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[return to "Stablegains (YC W22) customers were defrauded out of $40M"]
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1. camdat+4c[view] [source] 2022-06-09 21:06:56
>>akanet+(OP)
The irony of a company called "Stablegains" providing investments for a possibly incredibly volatile resource is astounding. Hope YC puts out a statement on this.
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2. prattc+Jc[view] [source] 2022-06-09 21:09:59
>>camdat+4c
Yeah, its quite disturbing that YC declined to comment - especially knowing how many similar crypto companies they are funding. I don’t want to see YC get targeted and brought down by the Feds.
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3. verdve+6f[view] [source] 2022-06-09 21:23:36
>>prattc+Jc
Wouldn't YC be one of the defrauded investors?
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4. davidg+dh1[view] [source] 2022-06-10 07:12:19
>>verdve+6f
yes, that's the way the scam works.

* all the laws are to protect investors from issuers

* splash around money to incentivise securities fraud

* buy a pile of tokens

* if the SEC doesn't bust the issuer, the VC wins big

* if the SEC does bust the issuer, the VC gets their money back and doesn't lose

it also realises liquidity much quicker than the long and tedious process of backing a tech company that does things

So did YC buy the tokens, or buy equity in the company? If the latter, then they're part-owners and may claim to have been completely hands-off, but might need to show it.

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