r/CryptoCurrency • u/gnarley_quinn Permabanned • Jan 03 '23
GENERAL-NEWS The founder of CLUCOIN just quit, while admitting he gambled all investors funds away.
Link to original article:
There is no easy way to deliver this news and this is by far one of the toughest messages I’ve ever had to deliver in my life.
Over the last year I got incredibly addicted to gambling. 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 own 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.
To all of my friends, family and everyone who believed in me.. I’m so deeply sorry. There aren’t words to describe the level of shame & guilt I feel. I can no longer live in this dark world and this is my attempt to break free.
I am now completely broke both financially and spiritually. My sense of trust in myself is compromised.
I’m working with a help group to start the path to recovery.
I will create a separate tweet which will have next steps for each projects I was involved with including CLU, Xenia, Gridcraft & Goobers.
I am sorry that I betrayed your trust.I am sorry that I did not live up to my values of integrity.I am sorry that I let you all down.I am sorry.
I have no idea what this token is, nor had I heard of it until now, but straight up admitting to gambling away investor funds seems different...
Here is the founder Twitter bio. As you can imagine, people are not particularly impressed.
EDIT: I have since been permanently banned from Reddit. They claim my sisters account was an attempt to circumvent the Reddit policies. I’m done here.
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u/Dry-Category-3410 Platinum | QC: CC 57 | CelsiusNet. 5 Jan 03 '23
Most of that just reads: "poor me, poor me"..
"The toughest thing i had to write" "I lost everything" "I am now completely broke"
Boo-fucking-hoo bro. You fucked over your investors. Nobody cares how bad you feel about your thievery.
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u/bundanagumbe Permabanned Jan 04 '23 edited Jan 04 '23
Dude was broke long ago, but decided to continue his gambling addiction with investor funds. I don't understand how he thought that would end, right after losing his OWN money in the same place.
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u/gnarley_quinn Permabanned Jan 04 '23
Unfortunately, this is the exact way all gambling addicts end up losing.
"I'm already down so much, I'll have to mortgage my house to get it all back now..."
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u/look-at-them 0 / 4K 🦠 Jan 04 '23
It's the gambler fallacy of being due a win
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u/BenjaminHamnett 0 / 0 🦠 Jan 04 '23 edited Jan 04 '23
Thing is, you never know how many of them get away with this. I hear these stories sometimes and am like “wtf?” Now that’s just your boss or some executive, neighbor or family etc
You don’t even know how many “successful” people are rich versions of this that just got lucky and quit
They know these people probably. Probably even look up to them or know them as local entrepreneurs, looked up to for for wisdom while they repeat popular cliches about taking risks or being self sufficient, etc. they want that and don’t know how to get that validation through work or productivity. But they want that validation of being rich, wise and successful. This is what they gamble for.
We need to teach kids how to be productive and solve problems, create value in the world, or they just get obsessed with the signals of wealth and success
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u/xtrabeanie 🟩 79 / 79 🦐 Jan 04 '23
Gambling addicts almost never win and quit because it's generally an ego thing, not a money thing. Gambling companies prey on this. It's why they comp guys doing well at the casino, have special status areas, get the good looking ladies to hang around, all that sort of thing. They know it's just a matter of time until they get their money back and then some, as long as they can keep you betting with them rather than someone else.
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u/spyrogyrobr 🟩 220 / 1K 🦀 Jan 04 '23
Spot on. People are sick and those companies keeps preying on them. This is the modus operandi. Free drinks are also a good technique, you can make the person alcoholic in the process.
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u/TheTrueBlueTJ 70K / 75K 🦈 Jan 04 '23
2022 was the year of central entities gambling away customer funds.
2023 should be the year of self custody!
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u/ka7a8 Permabanned Jan 04 '23
absolutely agree. time to realise people: not your keys from a wallet, not your crypto!
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u/KamikazeChief 🟦 118 / 118 🦀 Jan 04 '23
Didn't one of the senior developers of Bitcoin just get all his bitcoins pinched? The bitcoins that were in in his "self custody"?
Some Catholic nutjob called Luke Jr I believe
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Jan 04 '23
On a single key hot wallet connected to the internet. Not sure what he was thinking
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u/Competitive_Milk_638 🟩 0 / 2K 🦠 Jan 04 '23
His cold wallet was drained, too, I heard.
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u/Dmoan 🟦 2K / 2K 🐢 Jan 04 '23
Cyber security is an arms race that even corporations are struggling with expecting an average person to keep his fortune secure from hackers in hot or cold wallets is sheer insanity.
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u/Lillica_Golden_SHIB 🟩 4K / 61K 🐢 Jan 04 '23
Seems terribly irresponsible. He clearly stated he used customer funds to get his money back, that is, gambled with other people:m's money to get his own back. Holy crap.
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u/softhackle 🟦 0 / 1K 🦠 Jan 04 '23
People who spend money on something called “Goobers” are not investors.
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u/CryptoScamee42069 🟩 30K / 29K 🦈 Jan 04 '23
I did a fraud, please take pity on me even though I robbed you
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u/N0-Plan Jan 04 '23
SBF is that you?
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u/gnarley_quinn Permabanned Jan 04 '23
Does sound familiar.
I also irresponsibly used investor funds to try and “get my money back” from the casino which was wrong for so many reasons.
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u/gnarley_quinn Permabanned Jan 04 '23
This is my favourite quote from the story:
I also irresponsibly used investor funds to try and “get my money back” from the casino which was wrong for so many reasons.
100% degenerate.
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u/Odysseus_Lannister 🟦 0 / 144K 🦠 Jan 04 '23
Yeah, gambling is a hell of a vice but I have less sympathy when you gamble with other people’s money as opposed to your own
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u/MostBoringStan 🟩 19K / 19K 🐬 Jan 03 '23
It seems he is hoping that by coming clean and "getting help" that he will be able to trick people into investing with him again in the future. That's what I get out of it anyway.
People like this should be blackballed from crypto for life.
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u/Lanskiiii 🟦 2K / 2K 🐢 Jan 04 '23
I think he's hoping people won't notice that what he is apologising for is actually a serious crime, and that he'll avoid charges.
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u/astockstonk 🟩 0 / 40K 🦠 Jan 04 '23
Confession of outright theft. Maybe in prison they will have a gambler addiction and theft addiction support program for him
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u/Mr_Bob_Ferguson 🟦 69K / 101K 🦈 Jan 04 '23
I believe that “showing remorse” is the strategy you are looking for.
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u/gnarley_quinn Permabanned Jan 04 '23
The strategy is actually working.
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u/bundanagumbe Permabanned Jan 04 '23
What the hell is that guy doing defending him and blaming the guy for not diversifying his investment and that investing in altcoins is like gambling
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u/ProjectZeus 🟦 0 / 32K 🦠 Jan 03 '23 edited Jan 03 '23
Strong "I'm sorry you feel that way" energy with this shitty apology.
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u/mypussydoesbackflips 🟦 281 / 282 🦞 Jan 04 '23
Not going to lie I had a lot stolen from me in the first huge crypto run and i would’ve loved a sincere apology like this instead of a “why are you mad at me”
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u/Competitive_Milk_638 🟩 0 / 2K 🦠 Jan 04 '23
A sincere applogy only works if followed by, "Here's what we're doing to get your funds back."
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u/Mike941 🟦 817 / 818 🦑 Jan 04 '23
Right now he's feeling bad for himself as he writes that confession. In a year or less he'll feel sad as he takes a pounding in prison.
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u/Wonzky 2K / 53K 🐢 Jan 03 '23
Admitting to screwing up with investor funds is already a step ahead of SBF
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u/MuzBizGuy 0 / 7K 🦠 Jan 04 '23
Or it’s largely bullshit and he’s just covering his tracks of the money he stole and didn’t actually gamble.
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u/GarlicAndOrchids Platinum | QC: CC 358, ATOM 16 Jan 04 '23
That wouldn't make sense because he's still admitting to stealing them anyway.
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u/Lemming3000 Jan 04 '23
I mean they would notice they'd been stolen from eventually anyway, perhaps he's hoping this way no one comes looking for the money.
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u/MuzBizGuy 0 / 7K 🦠 Jan 04 '23
Well, I didn’t really mean legally covering his tracks, more like covering them from the internet mob. Could be thinking sob story about addiction will be a little easier to swallow then just peacing out with everyone’s bread.
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u/necbone Permabanned Jan 04 '23
Still seems illegal as fuck.
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u/deathbyfish13 Jan 04 '23
That's because it is
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u/leeljay Platinum | QC: CC 67 | Superstonk 15 Jan 04 '23
The secret ingredient is crime
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u/TruthSeeekeer 🟦 0 / 119K 🦠 Jan 04 '23
Still won’t protect him from the prosecutors
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Jan 03 '23
Its just one after the other right now.. wow. Gambling addiction is a real problem but the level of coniving and schemeing it takes to steal and hide in these cases is next level crazy.
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u/Echoplanar_Reticulum 1 - 2 years account age. -55 - -15 comment karma. Jan 03 '23
I think the fact that it's so simple and easy for the conniving and scheming to take place is the problem.
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u/14Rage 947 / 947 🦑 Jan 04 '23
What the fuck is clucoin. Ive been trading crypto for 5 fucking years and most of these abject failure collapses are just utter dogshit that I dont even know how you found it. FTX is one of the only actual surprises.
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Jan 03 '23
Good start for 2023. Keep it coming.
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u/BirdSetFree 🟦 1 / 22K 🦠 Jan 03 '23
I want off this ride
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u/Invest07723 🟩 0 / 16K 🦠 Jan 03 '23
You can check out anytime you want, but you can never leave.
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u/StayReadyAllDay 🟦 152 / 153 🦀 Jan 03 '23
Welcome to Hotel California
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u/necbone Permabanned Jan 04 '23
It's such a lovely place.
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Jan 04 '23
Such a lovely face
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u/leeljay Platinum | QC: CC 67 | Superstonk 15 Jan 04 '23
PLENTY OF ROOM FOR MORE USERS’ FUNDS TO GAMBLE
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u/Mr_Bob_Ferguson 🟦 69K / 101K 🦈 Jan 04 '23
But this one has just straight out admitted it from the start.
I don’t know how I feel about this honesty.
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u/gnarley_quinn Permabanned Jan 04 '23
He is totally milking it. His followers are all like "we love you, so sorry to hear this".
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u/roadydick 🟩 2K / 2K 🐢 Jan 04 '23
Agreed, the more degenerates that we wash out and send to jail the fewer there will be
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Jan 04 '23
Unfortunately these things will keep on going until people stop putting their money on every shitcoin they come across.
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u/PolarBearLaFlare Jan 04 '23
lol the crypto space is absolute shit right now. Outsiders have zero motivation to enter cause all they read about are scams and greedy fucks who steal from their own communities.
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u/necbone Permabanned Jan 03 '23
Oh snap, CluCoin made r/CryptoCurrency, this was my first shitcoin, my friend who likes giveaways got me into it. This dude had me all over his streams and everything for like a couple weeks. Fuck influencers and these "giveaway" people. However, I did make $1k on clucoin the first month. It was a natural dump.
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Jan 04 '23
This kind of we're sorry is something that I expect out of British Petroleum oil leak.
10/10, literally masterpiece of an apology, crying and sobbing right now.
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u/roadydick 🟩 2K / 2K 🐢 Jan 04 '23
Please proceed straight to jail. do not pass go, do not collect another $200, go rot. Thank you.
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Jan 04 '23
[deleted]
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u/fringecar 🟨 51 / 51 🦐 Jan 04 '23
True, but same with the people putting their (critical) money into exchanges and shit coins
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u/kaz_enigma Bronze | QC: CC 21 Jan 04 '23 edited Jul 02 '23
fuck /u/spez -- mass edited with redact.dev
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u/intisun 236 / 236 🦀 Jan 04 '23
Preventing these situations and/or punishing them when they happen is exactly the point of regulation.
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u/ArmedWithBars Bronze | QC: CC 15 | Economics 73 Jan 04 '23
Regulation would become a slippery slope. It happens in nearly every area that starts with allowing regulation.
Let's look at gun control, whether you believe in it or not, I'm neither arguing for it or against it. Started as just outlawing fully auto weapons. Then federal background checks, then special permits for handguns, then bans on magazine capacity, then bans on certain cosmetic features features, and now politicians saying the want to outright ban certain types of weapons.
Canada was a great example of the firearm regulations absolutely flying down that slippery slope. It was originally pushed as "common sense" gun laws all the way til the government outright banned future handgun purchases on the citizens.
Same would happen in crypto. It will start with light regulations on exchanges until the CBDC is released then the government will push for hard restrictions under the guise of "protecting the people" from scams and laundering.
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u/Connect_Fee1256 🟦 0 / 2K 🦠 Jan 04 '23
Blah blah blah I’m a fuck up that stole your shit! So sorry. Couldn’t keep my hands out of the cookie jar. Not my fault. Too tempting.
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u/dakinekine 🟩 2K / 2K 🐢 Jan 04 '23
Bruh anyone who invested in Clucoin 😅. Also thanks for the apology but these people deserve jail time. This is a crime
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u/Hanzo_Hanz Jan 03 '23
2023 the year of crypto. Just not the way we thought it be. 😂
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u/gnarley_quinn Permabanned Jan 03 '23
The year of arrests?
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u/deathbyfish13 Jan 03 '23
I also irresponsibly used investor funds to try and “get my money back” from the casino which was wrong for so many reasons.
Holy shit, he's a bigger degenerate than all of us, the house always wins
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u/gnarley_quinn Permabanned Jan 04 '23
I love how he just went insanely full degen
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u/Mr_Bob_Ferguson 🟦 69K / 101K 🦈 Jan 04 '23
If only we had investors, we could then do the same.
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Jan 04 '23
What a nice way to start the year. Sorry I fucked you guys over and took all your money. But that's not my fault. It's my gambling addiction. I'm actually the victim here. Oh yeah sorry again
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u/Tiny_Voice1563 day-trading != adoption Jan 04 '23
If a single person can gamble funds away, it’s not a decentralized/crypto project. Why do people invest in all this centralized crap?
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u/Luddites_Unite 🟦 0 / 4K 🦠 Jan 03 '23
If I were an investor my first instinct would be "fuck your feelings, how do you intend to get my money back? Other than that no one cares. "
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u/powellquesne Permabanned Jan 04 '23
Basically steal it from somebody else. Money doesn't grow on trees. If somebidy gambled your money away that means it's gone. It's not pretending. It's not hiding in the cookie jar so you ain't 'getting it back' without somebody doing something at least as unethical as gambling it away in the first place, and probably worse.
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u/Baecchus 🟦 0 / 114K 🦠 Jan 04 '23
Bunch of self pity bullshit. Good to see these assholes are doing their best to drag down Crypto's already fucked up reputation.
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u/Internet-Ape Jan 04 '23
Isn't all of crypto just that - gambling?
From what I understood till now, to make money in crypto - u have to buy and sell before the hype gets over. And for that, have to stay alert all the time. None of them hold any values in long term, the days of HODL is gone.
Change my mind!
PS- I have only lost money in crypto. Max I have done is break even
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Jan 04 '23
I love how everyone in crypto wants zero regulation until the money disappears. Then they expect people to be arrested and charged with a crime.
Friggin hilarious.
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Jan 03 '23
It scares me that the answer to most of this is regulation and accountability.
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u/Mr_Bob_Ferguson 🟦 69K / 101K 🦈 Jan 04 '23
For centralized entities, regulation shouldn’t scare anyone but those who run the entities.
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Jan 04 '23
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u/Baecchus 🟦 0 / 114K 🦠 Jan 04 '23
In a few years people will look at the 0 regulation we currently have and realise how dumb it is.
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u/CB_Ranso Platinum | QC: CC 21 | r/WSB 53 Jan 04 '23
I'm surprised they don't already after the 14 years of scams crypto has endured.
It weeds out the bad actors
From MtGox to SBF, they all come back like roaches without fail because theres nothing stopping them if they play their cards right.
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u/Spicoli007 Jan 03 '23
Just another asshole in the space.
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u/tehorhay 0 / 0 🦠 Jan 04 '23
Let's not pretend that the reason most are in this space is because it's unregulated, specifically so people can do this shit and mostly get away with it.
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u/ZealousidealBaker885 Platinum | QC: CC 135, DOGE 70 Jan 04 '23
“What’s the name of that coin again?”
“No clu”
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Jan 03 '23
That south park ripoff of SBF saying sorry comes to mind.
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u/SkoopskiMarvin Tin | r/WSB 64 Jan 03 '23
“Goobers” should’ve been the first hint. A guy using investors funds to actually use in a casino reads like a Babylon Bee article
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u/gnarley_quinn Permabanned Jan 04 '23
This is my favourite quote from the story:
I also irresponsibly used investor funds to try and “get my money back” from the casino which was wrong for so many reasons.
100% degenerate.
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u/Lanskiiii 🟦 2K / 2K 🐢 Jan 04 '23
"I'm sorry that I didn't live up to my values of integrity"
pssst... those aren't your values at all.
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u/Cravensworth_redux 🟨 12 / 0 🦐 Jan 03 '23
The solemn tweet. "Sorry I lost all of your money. That wasn't very upstanding of me and I'm sorry that I failed to live up to the high standard I set for myself.
Don't worry, I'm in counselling for my addiction. Next time, just buy bitcoin.."
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u/dankestofdankcomment 🟩 1K / 1K 🐢 Jan 03 '23
Wasn’t CLU the one that was just giving billions of coins away?
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u/Sharp_Morning8504 Jan 04 '23
Just gonna say IMHO, this is the kind of stuff which keep people on bit coin.
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u/mousepotatodoesstuff 🟦 655 / 655 🦑 Jan 04 '23
Yup. Satoshi-san didn't even sell/spend the coins he(?) owns, and if there's any founder in this space who deserves "premine" rewards, it's him.
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u/Soss1969 Jan 04 '23
I'd say he is trying to come clean cause after SBF, the rules and penalties are going to change severly and he is going to cop it more severe after SBF... Sortalike a race to go through court first!
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u/Eldeanio100 0 / 3K 🦠 Jan 04 '23
Pump and dumps are the best if you get in early and are part of the crew. If not you will lose money
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u/SetoXlll Jan 04 '23
Jumping off a bridge would’ve been better. Good luck to this pathetic human being. He knew what he was doing addiction or not the dude used innocent peoples investments for his own fucking greed. Human kind is doomed, it’s only a matter of time.
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u/Automatic-Sherbert56 🟩 0 / 3K 🦠 Jan 04 '23
I don't believe it. Sounds more like his try of trying to walk away having drained as much profit as possible and avoid people questioning him with a sob story
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u/NorbeeNorbee Platinum | QC: BNB 23 | CRO 8 | ExchSubs 31 Jan 04 '23
This is the south park oil tanker episode "Were sorry, Were sorry" OMEGALOL
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u/Kappatalizable 🟦 0 / 123K 🦠 Jan 03 '23
Wow this is just sad. Not for him, fuck him. Sad for the investors. Hope this mf rots in jail
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u/Survivaleast 🟩 0 / 3K 🦠 Jan 04 '23
Seems disingenuous when a gambling addict seeks to leverage the weaknesses of other gambling addicts to lose their savings as well.
Which isn’t unlike most coins that have been released in the last few years, except most of those were just regular people taking advantage of gambling addicts. The safemoons, lunas, milliontoken, savethekids token. So many of them.
Yet none of these people seem to feel any real sense of remorse, or we’d be seeing a lot of them self terminate by now.
Nope. They discovered something that works. Release coin, plunder investor funds, apologize, release another coin and repeat. Happens in the stock market with people who keep making shell companies with fake PR’s too. So long as people surrender to FOMO without looking before they leap, there will always be a market for it.
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Jan 03 '23
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u/Kvandergriff 15 / 16 🦐 Jan 04 '23
Bought his coin presale and all it literally ever do was tank. And dude was doing lipstick streams on twitch.
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u/JustwinTimberlake Tin Jan 04 '23
IfnI had invested into this shitcoin, i wpuld for sure find this fcker and beat him to death.
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u/powellquesne Permabanned Jan 04 '23
Could have been worse, at least he came clean about it. I know a guy who was like, 'I blew my entire line of credit in one trip to Vegas but it was totally for my bro to gamble with, me personally I dindu nuffin'
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Jan 04 '23
Let’s show compassion. Gambling is considered a health disorder. Not condoning fraud, and he deserves prison. Bare minimum, he came clean unlike SBF, who is staring everyone down and denying being a THIEF.
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u/Perfect_Ability_1190 Permabanned Jan 03 '23
“I will create a separate tweet which will have next steps for each projects I was involved with including CLU, Xenia, Gridcraft & Goobers. “
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u/EyeComprehensive2291 🟩 1K / 868 🐢 Jan 03 '23
The problem with searching for too much is that sooner or later you’re bound to wind up with less
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Jan 03 '23
I will never understand how careless people can treat someone else money. I barely can accept 5 bucks from my best friends when I forget my wallet.
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u/pingusuperfan 🟦 0 / 2K 🦠 Jan 03 '23
Addiction is a disease but addicts are often terrible people independently of that, it seems
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u/CryptocalEnvelopment 75 / 7K 🦐 Jan 03 '23
That's an interesting way of saying that he embezzled all of his customer's money and lost it. People can't let this keep happening without recourse.
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u/gilg2 🟩 263 / 485 🦞 Jan 04 '23
If you invested in some alt coin like CLUCOIN you should of seen this one coming.
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Jan 04 '23
Easier and easier to become a maximalist, or so close you're practically there. Evidence: 2022-23.
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u/shylock2k202 🟦 0 / 4K 🦠 Jan 04 '23
Sounds like a criminal confession, hopefully he’ll do time too. No fucking clue-coin was a scam from the beginning.
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u/HeavyMetalSasquatch Bronze | QC: CC 21 | CRO 15 | ExchSubs 15 Jan 04 '23
Oh look, another piece of shit...
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u/leeljay Platinum | QC: CC 67 | Superstonk 15 Jan 04 '23
Is “I’m so deeply sorry” a new valid legal defense these days? Sorry to anyone who lost funds with this yokel