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/mobilebasicIt’s simply incredible how you could go so far in your addiction as to borrow three hundred thousand dollars from different people and spend it all on gambling! I think this problem with addiction takes a long time to form and he is a very long-time gambler, or has an unstable psyche, which makes his self-control weak. And of course, to these factors you can add great greed and the desire to get rich quickly.