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To be fair the same thing happens in the regular world. e.g. look at a list of the richest people in the USA and see how they made their money.
Elon, Bezos, Bill Gates, Ellison, Buffet, Paige, Brin, Ballmer, Bloomberg, Walton --- which of those billion/trillion dollar companies do you think in any way compares to the shambolic crypto world?
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$1 billion in crypto, so not real money. $1 billion on IOU's from some other ponzi scheme. Right after it states that they're also charged "misappropriating at least $12 million of offering proceeds" which seems like a more reasonable figure. They probably stole in the order of $12-20 million.
The article mentions at least 2 million Ethereum, which is certainly liquid enough to be a couple orders of magnitude above $10 million.
Maybe Ethereum is "liquid" enough to absorb that withdrawal (Madoff was plenty liquid until he wasn't), that doesn't mean there's actually any real value.
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Elon, Bezos, Bill Gates, Ellison, Buffet, Paige, Brin, Ballmer, Bloomberg, Walton --- which of those billion/trillion dollar companies do you think in any way compares to the shambolic crypto world?
I mean, we joke that Oracle is a legal company with an engineering department... but at least they build things.
Thank god, that guy was incredibly obnoxious.
You can say that again. A total narcissist scammer of the worst kind. He started with Viagra spam and then found crypto shilling. He liked to hang out on HN to shill his scams and recruit developers, but I may have accidentally made him feel uncomfortable by asking him lots of pointed questions about his past, and he hasn't shown his face in a while. His go-to response is literally "Dodge, dodge!" His real name is ac…
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The article mentions at least 2 million Ethereum, which is certainly liquid enough to be a couple orders of magnitude above $10 million.
There’s a fair amount of liquidity, but trying to withdraw 1 billion in Eth is going to impact it’s valuation.
fun fact, Richard used to sell email spam software. Is shitcoin pumping a step up or a step down? Richard is a very charming fellow, very likable, but in a way that cautions you not to let any of your money within a mile of him.
Charming??! I've known enough of his kind that his "charm" immediately sets off all of my Malignant Narcissist Klaxons. He's charming in the same sense that the creepy guy driving the windowless "FREE CANDY" van is generous. And you only mentioned the tip of the Spamberg -- it goes MUCH deeper: His real name is actually Richard J Schueler, under which he is famously known as the "Spam King", for being one of the firs…
https://abcnews.go.com/Politics/trump-pac-spent-40m-legal-bi...
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ETH has a $223b market cap, so 1b is .45%.
No? It's not?