Investing in altcoins is often a tricky ordeal. Many projects suffer from developers not delivering on the roadmap or scamming users. In this case, the project failed because its creator gambled away all investor funds.
Another Altcoin Goes Bust
With thousands of new altcoins, tokens, and currencies launching every year, it is hard to get excited about anything. All roadmaps look the same, technology gets rehashed, and one in every 500 projects might spark some long-term excitement. However, when internet personalities get involved, things look up. Unfortunately, that isn’t always a good combination, as is evident where CryptoZoo is concerned. But that is a very different ordeal entirely.
CluCoin was a cryptocurrency designed to change the world. A bold and ambitious plan that likely would never reach its full potential, but it could still create a precedent. DNP3, a well-known internet personality, created the currency. He made a name for himself by giving away tons of money, computers, consoles, and other items over the years. All of those giveaways were legitimate, and prizes ended up where they were supposed to.
DNP3 is also a charismatic individual and someone who regularly streamed on Twitch. Like many others, he took notice of cryptocurrency and saw potential in decentralized technology to improve the world. We have an in-depth article on Clucoin and what it was intended to do here. The project also received an NFT collection – dubbed Goobers – as part of a Web3 game. Sadly, neither gained much traction outside the Clucoin community, as 2022 was a bearish market overall.
The Gambling Addiction Issue
Earlier in January, DNP3 took to Twitter to explain a few things. Many had high hopes for a new update on Clucoin to bring the price back to pre-launch levels or better. Unfortunately, the CLU value dropped off a proverbial cliff as there wasn’t sufficient demand for a currency with such an inflated supply. However, that wasn’t the reason the altcoin creator posted a TwitLonger.
In the post, DNP3 explains how Clucoin is a dead altcoin. The bear market isn’t a big issue for this project. Instead, it is the gambling addiction of its creator. DNP3 Got addicted to gambling throughout 2022 and spent thousands of dollars on feeding that addiction. After losing personal funds, he used investor funds to get money back from the online casino. Of course, those plans rarely work out, and all funds invested in Clucoin is gone.
Investors will only see their money again if something unexpectedly changes. Nor will they recuperate value through the altcoin, which trades at bottom levels. Even the Goober NFTs hold little or no value. Everyone who invested big money into this altcoin project backed by an internet personality lost all of their money. It is another good example of why (internet) personalities/celebrities/influencers don’t magically bring value to a project.
Dealing with a gambling addiction is hard to fathom for those who do not suffer from that situation. There is no excuse for misappropriating investor funds, though, and everyone is entitled to pursue legal action. Whether that will yield any favorable results is a different matter. Getting the money back is impossible, and DNP3 is broke. There is no “juice to wring from the orange”.
Besides Clucoin, the internet personality was also involved in Goobers, Gridcraft, and Xenia. Those projects need a future, although it is unlikely they will have a long shelf life.
The post Altcoin Developer Fed Gambling Addiction With Investor Funds And Lost It All appeared first on CryptoMode.
