The Green team channeled the funds to #purchasing S9 Antminers to mine BTC. The BTC they mined was never distributed to the #investors The #founders distributed a chunk of the #premined tokens periodically to create the illusion of mining
To cut losses, #investors started selling their USDC tokens in #exchange for other stablecoins, such as Tether However, not all #investors were lucky enough to walk away with their funds amid the #uncertainty.
Many #investors foresaw the possibility of USDC depegging and decided to sell their #holdings to avoid losses. However, for one such investor, a hasty decision led to a loss of over $2 million for one such investor.
#Investors were offered “outsized returns untethered to any #economic realities,” with Kraken also able to pay “no returns at all.” An #important aspect of the SEC’s complaint was that users lost #control of their tokens when using Kraken’s staking program.
#Decentralized storage protocols Filecoin and Arweave (AR) show similar price action, leaving #investors with a decision between the underdog showing signs of increased adoption by NFT users and blockchain gaming projects and the clear leader in market cap and adoption.