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They were skimming yield(in return of a nice UI) on a risky yield asset with poor disclaimers and extremely reckless risk management systems
by sdan 4y ago
They were skimming yield(in return of a nice UI) on a risky yield asset with poor disclaimers and extremely reckless risk management systems
- londons_explore 4y agoThe fact that they promised to redeem some UST deposits 1:1 with the dollar after the peg had failed, presumably using other customers funds tells me they were not just a custodian. I wouldn't be surprised if friends of the founders got a half hour heads up before that 08:55 tweet... So that they could withdraw their money at full value.