People who knew better — who saw the warning signs, even — did little to stop naive investors.
But there were winners, and those winners were insiders. Pantera Capital, for instance, made $170 million on a $1.7 million investment,reported. Another investor, Hack VC, got out of Luna in December. Venture firm CMCC Global sold off in March.
People aren’t wrong to be mad at Kwon. Kwon voluntarily assumed the persona of a villain, because much like reality star, he understood that being the villain guarantees you more attention. But as Pratt eventually discovered, once you’re the villain, it’s just about impossible to break the type-casting. That means Kwon will take most of the blame for this, while Y Combinator, Stablegains, Bankman-Fried, and others could walk away without a scratch.
“I am heartbroken about the pain my invention has brought on all of you,” Kwon tweeted on May 13th in what seemed like an abrupt departure of tone. Since then, he’s practically groveled. He wants to get “the ecosystem” back on its feet. He’s even come up with a new proposal for doing so.Sign up for the newsletterPlease confirm your subscription to Verge Deals via the verification email we just sent you.
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