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> The 56,000 ETH compromised from the Axie DAO treasury will remain undercollateralized as Sky Mavis works with law enforcement to recover the funds. If the fun

by dannyw 5y ago

> The 56,000 ETH compromised from the Axie DAO treasury will remain undercollateralized as Sky Mavis works with law enforcement to recover the funds. If the funds are not fully recovered within two years, the Axie DAO will vote on next steps for the treasury. This sounds like fraud.

lupire 5y ago
It's not fraud if they got robbed, unless going forward they claim to be fully collateralize. Obviously their legal creditors in the real financial system (not the suckers buying coins) would prefer repayment to default, so it's in their interest to negotiate a new collateralization agreement to extract more money from "game" players (speculators) before shutting down and writing off the loss.
- dannyw 5y ago
  In Australia, it is illegal for businesses to trade while insolvent. If they allow deposits of new ETH, that creates a very real scenario of new suckers losing money.
  - boeingUH60 5y ago
    > If they allow deposits of new ETH, that creates a very real scenario of new suckers losing money. Not surprising, the whole Axie Infinity game is a house of cards. Not exactly a Ponzi, but something very close.
    - danamit 5y ago
      That's every cards game tho. My issue with Axie is its not decentralized, you can't even use a Ronin wallet without connecting it to their website first.
rchaud 5y ago
Axie's based in Vietnam, so would this fall under their local laws?
- xuki 5y ago
  I doubt they incorporated in Vietnam. Most likely it’s a Singapore company, I found a Sky Mavis registration in Singapore: https://www.companies.sg/business/201913227N/SKY-MAVIS-PTE-LTD- https://www.companies.sg/business/201913227N/SKY-MAVIS-PTE-L...
- latchkey 5y ago
  News in Vietnam is heavily controlled by the government. One of the more popular sites: https://tuoitrenews.vn/search?q=axie https://tuoitrenews.vn/search?q=axie Past: https://cpj.org/2018/07/vietnam-suspends-local-news-website-on-accusation/ https://cpj.org/2018/07/vietnam-suspends-local-news-website-...

by dannyw 5y ago

lupire 5y ago

It's not fraud if they got robbed, unless going forward they claim to be fully collateralize. Obviously their legal creditors in the real financial system (not the suckers buying coins) would prefer repayment to default, so it's in their interest to negotiate a new collateralization agreement to extract more money from "game" players (speculators) before shutting down and writing off the loss.

dannyw 5y ago
In Australia, it is illegal for businesses to trade while insolvent. If they allow deposits of new ETH, that creates a very real scenario of new suckers losing money.
- boeingUH60 5y ago
  > If they allow deposits of new ETH, that creates a very real scenario of new suckers losing money. Not surprising, the whole Axie Infinity game is a house of cards. Not exactly a Ponzi, but something very close.
  - danamit 5y ago
    That's every cards game tho. My issue with Axie is its not decentralized, you can't even use a Ronin wallet without connecting it to their website first.

rchaud 5y ago

Axie's based in Vietnam, so would this fall under their local laws?

xuki 5y ago
I doubt they incorporated in Vietnam. Most likely it’s a Singapore company, I found a Sky Mavis registration in Singapore: https://www.companies.sg/business/201913227N/SKY-MAVIS-PTE-LTD- https://www.companies.sg/business/201913227N/SKY-MAVIS-PTE-L...
latchkey 5y ago
News in Vietnam is heavily controlled by the government. One of the more popular sites: https://tuoitrenews.vn/search?q=axie https://tuoitrenews.vn/search?q=axie Past: https://cpj.org/2018/07/vietnam-suspends-local-news-website-on-accusation/ https://cpj.org/2018/07/vietnam-suspends-local-news-website-...