The company is Stablegains, Inc. and the people to name are Kamil Ryszkowski and Emil Rasmessen, co-founders and, I think, Board members. Copy Ken Paxton, Office of the Attorney General, P. O. Box 12548, Austin, Texas as well as his challenger George P. Bush at P. O. Box 26677, also in Austin. (Stablegains and its founders are in Texas. They are spearheading the criminal complaint.)
Severely disappointing. I respect PG too much to believe he would knowingly condone this. The partner who did this didn't understand what they were investing in or should be decoupled with haste.
At the very least, the Alaska RMB, U of M Endowment, Bloomberg's family office and SMC should be asking why their capital is backing what should have been clear as day ex ante a fraud. Anyone living in Alaska, going to or an alumni of U of M or Stanford, or working for Bloomberg should be asking the same question.
Even if you think it's not fraudulent on the part of the founders, the industry is frothy and unproven and fraud-adjacent enough that investing in many companies in the space should appear to be a huge potential reputational risk beyond just losing some invested money. The people putting up the cash should be looking long and hard at this whole story.
And then once you get into the details, the moment you hear about one of the use cases for defi lending leading to these high interest rates being "put up crypto collateral to borrow to buy even more crypto since it's appreciating rapidly"... run!
This is their bread and butter.