this post was submitted on 19 Oct 2023
390 points (97.3% liked)
Technology
60073 readers
3459 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Classic investment scam- offer a valueless item at a price, get everyone hyped up about the new item which is supposed to gain value, get people to invest, let the insiders in the company know so they can sell off, then get rid of it altogether. I hope they get prosecuted for this.
Did Reddit actually accept any money for these junk tokens? It kinda sounds like they didn't, they just issued them and then decided to quit using them. If they did accept money for them, then yeah, sure sounds like securities fraud.
In general, the cryptocurrency "industry" cannot exist without crime (ransomware, fraud, money laundering, etc.) -- but this one just seems like a bad product that was cancelled. Most major cryptocurrencies should be considered to be backed by crime, in the same sense that dollars used to be backed by gold and silver: the underlying value of Bitcoin is that you can use it to pay criminal ransoms or acquire fentanyl. But this one just seems to have been backed by fake internet points.