The founder of the blockchain startup Komodore64 based in The Hague has been arrested by the Dutch police. The founder, Sam N., previously claimed to have raised around € 78 million in investments with his startup, but none of this turned out to be correct. This is evident from reports from the business news platform Sprout.
Sam N. was planning a game platform with Komodore64, the transactions of which would be recorded on a blockchain. With his plans, he hoped to persuade investors to invest in his project by buying the cryptocurrency, coin K64. However, he would have fooled both investors and his own employees.
For example, N. claimed that a “well-known investment company” would have invested € 78 million in his business. Various dutch media, such as Telegraaf, reported on this at the time. Sprout reports that it now appears that N. has instructed a number of people to present themselves as representatives of the American banking giant.
Many investors would have decided to invest in the company because of this deception. One of the investors, an Italian, is said to have invested € 600,000 in Komodore64.
Bankruptcy of Komodore64
The platform was launched last June. The launch was celebrated in the Fokker Terminal in The Hague, an event location. However, Komodore64 has never paid the bill for this party costing thousands of euros and other promoter bills. Two weeks ago, the company filed for bankruptcy.
Sam N. is said to have been arrested at the same time at the Hilton Hotel in The Hague. He would stay there because he felt threatened by the victims. According to John Dullaart, curator of Komodore64, it is not entirely certain that the arrest resulted from the bankruptcy of the company. Sam N. will be interviewed by the police on Tuesday.
The Dutch police also arrested a number of crypto criminals last June in cooperation with Europol. A total of six people were arrested who allegedly stole $ 27 million in crypto.