CluCoin cryptocurrency exchange rate collapsed by 76% per day

The value of the asset began to decline sharply after its developer confessed to gambling addiction and losing investor funds

The CluCoin cryptocurrency exchange rate fell by 76.5% in a day. This happened after its developer, known under the pseudonym DNP3, confessed on Twitter (the social network is blocked in Russia), which is addicted to gambling.

CluCoin is the token of CluShare, a decentralized cryptocurrency project founded in 2021 to help charities. The market capitalization of the asset, according to CoinGecko, has decreased over the past day from $729,000 to $127,000.

DNP3 reported that it not only lost all its savings, but also used investors’ funds in order to recoup.

“Over the past year, I have become incredibly addicted to gambling. Every dollar that I could find, I bet in the hope of a big win. Even when big wins happened, it wasn’t enough. In the end, I lost everything. Apart from my own savings, I also irresponsibly used investor funds to try to “get my money back” from the casino, which was wrong for many reasons,” wrote DNP3.

He says he is currently working with a support group and will go forward with a roadmap outlining his actions on projects he has been involved in, including startup CluShare, Web3 game Gridcraft and NFT project Goobers.

DNP3 did not disclose the amount of money it has spent on gambling. However, by estimated Block Research, millions of dollars worth of funds were lost to them.

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