An NFT Gaming Project raised $15.5M in April and already spent $11.6M including $6.9M into team pockets and $1.8M in trading loss.

https://preview.redd.it/g8ujay55ikk91.png?747&format=png&auto=webp&s=97684fc57be2fb4bb3cc93e92dd6978798840348

The project is Ragnarok Meta. They launched the NFT minting in April and got $15,500,000 as treasury.

Since then the project update has been slow. They regularly update their twitter, but practically showing nothing.

In 27th August, the founder comes clean with how much money spent. He wrote:

https://preview.redd.it/zurnc1toikk91.png?976&format=png&auto=webp&s=cd553b5531ea563aad197f6ef59795d7c294441c

Basically here's the breakdown:

• 1.8M loss in trading crypto
• 1.9M to pay outsource developer. Yeah they outsource all the development work.
• 6.9M for salary and compensation. They intentionally spread it to not look big, but "core member", "founder", and "co-founder" include the same few people.
• 423k to buy back their NFT.

So within 4 months, they are taking 6.9M into their own pocket. That while only delivering JPEG NFT and some concept graphic.

If you wonder how they lost 1.8M, this is from the blog post:

https://preview.redd.it/c8fdygaakkk91.png?975&format=png&auto=webp&s=9f5751d2b1224e5218dc5f95dd6feca6b1f25dad

He also mentioned he will reimburse the treasury for trading losses. But he already took way more as salary anyway:

https://preview.redd.it/zjchhv9qkkk91.png?933&format=png&auto=webp&s=050030c6418001f9d69e94d8323f50e9d4c649b4

And crypto detective Zachxbt already on alert, he replied this to the founder (Fanfaron) tweet:

https://preview.redd.it/lroc3xeklkk91.png?723&format=png&auto=webp&s=c774caf0eb8f9673bf33881be7711845c3980958

Some of the reply said it the best:

https://preview.redd.it/o7nm9hgamkk91.png?745&format=png&auto=webp&s=ea98876cb8352d4a6f1032785a5ed01a67979511