Topic: Be careful with people's money - page 18. (Read 2569 times)
It's actually not the first time we have heard of so many such stories. The truth is that gambling has caused so many people alot. And thus before keeping a huge amount of funds with anyone, we have to make sure that such person is not a gambler or have something to do with gambling. Being mindful of such addicted gamblers will help us save the stress as even though they are caught or after confession they still won't be able to produce the whole money lost. Gambling can be addictive, tempting and for someone who knows that he hold peoples money for them he should be smart enough not to get himself involved in such activities. Except he want to use his personal funds to gamble.
This isn't something new, and this is also the reason why you shouldn't trust people so easily.
I also watched a video in the past, I am not sure if it was the engineer or what but the fund that was supposed to be used to build their customers house was used by that person on gambling and lose.
It is hard to trust people with a huge amount of money sometimes this could also happen with someone close to us, business partners or even relatives there are some who would do this due to their greed.
I also watched a video in the past, I am not sure if it was the engineer or what but the fund that was supposed to be used to build their customers house was used by that person on gambling and lose.
It is hard to trust people with a huge amount of money sometimes this could also happen with someone close to us, business partners or even relatives there are some who would do this due to their greed.
I have seen many cases like this in my area where they manage public money or company money but instead are misused for gambling hoping to make a fortune but what happens is that they lose everything and the average person runs away but is eventually caught by the police.
This problem often occurs when someone manages a lot of public money like there is no responsibility they consider it like their own money that is played at the casino but after losing money he regrets it and is unlikely to compensate.
That gambling is indeed hot when you hold any money, the lust wants to continue playing and usually they have bad habits until the end becomes a disaster.
This problem often occurs when someone manages a lot of public money like there is no responsibility they consider it like their own money that is played at the casino but after losing money he regrets it and is unlikely to compensate.
That gambling is indeed hot when you hold any money, the lust wants to continue playing and usually they have bad habits until the end becomes a disaster.
There have been many cases like that where people misuse other people's money for their own interests, for example gambling with the money in the hope that they can multiply the money and make themselves rich. Gambling using other people's money is a very stupid act, because gambling is uncertain when you win or lose, and you will most likely lose, so gambling using money you shouldn't gamble with is very risky and should be avoided.
Exactly, but what I'm concerned about is folks who are already addicted to gambling. Because how can you use someone else's money to bet? You can't guarantee that when you bet, you'll get your money back. If you don't have money to bet, just be patient and wait until you do, and then you can stake to risk because if you lose, it won't affect you because you already know that gambling is a game of luck, and you can't say you'll win every time you play. But, if you used someone's money and bet, and you lose, how can you refund the money back? If he ask you about it, where will you get the funds and give him back. we need to be very carefully with borrowing of money and try to bet to double the funds is not suppose to be like that. is good you should have you personal money to bet on without using people money because they truest you that is why they decide to give you because anytime they need the funds they can get it back without any worrying.
I have read many news that someone will mismanage people's money. I read one about a university student some years ago that gambled with the money contributed by his course mates. The main reason that is causing the money mismanagement is either trading or gambling, but I read more about gambling online. Some can be because of other reasons.
There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.
His statement in X:
https://x.com/hoakbuilds/status/1790434490877129007
https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic
There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.
The core developer of the Solana-based cross-margin decentralized exchange (DEX) admitted his wrongdoing in a public statement shared in a May 14 X post:
“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”
“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”
His statement in X:
https://x.com/hoakbuilds/status/1790434490877129007
https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic
I disagree with using the term mismanaged here because what they did is stole the money and used it for their personal use and whatever it can be still it's stealing not mismanaging because the later is used for someone like manager who is supposed to buy x amount of stocks bought in bulk then the price went down and such like that.
First of all, giving complete control of public money like donation, crowd funds, etc to one person or group of people is primary reason for abusing. There should be transparent way to see anyone who contributed towards the money.
There have been many cases like that where people misuse other people's money for their own interests, for example gambling with the money in the hope that they can multiply the money and make themselves rich. Gambling using other people's money is a very stupid act, because gambling is uncertain when you win or lose, and you will most likely lose, so gambling using money you shouldn't gamble with is very risky and should be avoided.
A gambler should becare so that problem will not arise from avoidable things, is just that greed can cause anything to happen, most time they problem with some gambler is greed, the ability to make sure the win more with the fund that does not belong to them, when you see this kind of thing happening just know that addiction is near, it is not wise to make use of fund that was given to you because of trust of whatsoever to gamble, I called this irresponsible character in the highest level, it doesn't sound nice when some one use money at such to gamble, trust is not easy to earn and it is lost it lead a person into problem can only be solved with more borrowed money, this should be frowned at.
I know of a number of stories about people taking advantage of trust by creating a flashy appearance or pretending to be someone knowledgeable about investments to deceive and take advantage of people around them.
Such a story is not too strange, especially in the crypto space where there are also large-scale scams, but it also reflects the reality that people's greedy mentality is easily swept up in opportunities considered easy.
Anyway, it's a dark corner in any field where stories like this appear. The lesson I always remember is not to rush to believe everything, but check with your own experiences, right away. Even relatives can treat you badly, as long as you are not in that situation.
Such a story is not too strange, especially in the crypto space where there are also large-scale scams, but it also reflects the reality that people's greedy mentality is easily swept up in opportunities considered easy.
Anyway, it's a dark corner in any field where stories like this appear. The lesson I always remember is not to rush to believe everything, but check with your own experiences, right away. Even relatives can treat you badly, as long as you are not in that situation.
I've heard of such act from different angles where students use their school fees or money some persons contributed to gamble.It sounds and looks crazy when I see such act, gambling is uncertain you don't know if whether you might win or loss.Some folks are so desperate to go extra mile for gambling seek.There are risk that shouldn't be classified as risk such is the scenario where a student will gamble with his/her school fees and call it a risk Hell NO such risk isn't right, risk should be taken rightly.
It is clear that using other people's money, especially without the experience or permission of other people, is a very big mistake and this behavior is also included in behavior that is truly prohibited and sometimes there will be punishment for the private user.
We have seen many things around us, even from the news on television, that there is an official who misuses people's money for personal or group interests. Yes, at first it will feel safe, but over time it will definitely be exposed, especially if the individual uses the money. other people for the sake of their hobby, namely gambling, is a very fatal mistake and if they are caught, they will definitely immediately receive a punishment commensurate with what they have done.
We have seen many things around us, even from the news on television, that there is an official who misuses people's money for personal or group interests. Yes, at first it will feel safe, but over time it will definitely be exposed, especially if the individual uses the money. other people for the sake of their hobby, namely gambling, is a very fatal mistake and if they are caught, they will definitely immediately receive a punishment commensurate with what they have done.
Be careful with people's money
Having people's money with you is like having to borrow money and to borrow money to gamble is a red flag either. I know of a similar story like that when someone defaulted to remit money that was in his custody to the owner because it has been used for gambling. So if someone ask to keep money with you when you know that you don't have the emotional control to be able to resist the temptation of using it for your personal purpose and including gambling, you better refuse to collect it so that such temptation of making use of someone else money will be avoided.
This has been the reason why we always advise against addiction because whenever you get to the point of addiction it becomes easy for you to always want to use any funds available at your disposal to gamble and in cases as this since gambling isn't guaranteed it's very possible you get to loose your funds gambling because you are not addicted a d feel you can always get an opportunity with the casino to be able to win a game buy it turns out thst you eventually get to loose most of the money gambling. When people entrust funds into you hand, it should be an avenue for you to want to explore new opportunities with people's funds especially with gambling which never guarantees success.
If you wish to invest or try out new opportunities it's best you do thst with your own funds probably thst which you have saved, responsible gambling cannot lead to the point where you get to use people's fund to gamble buy then it's sad that only a few gamble responsibly enough.
If you wish to invest or try out new opportunities it's best you do thst with your own funds probably thst which you have saved, responsible gambling cannot lead to the point where you get to use people's fund to gamble buy then it's sad that only a few gamble responsibly enough.
There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.
this shouldn't always be shifted to gambling to be honest. He could have squandered the money with whichever way he chooses to buy it's just that for this context, he chooses to use it to gamble. People need to understand that any money that's not your own should be kept for the purpose for which the money got into your hands. You can't be too smart when it comes to using people's money. There is some sort of spirit that's associated with people's money. Sometimes you can use your money to gamble and wouldn't loose it but when it comes to other people's money, it's always strange how it goes off in no time.If you aren't ready to gamble responsibly most expecially when it has to do with people's money, you should reconsider quiting entirely.
People should check the background or character of the people they entrust their money with, but unfortunately, some people are so good at hiding their character that they only get exposed when the deed is already done.
Temptation is really high for people to take a chance on gamblers, especially if they see a match that they figure out could give them a sure win.
Temptation is really high for people to take a chance on gamblers, especially if they see a match that they figure out could give them a sure win.
The last part of your statement that I bold is a lie which we tell ourselves. Every gambler is aware that there is no sure game that guarantees you winning but we always deceive ourselves with assumption of winning. Perceiving a game as a sure game is a common thing that happens to everyone but going hard with stake/wager because of your perception is very foolishness.
I quite agree with you that some people are too good in hiding their real character until they are caught in the act. I remembered meeting a guy who's a gambler back then in school. We spent almost a year together without realizing he's into gambling until one fateful day when he got into trouble and I discovered that the cause of the problem is gambling. Upon my discovery, I still find it hard to believe but it was true, he's a gambler but very secretive.
Gambling with people's money is a sign that the gambler is not aware of what he/she is doing because it's abnormal for a sane person with knowledge of gambling to that. You lost the money and you still have debt to clear, it's an unwise decision.
Be careful with people's money
That's the reason why when we join an organization or social gathering group, we have to be careful in choosing a chairman or treasurer, because it is very important for the sustainability of the organization in the future, to see whether our friends who we want to entrust money to have gambled or not.Gambling can darken someone's eyes, if someone has been involved in the world of gambling, most of them don't see where the money comes from, the important thing is that they can use and aim to multiply that money, whether it's a person/group's money or something else, the illusion tells them to use it temporarily, not knowing that they have entered a vicious circle, where at the end of the story they lose the money.
Cases like what the OP said have happened in my area, but not money from college friends, the money was money from social gatherings for mothers, because the treasurer was addicted to gambling, so the story ended without a trace of money disappearing.
What you are telling you is the same as the case of embezzlement of customer money that occurred in my country.
They do not deposit customer installments to central banks and prefer to use it as a crypto investment that is eventually lost or exposed to the Rugpull project and also used for slot gambling that makes all the money disappear.
This mode of using other people's money has become an old mode, but the method is different.
I have never believed in people who manage money for savings or those who receive services for savings and loans.
What happens in the end will only be losing money due to embezzlement of money for gambling or other purposes.
Especially if they are already addicted to gambling, then anyone's money will not care.
But there is nothing that can be done if it is related to crypto, except for anyone who knows the place where the developer lives and asks for a change directly, but if he is anonymous then there is no way whatsoever to restore it.
They do not deposit customer installments to central banks and prefer to use it as a crypto investment that is eventually lost or exposed to the Rugpull project and also used for slot gambling that makes all the money disappear.
This mode of using other people's money has become an old mode, but the method is different.
I have never believed in people who manage money for savings or those who receive services for savings and loans.
What happens in the end will only be losing money due to embezzlement of money for gambling or other purposes.
Especially if they are already addicted to gambling, then anyone's money will not care.
Hearing of this story reminds me of something that happened last year with customer funds being gambled away by a project's developer:
IMAGE
https://twitter.com/BullaOF/status/1675662523100438531
Also from an NFT project in the same year prior:
Founder of Goobers NFTs ‘completely broke’ after gambling away life savings & investor funds
source: https://cryptoslate.com/founder-of-goobers-nfts-gambles-away-life-savings-investor-funds
Wasn't there a streamer xQc who gambled away millions of his followers money to do with that Hasan fiasco several years ago which was the catalyst for twitch completely banning gambling on its platform?
https://www.thegamer.com/streamer-xqc-hasan-ludwig-gambling-streams
And it's quite a sad incident, just because of the greed of the project developers that a lot of user money is lost. IMAGE
https://twitter.com/BullaOF/status/1675662523100438531
Also from an NFT project in the same year prior:
Founder of Goobers NFTs ‘completely broke’ after gambling away life savings & investor funds
source: https://cryptoslate.com/founder-of-goobers-nfts-gambles-away-life-savings-investor-funds
Wasn't there a streamer xQc who gambled away millions of his followers money to do with that Hasan fiasco several years ago which was the catalyst for twitch completely banning gambling on its platform?
https://www.thegamer.com/streamer-xqc-hasan-ludwig-gambling-streams
But there is nothing that can be done if it is related to crypto, except for anyone who knows the place where the developer lives and asks for a change directly, but if he is anonymous then there is no way whatsoever to restore it.
The solana guy's issue is very embarrassing and shameful to say the least. It leaves me with a distasteful taste in my mouth when I read it. How can you be this irresponsible and stupid. Why throw away your career in future just for a habit that people would easily offer heap and not mock you. It indeed breaks my heart that people are not honest with themselves about their addiction. They keep hiding it and betraying the trust of their friends.
Gambling addiction is something no one should fall into because if you do, it will ruin your reputation and business, if you are a business man. I am not surprised at this guy's actions because it was addiction that caused it since he cannot control himself and he has access to public funds in his custody. What happened to him is the same thing that will happen to any addicted gambler, because they only know how to chase their losses until their losses will turn around to hunt them. When you gamble with people's money in the due to addiction, if you money is not yet exhausted, they will not stop. Forgetting that it is not their money and that the owners of those funds will definitely ask for it and when you cannot provide it, your losses will start chasing you until you pay them back to the owners or you go to jail. An addicted gambler should not go into any business, if he has not overcome his addiction, if not he will gamble off his business.
There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.
this shouldn't always be shifted to gambling to be honest. He could have squandered the money with whichever way he chooses to buy it's just that for this context, he chooses to use it to gamble. People need to understand that any money that's not your own should be kept for the purpose for which the money got into your hands. You can't be too smart when it comes to using people's money. There is some sort of spirit that's associated with people's money. Sometimes you can use your money to gamble and wouldn't loose it but when it comes to other people's money, it's always strange how it goes off in no time.If you aren't ready to gamble responsibly most expecially when it has to do with people's money, you should reconsider quiting entirely.
It's because the temptation on gambling is for real, everyone is going to be affected and by suckered and the lure of the potential to win big. I just watched a documentary on Netflix about the Centra founder and how he lost the last $100k of their money into gambling and that he almost want to kill himself after that. And so this story is not the first team and again, it's tempting to put someone's money into gambling because you are thinking that you can double it and as the same time have some fun. But the big question is what happens after you lose everything? It will take a lot of mental toll on the individual and just like the documentary that I watch he contemplate suicide, but at least he snapped from it when he did talk to people close to him.
There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.
this shouldn't always be shifted to gambling to be honest. He could have squandered the money with whichever way he chooses to buy it's just that for this context, he chooses to use it to gamble. People need to understand that any money that's not your own should be kept for the purpose for which the money got into your hands. You can't be too smart when it comes to using people's money. There is some sort of spirit that's associated with people's money. Sometimes you can use your money to gamble and wouldn't loose it but when it comes to other people's money, it's always strange how it goes off in no time.If you aren't ready to gamble responsibly most expecially when it has to do with people's money, you should reconsider quiting entirely.
I have read many news that someone will mismanage people's money. I read one about a university student some years ago that gambled with the money contributed by his course mates. The main reason that is causing the money mismanagement is either trading or gambling, but I read more about gambling online. Some can be because of other reasons.
There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.
His statement in X:
https://x.com/hoakbuilds/status/1790434490877129007
https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic
There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.
The core developer of the Solana-based cross-margin decentralized exchange (DEX) admitted his wrongdoing in a public statement shared in a May 14 X post:
“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”
“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”
His statement in X:
https://x.com/hoakbuilds/status/1790434490877129007
https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic
In this case then why we let other people handle our money? Gambling and trading is risky that's why its a big no for deciding to trust our funds with those guys since we provably know that we will be in big trouble.
To avoid experiencing those cases much better if we could spend some time to learn those activities since no one will scam us if we became a skilled individual which able to produce good result for ourselves on each gambling and trading decision or activities we do. I've hear a lot of cases like this that's why I can't afford to trust my funds to any random guy around or even if I know them since there would be a conflict of interest will happen and this could destroy peoples trust and might create some fake reasons if they lose their money just to get out on supposed to be obligation that they needed to face.
There have been many cases like that where people misuse other people's money for their own interests, for example gambling with the money in the hope that they can multiply the money and make themselves rich. Gambling using other people's money is a very stupid act, because gambling is uncertain when you win or lose, and you will most likely lose, so gambling using money you shouldn't gamble with is very risky and should be avoided.
It is not in all the cases that the people claim to have used those money for gambling that is actually the truth as they declare. Some may not have even used it to gamble, it could be that they have used it to acquire a property for themself or gave it out as loan to later get an interest profit after it's returned. Hence they claim to have used it to gamble and lost it, they assume that the case will not escalate beyond what it should if the money is said to have been used for something else profitable.I witnessed a case in my former estate where a certain man in the estate had to use his association money that members contributed under his care to sponsor his two children to school abroad. Something he alleged to have lost the money to gambling he played within the period the money was contributed to him. It was a preliminary investigation after police was involved in the case that revealed what he actually used the money for. Humans can be very cunning.
Jump to: