And when did devans make his 124 bitcoin of profit at the expense of his investors?
Was it during the 1.5x kelly stage when investors profited or was it at the 2x kelly stage with no expected bankroll growth and lost several millions of dollars?
The "no expected bankroll growth" refers to the worst case (2x) and for a
specific game (when the whale(s?) were aiming at the forced cashout point). In general, all investors have only been exposed to +EV and expected bankroll growth.
And devans commission seems very well deserved, his job is to run the site and bring in volume. He has been doing a good job of that. And even though his investors are up >3M dollars in a few short weeks, how lucky or unlucky players are, is out of his control. It's not unreasonable to charge a fixed volume-based commission, especially considering investors are expected to earn 75% of the site's profit. But if you disagree with the model, that's fine, you shouldn't invest.
Most of the volume did come from the whale using multiple accounts trying to win a forced cashout.
You both lied and deceived investors. You continually lie about being a "regular user" when you have abused and been able to take advantages of your position and ties with devans.
You both solicited for investments and aimed to get as big of a bankroll as possible because at 2x kelly bets, all the risk is on the investors which are exposed to zero bankroll growth, and devans gets an immediate cut based on how big the wagers are.
You solicited investments and defrauded investors.That's the scam. devans made 124 bitcoin off of it.