Founders of 3AC go missing

[NitroZ7]

Founders of bankrupt crypto hedge fund 3AC go missing, as investors try to recoup assets
https://www.cnbc.com/2022/07/12/foun...pyToPasteboard

[boneil]

I would start looking on tropical islands

[TampaJim]

Hedge fund ... that's funny.

[NitroZ7]

They didn't borrow it they stole it under the guise of a loan. I'm not sure how a bankruptcy trustee is ever going to be able to recover digital assets. I watched some videos of people who had their life savings at Voyager in stable coins. They thought it was safe and these are largely younger working people. Very heartbreaking to see a young man talk about how he lost 5 years of savings, not knowing how he is going to rebuild, and balling his eyes out to his dad.

[Bassmaster96]

They didn't borrow it they stole it under the guise of a loan. I'm not sure how a bankruptcy trustee is ever going to be able to recover digital assets. I watched some videos of people who had their life savings at Voyager in stable coins. They thought it was safe and these are largely younger working people. Very heartbreaking to see a young man talk about how he lost 5 years of savings, not knowing how he is going to rebuild, and balling his eyes out to his dad.

But I mean come on....it is crypto and the risk is inherent. Still awful to see. The multi legged stool of investing is the way to go....

[NitroZ7]

But I mean come on....it is crypto and the risk is inherent. Still awful to see. The multi legged stool of investing is the way to go....

They advertised it as being FDIC insured. It was not true but they had a bank that was FDIC insured where they held their cash positions and tied into that. This was an absolute fraud. People should be shot execution style and buried in mass unmarked graves. I hate fraud.

[TampaJim]

Definitely criminal. No government bailout for the losses however.
There's more than enough information about crypto risk nowadays.
Anyone 'investing' is responsible for performing any due diligence.

[Bassmaster96]

They advertised it as being FDIC insured. It was not true but they had a bank that was FDIC insured where they held their cash positions and tied into that. This was an absolute fraud. People should be shot execution style and buried in mass unmarked graves. I hate fraud.

Hmmm yeah that's pretty sketchy

[Charles Prestridge]

I wonder how much of the money has been diverted to bitcoin controlled by founders. Crypto likely will make it much harder for governments to reclaim funds for investors and creditors.

Crypto being isolated from government reach has some benefits, but likely some severe limitations for fraud and illegal activity.

[motomania]

I wonder how much of the money has been diverted to bitcoin controlled by founders. Crypto likely will make it much harder for governments to reclaim funds for investors and creditors.

Crypto being isolated from government reach has some benefits, but likely some severe limitations for fraud and illegal activity.

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Bitcoin/public ledger of transactions should make it traceable, if that’s the direction they took. White hat hackers live for hunts like this.

[motomania]

Definitely criminal. No government bailout for the losses however.
There's more than enough information about crypto risk nowadays.
Anyone 'investing' is responsible for performing any due diligence.

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Absolutely; and the shame about the due diligence people think they’re doing online about crypto, is a lotta hype men just shilling $h!tcoins. Sadly, tons of people will continually get burned in the crypto space.

[TampaJim]

Bodies show up yet??

[Bassmaster96]

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Absolutely; and the shame about the due diligence people think they’re doing online about crypto, is a lotta hype men just shilling $h!tcoins. Sadly, tons of people will continually get burned in the crypto space.

Yeah it's the same aspect as reading an OTC pump stock board but no one complains and screams about it being illegal to pump

[motomania]

Yeah it's the same aspect as reading an OTC pump stock board but no one complains and screams about it being illegal to pump

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exactly………funny how that works.