4 ms·
a16z in particular are on the leading edge of the get-equity-in-tokens-with-no-lockup and then immediately pump & dump scam. Step 1: Find literally any crypto
by exogeny 4y ago
a16z in particular are on the leading edge of the get-equity-in-tokens-with-no-lockup and then immediately pump & dump scam.
Step 1: Find literally any crypto project. Doesn't matter.
Step 2: "Invest in it", and immediately receive tokens with no lockup.
Step 3: Have Chris Dixon write a breathless tweet about it, call your friends and get press coverage. Get a16z-adjacent influencers involved.
Step 4: Price goes up because a16z is leading; immediately dump.
Step 5: Project rugs.
Yay, crypto. It's the best.
It's interesting because most of these projects are absolute dogshit and will go to zero, but since they've already exited, they'll show nice returns to their LPs. But to the average person following it, all they'll see is a16z backing a string of rugs and embarrassing failures; I guess the PR hit is worth it, until Marc starts talking NIMBY shit again.