A Dutch blockchain-based game company, Komodore64 has filed for bankruptcy. The founder, Sam Narain was arrested by the local police.
The arrest was made after several reports on the founder of deceiving stakeholders. Komodore64 was launched in March 2019, claimed that it has raised over $86 million from private investors. Some investors were also riding with its’ cryptocurrency token, K64. A report mentioned that an investor lost $662,000 of their investment in the company.
Narain was alleged to fraud his investors by using the name of a big corporate firm, Goldman Sachs, by introducing the representative from the corporate firm. Later confirmed, they are not the real representatives.
According to the employees, the company failed to pay their salary for months and tried to claim it through the Dutch Employee Insurance Agency (UMV). The news was reported by The Next Web and the case is still in the police investigation.