally cheated investors of there funds and should be prosecuted for this attempt. I have never heard of this project before but I just felt sorry for those investors who would have lost there funds due to this mess. I am very careful this time about investing in crypto projects especially new projects that the team may not be known to the public and anything that happens to the project, the investors would have to bear the consequences themselves because of wrong choice.

That's a very good point, if you invested in something, you trust the owner(s) of the project.

On a side note, why did you say if the news is legit? Is there possible benefit from misinformation? Is there any way to prove this is legit news? I've never heard of TwitLonger, but understand why it was used.

Such news will only make investors to lose confidence in crypto even more especially with new projects. How can a founder be so reckless with little or no concerns about investors funds. Is this going to be the norm now with new alts projects?

It appears to be a dead token BTW. I'm not familiar with this token; I just learned about it. I'm not sure who owns it, but most new projects do the same. It's nothing new for them to gamble with investor funds. In the Decentralized Exchange, I've seen a lot of projects that died instantly after they were launched. They run IDO on the decentralized Launchpad and add it with Auto Liquidity. So, two to three days after the launch, investors gamble and then die. Nobody traded later. So be cautious when deciding to invest in a brand new project. It's as if you're gambling with your money.

It has been the norm for quite a long time now, new altcoin projects are more often than not up to no good, these days people just create one altcoin or the other to enrich themselves and nothing else. These project owners/founders are mostly scammers/impersonators who basically promise investors a lot, but none of such promises ever come to fruition, they just gather investors money, put it into their own pockets and disappear, it is a clear pattern that people should be conversant with now.

Having said that, this is definitely not going to be last scenario or occurrence on this, scammers are still going to create new projects and investors would definitely fall victim to it and lose their funds, rinse and repeat, i think no matter the losses people incure on altcoin projects, new ones would allure victims.

Altcoin founders today are just becoming worst and worst as time goes. They are becoming irresponsible and don't know what kind of risk they are facing on things they are doing. I've seen some articles that SBF also gambled his money to get his lost funds just like this founder of Clucoin. We might not know but there's a chance that there might be another founder that gambled their project funds to regain something. Gambling addiction of this founder is just so much that he came to this point, I believe that this project is unfixable given that the project head is an addict and messed up so much so I don't think that this project will have a chance for recovery. 

And this is why a lot of developers are finding it hard to get investors because of scenarios like this.
The technology itself has nothing to do about its failure, but mostly it is the developers that are digging their grave.
It may not be the last story of  a founder or developer that will be entangled in gambling addiction or similar financial woes,
so everyone should really be cautious in getting involve with coins or tokens. The reason why most are still sticking to btc.

I am not an expert, but in such a case, "public admin and public confession", are there no grounds/options for requesting compensation from the investors/hodlers/figures perhaps involved in the various stages of financing?
Its really frustrating see this impunity related crypto projects scam :(

it's silly how the investors money got wasted by the devs just for gambling, now everyone invested in his coin gonna bear the aftermath of his gambling addiction that results in losing money.
I think this is the disadvantage with investing in some trash new coins, you just don't know what these devs are gonna do with the raised money because sometimes they'd just did the most silliest thing ever.

So this becomes the new trend on where CEO's, Devs, owners are involved with on which telling out that they had used funds on gambling? We dont know if this one could be verified
out which those are really been used or simply been an alibi but truly they are hiding those money in secret and making out some reasoning to cover it out?

It is really just sad for these type or kind of news that do show up in the market which it turns out that they are going along on what SBF did.
So this do becomes obviously the trend as of this moment. lol

Can you link to source for this news ?

It is possible this is the new excuse they are going to use to try to cover their tracks, in the past they used the excuse they were hacked to steal the money of their investors, now they are using the excuse that they gambled that money away as it seems more believable and it leaves less tracks for investors to follow so they can try to recover their money, so it would not surprise me if we found out about more cases like this one on the future.

At least the guy is very sorry, unlike someone who embezzled Billions of dollars of customers' funds and had the audacity to plead not guilty when it is too obvious that he did mismanage and even gamble the funds of his company clients.  Regardless, I also think that the incident should not end on a sorry note, the developer must take responsibility for his action.  It is an obvious fraud because he uses the money that is supposed to be for project development in his gambling activities. 


Gambling the fund and saying it losses isn't an excuse.  It is actually evidence of embezzling investors' funds and is subject to a criminal case.

There is a thread in the gambling discussion about this one: BANKMAN-FRIED PANIC GAMBLES TO REPAY DEBT (https://bitcointalk.org/index.php?topic=5431177.0).

So there is similarity between this two founder of CEO? And I do agree that this is another issue now in crypto market, before it was just pure scam from developers and founders who suddenly disappear with investors money. Now they truly evolved from one scam to another, that is to gambler the money that the investors trusted them and hope that they will win in the end. Unfortunately, in gambling there is huge risk that your of our own money will be swept like that and we don't know what happen as our decision is clouded. Sorry for those investors of this project and this is another reality that we investors need to face. And hopefully, justice will be served against this kind of leaders.

This is one of the many reasons I don't fully back or invest heavily in new cryptocurrency projects; I do it to avoid situations like this one, which can be really painful if you're an investor and get taken advantage of. In order to avoid losing money, I only invest in Bitcoin.