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The best crypto grift was the neobank startups that were front ends for investing in anchor, a 20%APY crypto ponzi. Anchor crashed with Luna and all those start
by 0xB31B1B 4y ago
The best crypto grift was the neobank startups that were front ends for investing in anchor, a 20%APY crypto ponzi. Anchor crashed with Luna and all those startups kept their money in failed stable coins and have folded and failed to make payroll. They lost all of their money and all of their customers money. Woof
- arikr 4y agoWhich Neobanks have gone bust or are likely to as a result of Luna?
- mikestaszel 4y agohttps://www.alice.co/ https://www.alice.co/ is one.
- vishnugupta 4y agohttps://twitter.com/FatManTerra/status/1527153694218797058 https://twitter.com/FatManTerra/status/1527153694218797058
- sebmellen 4y agoAnd they’re a YCombinator company!!! https://www.ycombinator.com/companies/stablegains https://www.ycombinator.com/companies/stablegains “EARN HIGH AND STABLE INTEREST FROM DEFI LENDING MARKETS” Jesus…
- vishnugupta 4y agoAnd to complete the irony they made it to HN's front page. https://news.ycombinator.com/item?id=31431224 https://news.ycombinator.com/item?id=31431224
- deleted 4y ago[deleted]
- sebmellen 4y agoHow are the founders of these apps not in prison? I remember getting hundreds of “replace your savings account” ads that abruptly ended with the Luna collapse.
- JumpCrisscross 4y ago> How are the founders of these apps not in prison? These are private losses. We have lots of problems. It’s ludicrous to prioritise public resources for prosecuting those while led others into a bonfire. Put a tax in place and yes, I would fully support public enforcement.
- mattnewton 4y agoWhile part of me agrees, part of me also thinks we have all these security laws for a reason, and allowing people to claim they don't have to follow them because of what is effective just a fancy ledger doesn't sit right. I am not a securities law expert by any means but some of the tactics used in the crypto world seemed directly contrary to the intent, if not the letter, to me. I would not be surprised if we see a couple lawsuits filed sometime later this year by the state.
- animal_spirits 4y agoI'm sure any private individual can sue these founders and take them to court. But the SEC isn't going to do it.
- 0xB31B1B 4y agoLOL as of today the SEC can’t do it, horrible case ruling from 5th circuit of approvals basically makes SEC enforcement of rules illegal.
- animal_spirits 4y agoThat ruling stated that the SEC isn't allowed to enforce rules _without_ a jury. They can still take people to court but there needs to be a jury involved. https://www.reuters.com/legal/government/sec-in-house-judges-violate-right-jury-trial-appeals-court-rules-2022-05-18/ https://www.reuters.com/legal/government/sec-in-house-judges...
- charcircuit 4y ago>Anchor crashed with Luna What do you mean? It is still working and has an 18% APY for UST. UST may have failed to be a stable coin, but Anchor still works.
- xtracto 4y agoAave has 80%+ apy for UST...