FRAUDBATCH S17SOCIAL

IRL

95% of users were bots. Raised $170M on the lie.

$200M
Capital Raised
$1.2B
Peak Value
6 YRS
Lifespan
~95% fake users
Body Count

AUTOPSY REPORT

Pitched as Gen Z's social app for real-life events. Claimed 20M users. SEC investigation revealed 95% of those users were automated bots the company created itself . Board shut it down in 2023. Shafi charged with securities fraud. The 'IRL' app was anything but.

DAMAGE: ~95% fake users

TIMELINE

2017Founded, joins YC S17
2021-06Raises $170M Series C at $1.2B valuation
2023-06SEC investigation reveals 95% of users were bots
2023-06Board shuts down the company
2023-09Abraham Shafi charged with securities fraud

SOURCES

→ SEC: IRL Fraud Charges→ NYT: Social App IRL Shuts Down
← FTXCruise →

Satirical project. Not affiliated with Y Combinator. All information from public records.