In its peak days, Watermelon was a company that moved glacially when it came to finishing its products and delivering to customers.
With regard to Paprium, previously known as Project Y, Watermelon (primarily Fonzie, as his business partner was forced out) raised a number of red flags. It created a “gem system” for people to “invest” and have a say in what the game would be without actually buying it. Initial pre-orders were taken and years would go buy with no substantive updates. If people asked for refunds, weird excuses would be given such as PayPal locking their account because it received too much money. Other weird moments popped up such as being told fulfillment was delayed because Air France misplaced some essential part of the game build, China sitting on the warehouses waiting for payment, or trouble with the infamous Datenmeister chip.
A few years ago, Watermelon announced a release party featuring the game and that orders would be fulfilled afterwards. Any arcades of the game were broken and Fonzie himself showed off a buggy alpha build of the game without enemies.
Then utter silence until a few weeks ago.
The bottom line is that this game was in development for years, with little in the way of updates, odd behavior from Fonzie, and a lot of angry investors who felt left in the dark.
An excellent series by a YouTuber covered a lot of these points, here’s Part 1: