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.
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.”
His statement on X:
https://x.com/hoakbuilds/status/1790434490877129007https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasicThe safest way to handle people's money is placing it Iin another account that you don't visit regularly. To some extent, out of sight is out of consideration and not necessarily out of mind. When people have regular encounter with funds that's not theirs, but in their custody, their subconscious mind always involves such funds in consideration when any fund enabled activity crosses their mind.
Normally, funds are given to people on trust and when these things happen, its not only about the funds lost, but the trust broken which can almost never be built back, its irrational for him to have meddled with people's funds in his activity, but what can't addiction lead to?. Its obvious he's addicted to have sequentially thrown such an amount into gambling without pause or rethink.
Reducing contact with entrusted funds have saved me a whole lot of face in life, from accountability issues to maintaining financial integrity. I don't use my transaction accounts for such funds, I use an account I almost don't use and at times I even forget there's funds there until its demanded.