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there's a chance, but whose jurisdiction is it, and who is responsible for investigating the fraud?
by phpnode 5y ago
there's a chance, but whose jurisdiction is it, and who is responsible for investigating the fraud?
- chrisco255 5y agoGood question. This occurred on the Binance Smart Chain. Binance gets rather boxy about determining its own jurisdiction and has offices in several different countries, but the activities on the chain itself are supposedly permissionless and Binance will claim they have no control over it. Unfortunately, $32M is probably not enough to warrant an investigation. This kind of stuff is a shame, because there's a lot of ethical and innovative applications in DeFi, like Uniswap, Aave, Compound, and Yearn. There's also index tokens managed via the Set Protocol that have been running for years with no issues. BSC is a fork of Ethereum and the main appeal is lower transaction fees (at the cost of centralization). From my perspective, BSC tends to be forks of Ethereum based projects deployed by devs that have little idea how they work. I look at many projects on BSC as being little better than a casino game.
- duskwuff 5y ago> I look at many projects on BSC as being little better than a casino game. Heck, a nontrivial number of applications running on BSC are literally casino games. It's somewhat popular as a way of implementing (unregulated and probably illegal) online gaming.