The implosion of Ashes of Creation just got messier. A YouTuber claiming to possess years of company financial records has alleged that Intrepid Studios squandered millions on personal luxuries while the game studio teetered on the brink of collapse, prompting the project's CEO to dismiss the revelations as a coordinated legal attack dressed up as journalism.
NefasQS published what he said was the complete general ledger for Intrepid Studios spanning 2015 to 2026, along with supporting documents. The breakdown included eye-watering expenses: $220,066 on DoorDash deliveries, $21,000 for a personal chef, $21,346 on Magic: The Gathering cards, $15,981.70 on movie theater tickets, $595,098.83 in Amazon purchases, and $48,568 on antiques. There was also $2,200 in hotdog charges and $8,717.15 on plants.
The YouTuber also flagged $81,166 sent to Gore Oil, the entity that appears to own a $4.9 million San Diego mansion purchased by CEO Steven Sharif and his husband John Moore in 2020.
According to NefasQS's analysis, Intrepid would have collapsed multiple times without constant cash infusions from investors and creditors. His video claims that on days fresh money arrived, substantial sums labeled as "shareholder loans" were withdrawn, sometimes in amounts exceeding what had just been deposited. In some cases, money was pulled out and returned within days in identical amounts.
Salary figures also drew scrutiny. The video alleged that both Moore and Sharif's annual compensation nearly doubled in 2024, jumping from approximately $245,864 and $207,922 to $476,738 and $396,768 respectively.
Sharif rejected the allegations outright, telling Kotaku that NefasQS had been fed "false and defamatory information" by people seeking to litigate the dispute through public opinion rather than the courts. He characterized the YouTuber as a willing instrument of parties with an agenda.
"Rather than verify those claims, he has chosen to repeat them, acting as a mouthpiece to advance a narrative that drives clicks and views, with disregard for basic journalistic standards," Sharif said.
The dust-up represents the latest chapter in a saga that began when Valve yanked Ashes of Creation from Steam in February after the game's director and senior leadership team abruptly quit. Sharif said at the time that staff had departed "in protest" over requests he "could not ethically support," and that the board had subsequently issued WARN Act notices signaling layoffs.
A public records request later revealed that the formal notification was filed on January 31, affecting 210 employees, 123 of them based in California. According to one studio director, the remaining development team was terminated without notice or their January paychecks.
Last month, Sharif claimed victory in the opening round of litigation against Intrepid's board chair Rob Dawson and affiliated entity TFE Games Holdings LLC. He alleged they committed breaches of fiduciary duty, violated trade secret laws, and unlawfully attempted to seize company assets including intellectual property. A San Diego court issued a temporary restraining order in his favor.
The financial records video remains available as of publication, though NefasQS noted that someone had filed a privacy complaint and that his Reddit account had been reported to administrators. Discord users sharing links to the video have also reported being banned from the Ashes of Creation server.
The two camps are now locked in dueling narratives: Sharif positioning the board as orchestrators of an illegal takeover, and NefasQS portraying Intrepid's leadership as profligate spenders who ran the studio into the ground while extracting personal wealth. The federal lawsuit will ultimately determine which version prevails, but the reputational damage to the once-hyped MMO may already be irreversible.
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