Cryptocurrency
[loss] $14,000
"How a VR startup took the money and ran to the metaverse"
Primary Source ↗Financial Loss
$14,000
(14,000 USD)
Blockchain(s)
Polygon
Incident Details
Dedric Reid has repeatedly stolen art and promotional material, passing off other projects’ work as his own, to promote his “MetaWorld” project — a concept he’s been promising (and fundraising for) in various forms since as early as 2016. He’s recently relaunched it with a web3 spin, including metaverse ideas and NFTs into its newest form, but it appears to be as much vaporware as it was five years ago. Reid has raised at least $14,000 over the years for this idea which still has no tangible result, though Engadget believes the true amount scammed is probably higher.
Total loss estimated at $14,000.
Technical Details
- Vendor / Product
- Metaworld serial
Timeline
- 2021-11-25 Breach occurred
- 2021-11-25 Publicly disclosed