CluCoin plunges 72% as its founder lost user’s unds in gambling

A charity-focused cryptocurrency CluCoin plunged badly as its key founder lost all of his funds in gambling.

DNP3 is a name of a person, indeed a social media pseudonym name. This guy is the founder of Gridcraft Network, a play-to-earn web3 game, and the charity-focused cryptocurrency CluCoin.

On 4 Jan 2022, Crypto analytic platform Peckshield reported that CluCoin plunged badly as its founder lost his funds including the user’s funds in gambling activities.

DNP3 disclosed this thing on Twitter

DNP3 said that the whole thing started with a sponsored stream and he got into gambling addiction badly.

He said that over the last few years, he deposited his funds back into gambling to get more wins but in the end lost all the funds.

“Every dollar I could find I would put into Stake in hopes of winning big. Even when the big wins did happen it wasn’t enough. Eventually, I lost everything. In addition to my 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,” DNP3 disclosed.

Reports believe that DNP3 lost at least in millions. A few news websites asked DNP3 about the fund amount that he lost in gambling but he failed to respond.

According to price details available on Coinmarketcap, the price of CluCoin is down by approximately 72%.

Such things are showing that the lack of strict regulatory policies is causing such bad actors to play with the user’s funds. And also we can see that gambling-like services are a very common thing in the crypto sector and such platforms promote their gambling services openly without any restrictions.

Read also: Binance will delist 5 trade pairs including Shiba Inu (SHIB)