Be careful with people's money

[Oshosondy]

I have read many news that someone will mismanage people's money. I read one about a university student some years ago that gambled with the money contributed by his course mates. The main reason that is causing the money mismanagement is either trading or gambling, but I read more about gambling online. Some can be because of other reasons.

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

The core developer of the Solana-based cross-margin decentralized exchange (DEX) admitted his wrongdoing in a public statement shared in a May 14 X post:

“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”

His statement on X:
https://x.com/hoakbuilds/status/1790434490877129007

https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic

[retreat]

There have been many cases like that where people misuse other people's money for their own interests, for example gambling with the money in the hope that they can multiply the money and make themselves rich. Gambling using other people's money is a very stupid act, because gambling is uncertain when you win or lose, and you will most likely lose, so gambling using money you shouldn't gamble with is very risky and should be avoided.

[coin-investor]

People should check the background or character of the people they entrust their money with, but unfortunately, some people are so good at hiding their character that they only get exposed when the deed is already done.

Temptation is really high for people to take a chance on gamblers, especially if they see a match that they figure out could give them a sure win.

This is why companies do not put people in a sensitive position dealing with money who they know to be bad at handling money or addicted to gamblers. I'm not saying they cannot be trusted; it's just that the temptation will be hard for them to resist.
 

[harapan]

There have been many cases like that where people misuse other people's money for their own interests, for example gambling with the money in the hope that they can multiply the money and make themselves rich. Gambling using other people's money is a very stupid act, because gambling is uncertain when you win or lose, and you will most likely lose, so gambling using money you shouldn't gamble with is very risky and should be avoided.

Money mismanagement is the order of the day as some people misuse money in their possession and say it's not their fault,a and thinking you want to enrich of yourself with it,it's not gonna work.
A friend of mine came to me for help to borrow an amount of money and when I asked why that amounts is needed,the reply was a very long story that I later discovered a huge millions was lost in cause of having this selfish interest and till date the person is still in debt and trying to pay off gradually.

People should really learn from other's mistakes and experience so they won't fall as victims of such circumstances.

[angrybirdy]

I have read many news that someone will mismanage people's money. I read one about a university student some years ago that gambled with the money contributed by his course mates. The main reason that is causing the money mismanagement is either trading or gambling, but I read more about gambling online. Some can be because of other reasons.

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

The core developer of the Solana-based cross-margin decentralized exchange (DEX) admitted his wrongdoing in a public statement shared in a May 14 X post:

“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”

His statement in X:
https://x.com/hoakbuilds/status/1790434490877129007
https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic

this is one of the reasons why many people now lose trust in other people when it comes to managing their money. As you can see, because of such incidents, it is difficult for someone to interact with other people, especially if it is connected to money matters. even I experienced something like that but the person who handled our contribution used the money to buy his luxuries and then lied that he was robbed but the truth is that he spent it on his own will. I hope for people who are trusted by friends or acquaintances, I hope we will be honest and then be good at managing because it is not easy to earn money so I hope it will be handled well.

[Z_MBFM]

I have read many news that someone will mismanage people's money. I read one about a university student some years ago that gambled with the money contributed by his course mates. The main reason that is causing the money mismanagement is either trading or gambling, but I read more about gambling online. Some can be because of other reasons.

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

$300k Hughes would have made another $300k+ profit from this if he could have won gambling. But he lost his entire money due to gambling loss. Gambling therefore needs to be used carefully. be lost $300k because he could afford to bet that amount. No common man would be able to bet such an amount on gambling.  But if he did this, it means he owns a lot of money or he is deeply addicted to gambling.  If he is a rich person then such a loss will not do him much harm  And if he is addicted to gambling then it will be another horror for him.

[Betwrong]

People should check the background or character of the people they entrust their money with, but unfortunately, some people are so good at hiding their character that they only get exposed when the deed is already done.
~

It's impossible in practice. And not because the potential fraudsters are so good at hiding their character, but because they themselves don't know what they are capable of, in the first place. An event in life can change someone completely. Not many people have that strength to resist the transformation into a monster. But those who have that strength despite of everything are heroes. And we must do everything we can to be like them.

[Davidvictorson]

The solana guy's issue is very embarrassing and shameful to say the least. It leaves me with a distasteful taste in my mouth when I read it. How can you be this irresponsible and stupid. Why throw away your career in future just for a habit that people would easily offer heap and not mock you. It indeed breaks my heart that people are not honest with themselves about their addiction. They keep hiding it and betraying the trust of their friends.

[_act_]

People should check the background or character of the people they entrust their money with, but unfortunately, some people are so good at hiding their character that they only get exposed when the deed is already done.

Some people do not hide their character but they may disappoint. That is why we should not trust our money with anyone because anyone can misappropriate people's money. What the person will notice is that he spent the money on gambling thinking he should double it and not use it to gamble again but seeing himself losing instead. But we can still say that it is indiscipline because it is easy to know that the loss can not bring anything good than shame and punishment.

[rdbase]

Hearing of this story reminds me of something that happened last year with customer funds being gambled away by a project's developer:

https://twitter.com/BullaOF/status/1675662523100438531

Also from an NFT project in the same year prior:
Founder of Goobers NFTs ‘completely broke’ after gambling away life savings & investor funds
source: https://cryptoslate.com/founder-of-goobers-nfts-gambles-away-life-savings-investor-funds

Wasn't there a streamer xQc who gambled away millions of his followers money to do with that Hasan fiasco several years ago which was the catalyst for twitch completely banning gambling on its platform?
https://www.thegamer.com/streamer-xqc-hasan-ludwig-gambling-streams

[aioc]

The article and the data provided by the article prove the many risks of investing in projects of people whom we do not know; the Solana guy is not even repentant, blames his addiction, and does not own up to what he has done; he should be charged for what he has done, there is no excuse for people who gamble away people's money it's a bad precedent if people like this gets away with this crime.

[danherbias07]

Don't trust your money with a gambler. The first rule.

This happened a lot when I was joining the conversation in a certain chatbox of one gambling site. A gambler won a great amount of money so instead of tipping random people, he tried to give a trivia and anyone who would answer right will be given a tip.
But since he was too busy, he looked for a person who would manage it. When he made a choice he tipped that guy with $100 in a different currency. The guy did his job initially, made 5 trivia, and gave $5 to each person that would win it. So that's $25. Suddenly, he was gone for 5 minutes and we thought he might just be disconnected or was thinking of another question for the participants. But he was gone for a long time.
Then others tried to tag his name and he was online on a different chatbox. He didn't come back to give more trivia and the gambler who won was devastated and frustrated that something like that happened. Afterward, he didn't do that kind of thing anymore. Trauma.

Let us also be careful at where we will invest our money. It's better if we can dig deep about their bad habits and other hobbies.

[kotajikikox]

This is what money can bring so what more in Gambling where the temptation is truly huge and mistakes are often to happen , though there are cases that the money is also being spend in Trading where the person involved think he can easily make some percentage but ending being a loser.

[michellee]

That's why we don't need to use other people's money, especially since it's people's money. We will experience a lot of problems if we use the money for personal interests. If they use the money to gamble and lose, the problems they will face will increase.

They will find it difficult to overcome the problem. Maybe the problem won't be resolved and if they have to return all the money, it will be even more difficult. People don't need to entrust their money to people they don't know.

Even though they already know him, they really have to be able to find someone they can trust. Nowadays, it is very difficult to find people you can trust. They look good but we don't know what the motive is behind them.

[Lida93]

There have been many cases like that where people misuse other people's money for their own interests, for example gambling with the money in the hope that they can multiply the money and make themselves rich. Gambling using other people's money is a very stupid act, because gambling is uncertain when you win or lose, and you will most likely lose, so gambling using money you shouldn't gamble with is very risky and should be avoided.

It is not in all the cases that the people claim to have used those money for gambling that is actually the truth as they declare. Some may not have even used it to gamble, it could be that they have used it to acquire a property for themself or gave it out as loan to later get an interest profit after it's returned. Hence they claim to have used it to gamble and lost it, they assume that the case will not escalate beyond what it should if the money is said to have been used for something else profitable.

I witnessed a case in my former estate where a certain man in the estate had to use his association money that members contributed under his care to sponsor his two children to school abroad. Something he alleged to have lost the money to gambling he played within the period the money was contributed to him. It was a preliminary investigation after police was involved in the case that revealed what he actually used the money for. Humans can be very cunning.

[Taskford]

I have read many news that someone will mismanage people's money. I read one about a university student some years ago that gambled with the money contributed by his course mates. The main reason that is causing the money mismanagement is either trading or gambling, but I read more about gambling online. Some can be because of other reasons.

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

The core developer of the Solana-based cross-margin decentralized exchange (DEX) admitted his wrongdoing in a public statement shared in a May 14 X post:

“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”

His statement in X:
https://x.com/hoakbuilds/status/1790434490877129007
https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic

In this case then why we let other people handle our money? Gambling and trading is risky that's why its a big no for deciding to trust our funds with those guys since we provably know that we will be in big trouble.

To avoid  experiencing those cases much better if we could spend some time to learn those activities since no one will scam us if we became a skilled individual which able to produce good result for ourselves on each gambling and trading decision or activities we do. I've hear a lot of cases like this that's why I can't afford to trust my funds to any random guy around or even if I know them since there would be a conflict of interest will happen and this could destroy peoples trust and might create some fake reasons if they lose their money just to get out on supposed to be obligation that they needed to face.

[Hewlet]

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

this shouldn't always be shifted to gambling to be honest. He could have squandered the money with whichever way he chooses to buy it's just that for this context, he chooses to use it to gamble. People need to understand that any money that's not your own should be kept for the purpose for which the money got into your hands. You can't be too smart when it comes to using people's money. There is some sort of spirit that's associated with people's money. Sometimes you can use your money to gamble and wouldn't loose it but when it comes to other people's money, it's always strange how it goes off in no time.

If you aren't ready to gamble responsibly most expecially when it has to do with people's money, you should reconsider quiting entirely.

[TravelMug]

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

this shouldn't always be shifted to gambling to be honest. He could have squandered the money with whichever way he chooses to buy it's just that for this context, he chooses to use it to gamble. People need to understand that any money that's not your own should be kept for the purpose for which the money got into your hands. You can't be too smart when it comes to using people's money. There is some sort of spirit that's associated with people's money. Sometimes you can use your money to gamble and wouldn't loose it but when it comes to other people's money, it's always strange how it goes off in no time.

If you aren't ready to gamble responsibly most expecially when it has to do with people's money, you should reconsider quiting entirely.

It's because the temptation on gambling is for real, everyone is going to be affected and by suckered and the lure of the potential to win big. I just watched a documentary on Netflix about the Centra founder and how he lost the last $100k of their money into gambling and that he almost want to kill himself after that. And so this story is not the first team and again, it's tempting to put someone's money into gambling because you are thinking that you can double it and as the same time have some fun. But the big question is what happens after you lose everything? It will take a lot of mental toll on the individual and just like the documentary that I watch he contemplate suicide, but at least he snapped from it when he did talk to people close to him.

[Frankolala]

The solana guy's issue is very embarrassing and shameful to say the least. It leaves me with a distasteful taste in my mouth when I read it. How can you be this irresponsible and stupid. Why throw away your career in future just for a habit that people would easily offer heap and not mock you. It indeed breaks my heart that people are not honest with themselves about their addiction. They keep hiding it and betraying the trust of their friends.

Gambling addiction is something no one should fall into because if you do, it will ruin your reputation and business, if you are a business man. I am not surprised at this guy's actions because it was addiction that caused it since he cannot control himself and he has access to public funds in his custody. What happened to him is the same thing that will happen to any addicted gambler, because they only know how to chase their losses until their losses will turn around to hunt them.

When you gamble with people's money in the due to addiction, if you money is not yet exhausted, they will not stop. Forgetting that it is not their money and that the owners of those funds will definitely ask for it and when you cannot provide it, your losses will start chasing you until you pay them back to the owners or you go to jail. An addicted gambler should not go into any business, if he has not overcome his addiction, if not he will gamble off his business.

[taufik123]

What you are telling you is the same as the case of embezzlement of customer money that occurred in my country.
They do not deposit customer installments to central banks and prefer to use it as a crypto investment that is eventually lost or exposed to the Rugpull project and also used for slot gambling that makes all the money disappear.

This mode of using other people's money has become an old mode, but the method is different.
I have never believed in people who manage money for savings or those who receive services for savings and loans.

What happens in the end will only be losing money due to embezzlement of money for gambling or other purposes.
Especially if they are already addicted to gambling, then anyone's money will not care.

Hearing of this story reminds me of something that happened last year with customer funds being gambled away by a project's developer:
IMAGE
https://twitter.com/BullaOF/status/1675662523100438531

Also from an NFT project in the same year prior:
Founder of Goobers NFTs ‘completely broke’ after gambling away life savings & investor funds
source: https://cryptoslate.com/founder-of-goobers-nfts-gambles-away-life-savings-investor-funds

Wasn't there a streamer xQc who gambled away millions of his followers money to do with that Hasan fiasco several years ago which was the catalyst for twitch completely banning gambling on its platform?
https://www.thegamer.com/streamer-xqc-hasan-ludwig-gambling-streams

And it's quite a sad incident, just because of the greed of the project developers that a lot of user money is lost.
But there is nothing that can be done if it is related to crypto, except for anyone who knows the place where the developer lives and asks for a change directly, but if he is anonymous then there is no way whatsoever to restore it.