Author: Michael

Social app IRL shut down in June, but SoftBank — which led the platform’s $170 million Series C in 2021 — is now suing the company for $150 million. IRL told the world it had 20 million monthly active users, but an internal investigation later revealed that 95% of them were fake. According to SoftBank, those “impressive user numbers” encouraged them to invest, hence the fraud lawsuit. Full TechCrunch+ articles are only available to members. Use discount code TCPLUSROUNDUP to save 20% off a one- or two-year subscription. Because “younger startups are now increasingly getting caught in the act” when…

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