zlacker

>>donsup+(OP)
YC invested in what was clearly an outright fraud? Or did they pivot do hard that nobody noticed?

>>dmitry+A3
They were skimming yield(in return of a nice UI) on a risky yield asset with poor disclaimers and extremely reckless risk management systems

>>sdan+h4
The fact that they promised to redeem some UST deposits 1:1 with the dollar after the peg had failed, presumably using other customers funds tells me they were not just a custodian.

I wouldn't be surprised if friends of the founders got a half hour heads up before that 08:55 tweet... So that they could withdraw their money at full value.