[HN Gopher] YC backed Stablegains invested everything in Terra
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       YC backed Stablegains invested everything in Terra
        
       Author : graeme
       Score  : 12 points
       Date   : 2022-06-09 20:34 UTC (2 hours ago)
        
 (HTM) web link (www.businessinsider.com)
 (TXT) w3m dump (www.businessinsider.com)
        
       | graeme wrote:
       | Genuinely didn't know how to title this. Title is more than
       | double the character limit. Feel free to edit
        
       | alex504 wrote:
       | This seems like it was more or less just a straight-up scam. They
       | told customers that they were investing their funds in a
       | diversified set of stablecoins. They promised the customers they
       | could not lose money because the stablecoins were all backed.
       | They then put all of the money into Terra, an algorithmic
       | stablecoin, which is not backed by anything.
       | 
       | Terra gave yields near 20%, but Stablegains gave 15%, so they
       | were basically just skimming 5% off the top. I wonder if it will
       | be possible to sue or even prosecute.
        
       | tomdell wrote:
       | YC is delegitimizing itself by funding crypto startups at all.
       | Textbook example of a solution in search of a problem.
        
         | rvz wrote:
         | Guilt by association and a bad egg spoiling the bunch
         | generalisation.
         | 
         | So are you going to stop using Stripe because they have a
         | product using crypto?
         | 
         | Interestingly, is that why you continue to use Signal despite
         | the fact it has a privacy-enhancing crypto wallet baked in used
         | for aiding and hiding terrorists, extremists and scammers?
        
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       (page generated 2022-06-09 23:02 UTC)