🚀IRL promised to help friends meet in real life, but it was built on deception and fake users.
🤖95% of IRL's users were automated bots, not real people.
💰IRL's inflated user numbers misled investors, leading to millions of dollars in investment.
⚖️The SEC launched an inquiry into IRL for misleading investors and presenting false metrics.
🔒Abraham Shafi, the CEO of IRL, denied the allegations and claimed that the external estimates didn't include web users.
What was IRL's vision?
—IRL aimed to facilitate meetups and social gatherings among friends in real life.
What percentage of IRL's users were bots?
—Investigations found that 95% of IRL's users were automated bots.
What consequences did IRL face?
—Due to the fraud uncovered, IRL was dissolved, and its assets were moved into a liquidating trust.
Who led the inquiry into IRL?
—The SEC (Securities and Exchange Commission) launched an inquiry into IRL's misleading investor information.
What did Abraham Shafi claim in response to the allegations?
—Shafi denied the allegations and stated that the external estimates didn't include web users.
00:00IRL, a social media app, promised to help friends meet in real life.
01:01Abraham Shafi, the CEO of IRL, had a history of problematic ventures.
02:40IRL was created to cater to Gen Z and gain a large user base.
06:08Nicholas Grant, a software engineer at IRL, discovered fake user accounts and discrepancies in statistics.
06:34The SEC launched an inquiry into IRL's misleading investor metrics.
07:19IRL was dissolved due to the investigation, and its assets were moved into a liquidating trust.
07:39Abraham Shafi denied the allegations and claimed that external estimates didn't include web users.
08:31The IRL case is another example of high-profile fraud in the startup world.
