4 ms·

he made $2 billion in 2 years and fucked over a huge amount of people

by arcadeparade 5y ago

toomuchtodo 5y ago
Anyone report him to the SEC and DOJ Crypto enforcement division yet?
- cuteboy19 5y ago
  This is perfectly legal
- colinmhayes 5y ago
  Crypto is the wild west. They've worked very hard to ensure DeFi isn't categorized as a security so the SEC has no jurisdiction.
  - toomuchtodo 5y ago
    That is not an accurate representation of the legal obligations of jurisdiction participants. https://www.sec.gov/spotlight/cybersecurity-enforcement-actions https://www.sec.gov/spotlight/cybersecurity-enforcement-acti... https://www.justice.gov/opa/pr/attorney-general-william-p-barr-announces-publication-cryptocurrency-enforcement-framework https://www.justice.gov/opa/pr/attorney-general-william-p-ba... https://www.justice.gov/opa/pr/deputy-attorney-general-lisa-o-monaco-announces-national-cryptocurrency-enforcement-team https://www.justice.gov/opa/pr/deputy-attorney-general-lisa-...
- rchaud 5y ago
  And tell them what? "Hey, I gave real money to this guy and agreed to accept magic beans in return. Now I have discovered that I can no longer redeem these beans for cash"
  - toomuchtodo 5y ago
    "Hey, I gave real money to this guy who sold me what falls under SEC regulation as a security due to the Howey Test [1] [2]. I would like them investigated for securities fraud." It's easy. I've filed such complaints myself. I've bought securities knowingly defective to file the complaints when I was aware fraud existed. Bitcoin and Ethereum fail the Howey Test, but if someone steals them from you, you can still legally pursue for the theft of your digital commodity (or tangentially, the laundering of those funds if the theft and laundering are done by separate parties [3]). The wheels of justice turn slowly, but grind exceedingly fine. [1] https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets https://www.sec.gov/corpfin/framework-investment-contract-an... [2] https://www.sec.gov/news/speech/peirce-how-we-howey-050919 https://www.sec.gov/news/speech/peirce-how-we-howey-050919 [3] https://news.ycombinator.com/item?id=30260787 https://news.ycombinator.com/item?id=30260787
gjvc 5y ago
do you know of a link to the timeline of events and mis-steps etc?
arzt 5y ago
Source?

he made $2 billion in 2 years and fucked over a huge amount of people

toomuchtodo 5y ago

Anyone report him to the SEC and DOJ Crypto enforcement division yet?

cuteboy19 5y ago
This is perfectly legal
colinmhayes 5y ago
Crypto is the wild west. They've worked very hard to ensure DeFi isn't categorized as a security so the SEC has no jurisdiction.
- toomuchtodo 5y ago
  That is not an accurate representation of the legal obligations of jurisdiction participants. https://www.sec.gov/spotlight/cybersecurity-enforcement-actions https://www.sec.gov/spotlight/cybersecurity-enforcement-acti... https://www.justice.gov/opa/pr/attorney-general-william-p-barr-announces-publication-cryptocurrency-enforcement-framework https://www.justice.gov/opa/pr/attorney-general-william-p-ba... https://www.justice.gov/opa/pr/deputy-attorney-general-lisa-o-monaco-announces-national-cryptocurrency-enforcement-team https://www.justice.gov/opa/pr/deputy-attorney-general-lisa-...
rchaud 5y ago
And tell them what? "Hey, I gave real money to this guy and agreed to accept magic beans in return. Now I have discovered that I can no longer redeem these beans for cash"
- toomuchtodo 5y ago
  "Hey, I gave real money to this guy who sold me what falls under SEC regulation as a security due to the Howey Test [1] [2]. I would like them investigated for securities fraud." It's easy. I've filed such complaints myself. I've bought securities knowingly defective to file the complaints when I was aware fraud existed. Bitcoin and Ethereum fail the Howey Test, but if someone steals them from you, you can still legally pursue for the theft of your digital commodity (or tangentially, the laundering of those funds if the theft and laundering are done by separate parties [3]). The wheels of justice turn slowly, but grind exceedingly fine. [1] https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets https://www.sec.gov/corpfin/framework-investment-contract-an... [2] https://www.sec.gov/news/speech/peirce-how-we-howey-050919 https://www.sec.gov/news/speech/peirce-how-we-howey-050919 [3] https://news.ycombinator.com/item?id=30260787 https://news.ycombinator.com/item?id=30260787

gjvc 5y ago

do you know of a link to the timeline of events and mis-steps etc?

arzt 5y ago

Source?