Komodore64, a crypto startup from the Hague, had created a gaming platform where transactions were tracked using blockchain technology, powered by Komodo. They had multiple games that had been released and things looked bright. But now it has come to light that the company has gone bankrupt, reports local media outlet Sprout.
Various investors had made investments with the startup’s crypto coin, K64, where they raised up to 78 million Euros in growth capital in July.
July Launch and Subsequent Lack of Payments
The official launch of the gaming platform was held in June, with a party at the Fokker Terminal in The Hague worth tens of thousands of Euros. The Fokker Terminal turned out to be a supplier of the Komodore64, who did not receive last month’s bill. It has now also been revealed that the company had 12 employees who had also not been receiving salaries for several months.
Employees at Komodore64 filed for bankruptcy with their employer a couple of weeks ago, which happened to be around the same time Sam N was arrested at the Hilton Hotel. Sam N had been staying at the Hilton Hotel as he felt threatened.
The Komodore64 curator John Dullaart confirmed that Sam N would be questioned on Tuesday. Dullaart stated that he did not know the reason for Sam’s arrest, but he suspected it was about the bankruptcy. Apparently, Komodore64 had duped investors and in response, they had launched a chat channel on Discord game service, where they are talking about their troubles and loss of capital. Previous supporters of the project have suggested that Sam’s passport should be claimed to ensure he does not flee the country.
The amount of money invested in Komodore64 is still unknown to the bankruptcy trustees, but they are confident it is a considerable amount. Besides the invested funds, there is also overdue rent and salaries.
So What Now?
Shedding light to the reason for Sam’s arrest will also bring into the picture the possibility for Komodore64 restarting. The company has some properties such as the games they developed and the platform itself, which they can count on. However, the real question is whether blockchain donors and investors will want anything to do with this controversial startup.
The Daily Chain had interviewed Komodore64 after noticing their positive progression in the cryptoverse. At the time, the project seemed to be in good hands, but with this astonishing news, one can’t really tell what can happen next.
We have taken our time to review all the facts, and we’ve decided to take down the interview piece at the request of the grieving community as we wouldn’t want to be benefactors of a potential crypto scamming platform.
Needless to say, even Bloomberg and the telegraph have covered this story, and it seems all the facts sum up to a stream of red flags that can not be overlooked.