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Twitch founder opens NFT page, fraudsters gamble away € 132,000

 


Justin Kan is a co-founder of the popular streaming service Twitch. In 2007 he broadcast his life live on "Justin.tv". Now he opened a website that revolves around the new technology NFT. It is known to attract fraudsters. And actually they hacked the Discord on his side and ripped off bona fide customers.


Who is Justin Kan ?


The 38-year-old is an American internet pioneer and entrepreneur who hit the jackpot 14 years ago.

In 2007, at the age of 23, Justin Kan opened a live video feed in which he had a webcam mounted on his head and broadcast his life. This real-life "Truman Show" went on for about 8 months.

From this idea, the video platform Justin.tv, which was named after him, was born in 2007. Justin.tv in turn became the streaming platform Twitch in 2011, which was bought by Amazon in 2014 for $ 970 million. It is estimated that each of the 4 founders of Twitch cashed around $ 120 million at the time. Kan's net worth is estimated at $ 100 million today (via celebritynetworth ).

"Next step in gaming"

That was the idea of ​​his new site: In December Justin Kan opened the website "Fractal", a trading place for NFT. In a blog post he called this the “next step in gaming”, NFT could now generate “incredible value” for gamers and the ecosystem. (via medium )


With NFT, players would now "really" have the value of their in-game items.


Fractal should play an important role in this new world as a marketplace, it should be an "open platform" to freely trade digital goods.


What went wrong Fraudsters hacked Fractal's Discord and left a message there. They said they had 3,333 NFTs to sell.


As a Twitch reporter reported, the scammers managed to hawk almost all of these NFTs, 3294.


However, these NFTs did not even exist, it was all a scam. The link that the fraudsters posted did not lead to Fractal, but to "Fractai".


The people suffered $ 150,000 in damage, about € 132,000. There is a lot of angry news from scammed buyers asking for their money back


For example, one user says: he lost all his money, which was exactly 1 sol. He's gone now. He wanted the sol back - he was poor.


A Solo (SOL) is a cryptocurrency that is currently at € 163.44.


Company thanks hackers for PR - compensates customers

This is how the company reacts: In a message to the buyers it is said that 373 members of the community had been defrauded and that the hackers had stolen 800 sols worth around $ 150,000.


But it is quite impressive that with 100,000 members of the community, only about 0.3% fell for the fraud.


Fractal announced early on that it was trying to straighten the situation and later said it had replaced any sol that was lost. The company goes even further and thanks the hacker. That just made the community "even stronger."



In addition, they appeared twice on the “Techcrunch” website - so everything was great. This is probably "If life gives you lemons, make lemonade out of them."


Twitch founder scolds the stupid gaming press


This is how Kan reacts to the criticism: The gaming press in the USA - like many gamers - is critical of the current trend towards NFTs. The Kotaku site in particular keeps mocking NFT. For them, it's almost logical that NFT buyers would be ripped off. The authors of the gaming website are particularly critical of the environmental impact of NFTs and are delighted when an NFT model turns out to be a fraud.


Kan bitterly acknowledged a post about the fraud on his side: The reporters had created nothing of value and were now laughing at the victims of the hack. The press is a "bankrupt institution that no longer interests anyone." The gaming press is irrelevant anyway, people learn about new games via YouTube or Twitch.


Currently, some players are fighting against "the future of gaming" that Kan sees in NFTs.

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