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1. sdan+(OP)[view] [source] 2022-05-19 06:50:07
They were skimming yield(in return of a nice UI) on a risky yield asset with poor disclaimers and extremely reckless risk management systems
replies(1): >>london+32
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2. london+32[view] [source] 2022-05-19 07:10:55
>>sdan+(OP)
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.

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