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AlleyCat project developer creator takes presale money to fund gambling habit

The creator of the AlleyCat Solana-based cryptocurrency project has reportedly taken about 600 SOL (~$130,000) raised during the project's presale and transferred it to gambling platforms including Sportsbet.io and Bitcasino. Although the project raised hundreds of thousands of dollars in presale funds, stating it was needed for token liquidity on launch, only 18 SOL (~$11,000) was ever used for liquidity.

Altogether, around $827,000 has passed through the AlleyCat creator's Sportsbet.io account in seven months. Crypto scam-spotting account Rug Pull Finder has alleged that the AlleyCat creator is also behind other rugpulls.

The AlleyCat cryptocurrency project is based on the 1983 Atari game of the same name, though the crypto project does not appear to have any affiliation with (or approval from) the game's creators.

Theme tags: Rug pull, Shady business
Blockchain tags: Blockchain: Solana