Re:CEO sold worthless crypto tokens and used proceeds for Ha...
by HEI-Points on Tuesday July 26, 2022 @05:59PM
(#32244615)
> 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?
Re:CEO sold worthless crypto tokens and used proceeds for Ha...
by fiat_fandango on Tuesday July 26, 2022 @04:31PM
(#32243582)
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.
This isn't even sophisticated enough to accurately be called a Ponzi Scheme, correct? It's just...embezzlement?
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.