3 ms·
Are fake reddit bucks a real security? I'm not convinced anything illegal happened here. Even Reddit itself is not publicly traded so I don't think there's a ca
by mvdtnz 3y ago
Are fake reddit bucks a real security? I'm not convinced anything illegal happened here. Even Reddit itself is not publicly traded so I don't think there's a case to be made for material non-public information.
- toomuchtodo 3y agoAlready reported, SEC can sort it out. I don’t care for potential securities fraud and insider trading.
- chaps 3y agoNothing else to add, but I just want to say thank you for reporting it.
- anonymouskimmer 3y ago> Are fake reddit bucks a real security? I'm not convinced anything illegal happened here. Even if they aren't securities, a rug-pull of any medium of exchange ("reddit bucks") would fall under wire fraud. https://www.justice.gov/archives/jm/criminal-resource-manual-941-18-usc-1343-elements-wire-fraud https://www.justice.gov/archives/jm/criminal-resource-manual... > the four essential elements of the crime of wire fraud are: (1) that the defendant voluntarily and intentionally devised or participated in a scheme to defraud another out of money; (2) that the defendant did so with the intent to defraud; (3) that it was reasonably foreseeable that interstate wire communications would be used; and (4) that interstate wire communications were in fact used The moment the seller knows that the tokens they are selling have taken a big hit to their value, they are engaging in parts 1 and 2 above when they attempt to sell the tokens to those ignorant of this hit in value. Parts 3 and 4 are guaranteed with internet architecture. If this doesn't fall under the SEC's authority, they can easily send it on to the FBI.
- dehrmann 3y agoIf this is wire fraud, would Reddit be somewhat complicit in it since they notified moderators first?
- cassonmars 3y agoYes
- toomuchtodo 3y agoI reported it to the DOJ as well, just in case.