Owner blockchain gaming startup Komodore 64 arrested

The CEO of blockchain gaming company Komodore 64 has been arrested by the Dutch police in The Hague. Possession of drugs, weapons and money laundering were the reasons for the police to arrest CEO Sam Narain and two other individuals. Narain has supposedly committed tax fraud and tricked suppliers, investors and his employees. Dutch media outlet Sprout reported the story about Komodore 64’s downfall.

Komodore 64 wanted to create a gaming platform on the blockchain. Narain planned to use Komodo’s smart contracts and brings SDK’s to game engines Unity and Unreal. Numerous people invested in the company, especially after Narain stated he received a 78 million investment into his company. Apparently this was all a lie, as the company never got an investment.

The gaming company event organized a launch event in June this year. After the event suppliers and employees didn’t get paid anymore. The employees filed for bankruptcy in October, and after that they learned that the police arrested their CEO.

Keep Komodore 64 going?

Besides building SDK’s the team was working on games running on the Komodo blockchain. The K64 Virtual Console would allow for automated updates and an easy to install games. They were even talking about player-owned in-game assets and ‘Proof-of-Gameplay’, which would power their K64 token.

There are rumours that some employees want to revive the company on their own terms. Currently the official website says ‘K64 is working on the new look for the website. We will be back soon!’. How soon this will be (if ever), remains to be seen.

Crypto scams unraveled all over the world

The arrest in The Netherlands is one of many recent police investigations involving cryptocurrency and blockchain companies. Last week Karatbars came at the center of attention after it was accused of running a pyramid scheme. In addition the co-founder of OneCoin pleaded guilty to money laundering and fraud, after running a cryptocurrency pyramid scam to raised 4.4 billion dollars worldwide.

There are plenty of ways to get scammed in the world of cryptocurrencies. People launch fake tokens to give investors the idea that they are buying the real deal. Criminals also use cryptocurrencies as ransom. At the same time Twitter is full of fake celebrities who promise you ten times your investment back. Don’t fall for it. If it sounds too good to be true, it is actually too good to be true.

Originally published at NEDEROB.