The number of 'major red flags' here is shocking, and frankly, you'd think after 2008 that firms would have to hire, you know, an 'accountant'.
My god, there are so many things that were there to have been a modicum of parental oversight, the situation would not have festered.
This one is going to stain Web3, Defi, and notably VC.
Hey - VC are the partners of innovators so it's not good to see them in these situations.
Partly they are victims, but partly, they are responsible obviously.
We should note, this has a lot to do with the magical 'made up' nature of tokens. The entire Ponzi was based on tokens worth nothing, with massive leverage. It's a lot of money that VC cab hardly take their eyes off of. Why invest in 'doing stuff' when you can just 'make something up' and say it's worth billions? Given the way VC portfolios work they are going to run at that stampede because of the money flowing into it.
It's a systemic problem.
It would help if there were more regulations around this - at least to dampen he leverage. More transparency, higher interest rates will help as well.
My god, there are so many things that were there to have been a modicum of parental oversight, the situation would not have festered.
This one is going to stain Web3, Defi, and notably VC.
Hey - VC are the partners of innovators so it's not good to see them in these situations.
Partly they are victims, but partly, they are responsible obviously.
We should note, this has a lot to do with the magical 'made up' nature of tokens. The entire Ponzi was based on tokens worth nothing, with massive leverage. It's a lot of money that VC cab hardly take their eyes off of. Why invest in 'doing stuff' when you can just 'make something up' and say it's worth billions? Given the way VC portfolios work they are going to run at that stampede because of the money flowing into it.
It's a systemic problem.
It would help if there were more regulations around this - at least to dampen he leverage. More transparency, higher interest rates will help as well.