you guys dont understand how bad the ostium and drift hacks actually are
> raise $20M
> burn it all on nonsense because you dont know how to run a company
> steal all your users money
> “oops we got hacked”
> pay none of it back
> rebrand to some dumbshit
> resume operations like nothing happened
no one will use perp dexes ever again
First of all, I just want to say that I really respect you and your company. Moving past that, you are the biggest piece of fucking shit I have ever met and I hope you and your company die. You are a traitorous, lying, disgusting, low life excuse of a human and I want everyone to know that. I wouldn’t send my worst enemy to go work with you. The world will learn what you’ve done. I hope you go bankrupt. I hope you never raise a single cent ever again. Burn in hell, bitch. That being said, let’s move this chat offline and see if we can find some common ground.
imagine being ousted by your previous company because you ran it into the ground and then running your next company into the ground because of some weird loyalty/obssession to your previous company
🚨 Hayden Davis, Ben Chow, Kelsier, and Meteora just beat the $LIBRA / $M3M3 class action.
Not after a trial. After an 81-page opinion.
Judge Rochon dismissed the ENTIRE case with prejudice. You cannot RICO a six-month memecoin launch. You cannot sue a Solana DEX as if it were a partnership. And “Milei posted it” is not a fraud claim against the guy who built the liquidity pool.
This was the SDNY class action over the December 2024 $M3M3 launch and the February 2025 $LIBRA token - the one tied to Javier Milei’s “Viva La Libertad” post. Plaintiffs also tried to pull in $MELANIA and other launches in a proposed second amended complaint.
The story in the complaint if you can recall, is cinematic. Insiders allegedly freeze the pool, fill wallets before the public can buy, inflate the cap, dump, and leave retail with a 90% crash. One named plaintiff lost about $19,000 on $M3M3. The other bought $LIBRA on launch day.
The court never decided whether that happened.
It decided plaintiffs sued the wrong thing, under the wrong statute, with the wrong facts.
Meteora is not a defendant.
Dynamic Labs intervened and said Meteora is software. The court agreed plaintiffs never pleaded a real unincorporated association - no identified members, no president or treasurer, no mutual consent to a common objective. Calling a protocol a “team” does not make it suable.
All claims against Meteora are gone.
RICO is gone.
Closed-ended continuity needs a substantial period. Six months of token launches is not enough. Adding $MELANIA / $ENRON / $TRUST in the proposed amendment stretched it to about seven. Still not enough. Open-ended continuity also fails: Meteora and Kelsier are alleged as primarily legitimate businesses, and wire fraud is not inherently a criminal way of life. No pattern, no RICO, no RICO conspiracy.
Fraud against Chow is gone. Rule 9(b) scienter. Profit is not motive. A post-crash “I f*cked up because I enabled the guy” is not a strong inference he intended to defraud buyers on day one.
Conspiracy dies with the underlying tort.
Kelsier is gone on jurisdiction. Once RICO drops, there is no nationwide service hook, and New York long-arm does not reach the Davis family on these facts.
Leave to amend: denied as futile. Case closed.
The takeaway is not “memecoins are legal.” The takeaway is that a viral launch plus a famous tweet is still not a RICO enterprise, and you cannot name the smart contracts as Defendant No. 5.
Let me clarify - I invite and welcome them to sue me for libel. I encourage them to do it now. Would love to go into discovery.
Their last lawsuit to silence me asserted NDA breach without denying that the thing I breached (if any breach occurred) was a reporting of criminal fraud. And their suit was forced arbitration, where they’ve chosen the jurisdiction etc.
Just want them to say they won’t try to silence me maliciously. They are ofc welcome to sue me for libel, fraud, whatever.
theyre offering to pay back 1.5% of hacked funds
they raised more than they lost btw
choosing to not make users whole and operating like nothing happened
absolutely wild
There are a great many stories just like this.
They will also demand proof of funds even if all gains were made on-chain, freezing your account.
They also sell your geolocation data to ICE.
I could continue but you get the jist.
Not a good platform, do not leave funds on there.
Coinbase “lost” $25m of my firm’s a couple years ago. Turned out they were actually covering up massive and repeated hacks. Still wouldn’t return our money. We traced this to at least a dozen other affected firms and over $1b covered up. That’s all I can say for now as multiple legal processes still ongoing.
NEW: South Korea's FSC is considering introducing a market-making framework for crypto, prompted by $JPYC trading at 4x its peg on @Official_Upbit after listing.
Crucible Capital founder @Melt_Dem reveals how she financed her own GPU cluster with stablecoin debt and personal credit risk because she refused to sit out the AI boom:
"We're a no-name operator. They're like, who are these two women building compute? Their perception's like, who's this crypto lady?"
"We got debt from USDAI, which is a protocol that crowdsources capital through stablecoins, and the GPUs back the loans. We also took on some personal credit risk. I think being levered to the tits is a great way to live."
"In the greatest build-out of infrastructure in human history, are you really just gonna sit on the sidelines and tweet? I'm gonna ship some bangers, and I'm gonna take some risks, and if I die, I die."
"I'm not gonna sit there and tell my children, during the AI boom I sat back and I tweeted."
@CrucibleCap
World Assets, Ltd. has now closed a series of OTC sales for a total of $49,000,000. The sales were closed across the past month.
All sales are subject to a 1-year lockup.
Some sales have already settled, with the remaining delivery and settlement of WLD completing this week.
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