Dutch Police Bust CEO of Blockchain Game Firm, Komodore64 – €78 million Gone?

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Police in The Netherlands have detained CEO of Dutch blockchain gaming project Komodore64 Sam Narain for allegedly deceiving suppliers, employees and investors. He is currently detained at a police station in the Hague, awaiting questioning. 

According to a Dutch publication Sprout, this arrest comes on a plethora of rumours that Narain put the project into bankruptcy  – which is difficult to believe as he allegedly raised €78 million in investment, partly by hiring a group of people to masquerade as Goldman Sachs employees and investors –  to dupe new investors. Komodore64 Employeeswent unpaid for months and the extravagant launch party that cost tens of thousands of euros was left unpaid with suppliers footing the loss. 

An Italian investor told Sprout he even transferred 600,000 euros to the company in The Hague. Sprout also reported that the founder is said to have been arrested in the Hilton Hotel in The Hague, where he was holed up for some time because hiding from “…angry crypto investors.”

The project made major news in The Netherlands, even appearing in the financial section of de Telegraaf for their massive raise. 

“The announcement led to considerable interest among private individuals in the startup: never before was a Dutch company active with cryptocurrency raised so much money so early.”

An anonymous source who previously applied to the company and knows several people who work there told Sprout that a number of employees have been without pay for several months.

“Nobody gets money, the company is bankrupt… Employees would have put down their work because they had not seen any money for months.  It’s a big shit-show.”

Some of the Komodore64 investors grouped together in a Discord chat channel had been started to talk about the various troubles the company was going through and were suggesting Sam’s passport be detained to ensure his stay in Holland. 

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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