It's crazy but also not that surprising to think that it's taken this long for ICO fraud from 2018 to be fully litigated.
As a new layer of payments infra I fully support and have supported crypto from the early 2010's. But I think we'll need further "waves" of boom and bust to flush the fraudulent actors from the ecosystem. Can't wait until NFT's enter the proverbial federal regulation wood-chipper.
> admitted that he did not use the invested money as promised but instead commingled the ICO investors' funds with his personal funds, using at least a portion of the offering proceeds for expenses unrelated to TBIS
This isn't even sophisticated enough to accurately be called a Ponzi Scheme, correct? It's just...embezzlement?
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[ 1.5 ms ] story [ 15.9 ms ] threadAs a new layer of payments infra I fully support and have supported crypto from the early 2010's. But I think we'll need further "waves" of boom and bust to flush the fraudulent actors from the ecosystem. Can't wait until NFT's enter the proverbial federal regulation wood-chipper.
This isn't even sophisticated enough to accurately be called a Ponzi Scheme, correct? It's just...embezzlement?