IRL

UC Santa Cruz / Wire fraud, securities fraud, and obstruction — all alleged

IRL shut down after its board found 95% of reported users were automated or bots. A federal grand jury later charged founder Abraham Shafi over allegations that he hid millions in incentivized-download spending, misrepresented organic growth to raise $170M, and deleted records after the SEC opened an investigation . Shafi is charged with six wire-fraud counts, securities fraud, and obstruction. The indictment is an allegation; he is presumed innocent unless proven guilty.