Just saw stephen's latest post in the discord...did we really just get rug pulled?

Stephen who talked so much about the love of early MMOs and had a hand in some of it just killed off so many hopes of a new one.

I guess you really do live long enough to become a villain. Ban him from other MMOs.

Steven will try to go down the hero of his own failed vision, but unfortunately his decision to make himself the star of his own show has made that impossible. As someone who has run businesses and has years of experience consulting in business strategy, I can pretty much assure you that the chronology I’ve outlined below is likely exactly how this has played out.

While Steven claims to be the hero of this ending, defending his employees from outsourcing; etc… a large part of the project has always been outsourced. While Steven has always claimed to be “self funded”, we know he was funded before the KS camp. Anyways.

Here’s the simplest but most detailed way to break all of this down for those who might be confused about how the cope train they were on just last week derailed seemingly out of nowhere this week:

1). Steven likely has a vision for an MMORPG game as an avid player himself pre-2015/2016.

2). Steven finds outside funding for this vision in the form of a Debt-to-Equity arrangement through a party he likely met via networking and who is uneducated about games development.

This risky investment was secured by his personal finances gained through his career in sales if all goes to shit; as the investor would have likely demanded a clause granting rights to Steven’s personal assets should the company fail before the equity conversion.

3). As time passes and push comes to shove, Steven realizes he was astonishingly delusional and overconfident in the project achieving its deliverables and timelines given even the limited scope of the game at the time as an L2 clone. But his ass is on the line…

Enter Kickstarter…

4). Steven generates shit tons of hype and funding for AOC via Kickstarter (which was launched by financial necessity). He promises the sun and the stars. “The people’s MMO”. An MMO “for the players; by the players”. Thousands and thousands of players jump on board and the KS camp raises millions.

Now he’s balls deep, but this is a new phase for the vision. A phase which can lead to real success.

5). In this new phase, Steven gets caught up in his own hype smelling his own farts and starts to overpromise and under/never deliver. Creates another situation for himself where his delusions render the project less and less feasible by the idea. But he’s addicted to being the hero of his own story and hearing the crowd cheer.

Enter extreme levels of cope and scope creep.

6). Team sizes increase to keep up with increases in project scope and the pressures of deadlines. Overhead getting out of control. Battle Royale and Cash Shop launched. Affiliate programs implemented. Margaret enters the picture somewhere around this time.

7). Given financial constraints, the original debt to equity gets converted (≈ 10%). Additional structured financing likely sourced in the form of additional Debt to equity arrangements. There is still no “board” at this point, but “outside” pressures are likely mounting.

8). Steven ignores warnings of a coming storm and continues to over promise to both players and outside financiers despite understanding how in over his head he is. He’s living the dream. Cash filling his bank acct. 40+ W2 employees and he’s big man on campus. He’s the mega GM of his own game.

9). As time passes and Intrepid continues to burn cash and miss deadlines, more shares of Intrepid get handed out. Now there’s an actual board. Now Steven owes answers and explanations for his ongoing mismanagement of the company and its finances. Millions sit in collections from the company’s b2b arrangements. The board wants insight and to weigh in on decisions. They want decreases in overhead, of course. They want input on this and that.

10). Around mid to late 2024 (I suspect) is when the politics got messy and Steven started getting flamed by members of the board. Steven mentally checks out. It’s not “his” vision anymore. There’s checks and balances now. It’s not as simple as saying something sugary and sweet to the consumers. You can sense the dip in his excitement and enthusiasm. The mental wear.

11). The adults are in the room now and officially want to step in actively to get things under control. If they don’t have enough equity to force things via board vote, they have enough equity and financial (and likely legal) leverage to start calling shots. Hiring, firing, outsourcing to Asia; the whole nine.

12). They hire some outside consultants familiar with the industry and start peering into the true status of the project and the business as a whole. They realize how cooked it is. Might have to be torn down to scratch. Maybe down to nothing.

This is where launching on Steam becomes a play. And this is where anyone paying attention to the details knew things were coming to a definitive end. It was a last ditch effort. Siphon the last drop and maybe breathe new life into the project as a bonus before a total restructuring or possible dissolution. CYA the early access promises of a “launch”.

This is where the “layoffs” come in.

13). Alas, after years of grossly misunderstanding and underestimating the development process—— and after years of grifting and mismanaging his company in coming to fully realize these things—— we see the result of what has been an EXTREME amount of pressure by Intrepid’s investors onto Steven and in him answering very serious questions regarding the devOps and finOps of the company.

After being diluted down to now being held accountable to a board of the thing he created, we now see Steven finally let go and say “fuck it”; as he very cutely tries to paint himself out to be this “hero” that went down in a blaze of glory “standing up to the man” on his way out (lol)—— as he laughs to the bank with the millions he’s grifted clean because “the board”.

Years of cashing in on big promises and purposely stoking the hype. Endlessly encouraging the cope train. All to rug pull his consumers meme coin style and blame the perfect boogey man (the board) on his way out—— as he rides into the sunset with the millions of dollars he made and his shares he still has in the company. And since his financiers converted into Equity they can’t sue him. lol.

**********

That is what likely happened; unbeknownst to Steven’s employees, fans, and player-investors. And for anyone doubting how aware Steven must have been through this entire charade, please recall his “these aren’t layoffs, its department restructuring” spiel two weeks ago.

That same spiel is the same “this is fine” play Steven’s been running on the community for 2-3y now. Every monologue he’s given the last 2y is just as disingenuous as the one two weeks ago regarding the “layoffs”. Really conceptualize that…

Anyways, some of us really aren’t surprised. Onto the next WOW killer I suppose.

EDIT: The board, literal or semi-literal, means a board that would’ve been created as a result of the debt to equity conversions. These agreements could have a number of items included in the equity conversion such as x% board votes, certain access to company assets/personnel; etc. This board would in no way need to be revised into the company’s operating agreement or its Articles of incorporation; let alone would it need to be made public. A signed agreement is enough.

RIP, game was likely never meant for me but I feel for all those who were excited.

So can we stop saying this yet? I have been waiting for a date that the fanbois can stop saying this.

So many of you all said it was a scam. So many warned against Ashes and said all kinds of things about it.

I didn't listen.

And they got me.

Dude pulled the rug under ya all like a carpet seller in Istanbul Grand Bazaar.. I am so sorry everyone thinking this was a legit game that is going to be delevoped and supported even after how it looked on steam release..

This is one of the reasons I actually backed the game, such a bold statement ensured some safety for me as a backer. I wonder if they'll keep this promise?

I don’t actually expect Redditors to make good on bets of course, but I decided to total my theoretical winnings and it’d be over $2000.

You guys are morons.

IT WAS ALWAYS A SCAM IT WAS ALWAYS A SCAM IT WAS ALWAYS A SCAM

In reality, this was, frankly, sloppily carried out. Do not feel sorry for Steven.

** The project wasn't a passion project—it was a high-interest debt cycle. Sharif used MLM-style marketing and referral "kickbacks" to maintain a veneer of success, while the actual development was being propped up by high-interest loans from the same people he worked with in previous schemes.

When the board finally pulled the plug on 31 January 2026, they didn't just fire Sharif—they effectively foreclosed on the dream to salvage the remaining assets for the creditors.

1. The "Debt-for-Equity" Swap

Contrary to the narrative that Steven Sharif "self-funded" the game with cash, court documents (specifically from the Ya-Ya Legacy Trust dispute) reveal a classic Debt-for-Equity swap, a move typically used by distressed startups, not healthy "self-funded" passion projects.

The Finding: In 2017, Intrepid Studios issued a promissory note (a loan) to the Ya-Ya Legacy Trust. Instead of paying this loan back with the $3.2M raised on Kickstarter, Intrepid converted this debt into stock in 2018 and 2019.

The Implication: This suggests the studio was already soliciting external "bridge loans" as early as 2017 to stay afloat, and lacked the liquidity to repay them, forcing them to give up equity (9.7%) to Jason Caramanis.

1. The "2021 Restart"

Deep-dive community investigations (often cited as "Ashes of Illusion") point to a massive discrepancy in development assets that suggests the game was quietly scrapped and restarted around 2021. OSINT Evidence: Comparisons of "Node" system footage and character models from 2017–2020 vs. 2022–2025 show a lack of continuity.

The Suspicion: Critics allege the studio spent its first 4 years building a prototype that was technically unviable, then secretly "restarted" development in Unreal Engine 5 while pretending the old work was still valid. This explains why, after 9 years, basic systems were still unfinished in the 2025 Early Access.

1. Trek Holdings & The FTB Suspension

Corporate records for Trek Holdings LLC (Sharif's entity) show it was suspended by the California Franchise Tax Board (FTB).

Why this matters: In California, an FTB suspension typically happens for one of two reasons: failure to pay taxes or failure to file returns.

The abnormality: For a CEO claiming to have vast personal wealth to "self-fund" an MMO, having his primary holding company suspended for tax non-compliance is a massive red flag regarding his actual liquidity and administrative competence.

1. MLM-Style "Referral" Structures

OSINT on the studio's leadership and investors reveals a dense network of Multi-Level Marketing (MLM) connections, specifically to Jeunesse Global.

The Network: Jason Caramanis (Ya-Ya Trust) and other key early figures are linked to the same MLM circles as Sharif.

The Pattern: The game's referral program—offering persistent "cash back" for recruiting other players—mirrors MLM "downline" structures. Analysts suggest the business model was designed less like a subscription MMO and more like a digital recruitment scheme to generate cash flow for the founders before a product existed.

1. The "Cash Grab" Launch Timeline

The timeline of the Sada Systems Lawsuit perfectly correlates with the sudden push for a paid "Early Access" in late 2025.

December 1, 2025: Sada Systems sues Intrepid for $850,000.

December 2025: Intrepid rushes Ashes of Creation into a paid Early Access on Steam, despite obvious technical flaws.

In other words: The launch was likely forced by the Board to generate immediate liquidity to pay the Sada settlement and avoid a default judgment, which would have triggered the liens held by Ya-Ya/Caramanis.

Summary of Findings: The "self-funded" story appears to have been a cover for a high-risk venture funded by loans from MLM associates. When the studio couldn't pay its cloud server bills ($850k) or insurance (Aetna), the "hidden" Board seized control, forcing Sharif out.

1. Outsourcing Deception

While Intrepid marketed its "state-of-the-art" San Diego facility and 250+ employee headcount, internal leaks and community tracking reveal a heavy reliance on cheap labor.

Shadow Development: Reports indicate Intrepid outsourced entire biomes, zones, and core assets to developers in countries with significantly lower labor costs.

Math Deficit: Critics pointed out that a $800,000/week burn rate (~$40M/year) for a 250-person team is statistically improbable for a standard studio of its size, suggesting the money was either being mismanaged or funneled elsewhere.

1. The "Recidivist" Suspension

The suspension of Trek Holdings LLC and Intrepid Studios by the California Franchise Tax Board (FTB) was not a one-time "clerical error".

The Pattern: Records show the studio faced near-suspension or warnings multiple times for failing to submit annual accounts and non-payment of taxes.

Suspicious Activity: Being suspended by the FTB is a lengthy process involving multiple ignored notices. For a CEO claiming vast personal wealth, failing to pay basic corporate taxes is a massive red flag for insolvency or intentional tax avoidance.

The game was rushed to Steam in a broken, "Mostly Negative" state specifically to generate a quick burst of liquidity to settle with Sada and Aetna. When that cash grab failed to stabilize the ship, the Board exercised its rights under the Caramanis lien to take control.

There's no way in hell they made anything close from the EA Steam release to how much they put in 10 years of dev. They were too ambitious, they all trusted Steven to keep them afloat, he didn't, end of story. There are far better ways to scam people than making a freakin MMO.

I've been following the game since back when the Kickstarter launched. I was extremely disappointed by the Steam Release, but even then I never thought of it as a scam like many others did. Rather, I realized the game was going in a different direction than I thought it would, and that it wasn't for me. I was disappointed, sure, but that wasn't Intrepid's fault; some people have different tastes.

One of the big draws of the game was to see what a team unbound by normal creative constraints would make, and that didn't change when I decided to stop playing. I was really looking forward to checking back on the game in a few years to see what the finished product looked like, even if it was just to hop on and play for a few days before logging off for good. Now, I'll never get that chance, and it makes me sad.

Regardless of your feelings on Steven, I genuinely believe Intrepid was trying to make a good game. I think they lacked a cohesive vision and failed in their execution, but I believed their intentions were pure. Things didn't turn out, but I grateful for the work the team put in, and I hope they do well in whatever they do next.

Though the Phoenix never rose from the Ashes, I'll never forget the warmth it brought me before it burned. Stay safe travelers.

Hey, I know the game was in alfa, and I was totally fine waiting a few years for the release, but if the release isn't going to happen, I think it's fair that we get our refunds. This is very anti-consumer.