Itamar MedeirosHundreds of @[email protected], @[email protected] and Celsius customers are parting with their accounts, selling for pennies on the dollar to deep-pocketed #investment firms. https://www.wsj.com/articles/crypto-customers-sell-claims-at-a-loss-to-avoid-bankruptcy-wait-11672177834?mod=rss_Technology #Crypto #CryptoCurrency #Fraud #Investment #WealthManagement
Lauren de Sylva@designative these forms actually think they are going to get anything out of this in the end?
@laurend there is a reason why regulatory agencies try to protect customers from speculatory investment… unfortunately, every time a bubble pops (#SnakeOil, #CDO, #CreditDefaultSwaps, etc), conmen just invent another form of promising quick buck with “no risk”… and there is always people willing to give conmen their money… the big investors cut their losses, but the small investors suffer.
@designative unfortunately in doing so they also screw over those same people they are protecting. The “accredited investor” status is the biggest barrier for someone who isn’t already wealthy from getting there. I’ve made a fortune on things these regulators would never allow me to actually participate in. Lack of transparency is the real problem and the direct cause of the downfall of FTX and Celsius. Had they been forced to act openly, things would certainly be different