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« My Country 'Tis Of Thee, Sweet Land Of ONT, Of Thee I Sing | Main | EMT 8/06/22 »
August 06, 2022

Daily Tech News 6 August 2022

Top Story

  • Right to jail, right away: How a crypto developer faked an ecosystem. (CoinDesk)

    Using eleven different names, one programmer built a multi-layered financial platform on top of the Solana blockchain. At its peak the Saber stablecoin exchange and the services built on top of it had a "total value locked" - TVL - around $7.5 billion, but that involved a lot of double counting.

    And no-one knows how much because one of those services - Cashio - got hacked and the whole thing imploded.
    Seven Saber ecosystem users told CoinDesk they felt abandoned by the Macalinao brothers. Some lost money in CASH tokens (the erstwhile stablecoin went to zero). Others say their crypto is stuck in derivative tokens issued by Sunny. One pseudonymous user, Brad_Garlic_Bread, said he lost around $300,000 across Sunny and Saber - "there's a lot of people worse off than me."

    The community assumes Ian is running the show "but no one knows for sure," Brad_Garlic_Bread said.

    He's still trying to get Ian's attention. On July 16, Brad asked if Ian "can pretend to be Surya [one of the fake identities] for like a day" to help Sunny Aggregator's investors recover locked tokens. Ian was answering questions in the Saber Discord; he skipped Brad's.

    Other SUNNY token-holders asked Ian for clues about the yield aggregator's future. Saber is moving to Aptos - will Sunny do the same? They asked what became of Sunny's lead developer.

    There is a time to ask questions, and there is a time to file lawsuits and press criminal charges. If these idiots can't work out what time it is, I have little sympathy for them.

    More generally, though: If someone offers you an investment opportunity in a "stablecoin", it's a scam. If they promise 17% returns per month, as some of these ventures have done, then it's your own fault if you fall for it.



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Disclaimer: I expect to arrive in orbit in December too.
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