APPROXIMATELY 20 police reports have been filed against a Singaporean appointed marketing manager for a game up for grabs that allegedly cost local players over S $ 100,000 (308,610) RM in lost cryptocurrency.

The Neko Inu game capitalized on the craze for crypto-winning games and launched earlier this year, allowing players to earn USDT, which is a form of cryptocurrency.

Players had to first purchase a virtual pet in USDT before they could start playing. They then had to perform tasks such as feeding and caring for their pets every day to increase their value.

“What attracted me to the game was the 6% interest I can get for my pet every day. There’s not a lot of satisfaction in the game, ”said one player who wanted to be known only as KJ. “The animal can be traded or sold to cash in the USDT.”

If a player introduces more players to the game, they receive sponsorship incentives, such as a ponzi scheme, added KJ, who put in 3,600 USDT, equivalent to S $ 4,900 (RM15,120) when he started. to play in April.

But last month, the game developer converted all USDT held by game players to Neko $.

Players have cried foul because Neko $ is not listed on any crypto exchange, so they will not be able to cash out their winnings or assets.

Another player known only as Chen, 32, said: “In mid-November we couldn’t make any withdrawals. The game administrator said the platform was hacked and the server is down due to high traffic.

“When the server was restored a few days later, we were shocked to find that our USDT was turned into Neko $. The conversion was from one USDT to five Neko $.

He filed a police report and joined a focus group on Neko Inu victims with over 1,000 members.

Members shared information they learned about the company, including personal details of a Singaporean man appointed as marketing director on the game’s website.

The alleged losses range from a few hundred dollars to over S $ 37,000 (RM114,190) for a player. Only a small group of players reported their losses, totaling more than S $ 100,000, to the police. – The Straits Times / ANN