Twitch Streamer and NFT Founder DNP3 Admits to Gambling Away Investor Funds
His projects, including The Goobers NFT and charity-focused cryptocurrency CluCoin, were down following the announcement.
Jan 3, 2023 at 11:48 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PY36VR6ZPFE6FKQHB2PEBKVUG4.jpg)
Twitch streamer DNP3, which founded several crypto projects including The Goobers NFT, metaverse platform Gridcraft Network and charity-focused cryptocurrency CluCoin, admitted to gambling away investor funds on Tuesday.
In a statement posted to Twitter, the founder said he had become "incredibly addicted to gambling."
"Every dollar I could find I would put into [crypto casino] Stake in hopes of winning big," he wrote. "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," he added, saying that he was working with a help group to begin a "path to recovery."
It's unclear how much money has been lost. The price of CluCoin plummeted by 63% following the announcement, while The Goobers project saw its market cap dip by 9%. According to OpenSea, The Goobers has done 968 ETH in total sales volume, or roughly $1.1 million.
The news recalled other crypto projects, including NFT launchpad Onepad, that were forced to shutter after its founder gambled away funds.
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Rosie Perper was the Deputy Managing Editor for Web3 and Learn, focusing on the metaverse, NFTs, DAOs and emerging technology like VR/AR. She has previously worked across breaking news, global finance, tech, culture and business. She holds a small amount of BTC and ETH and several NFTs. Subscribe to her weekly newsletter, The Airdrop.