An investigation into @MrBeast's crypto activities and how he profited over $23M from a multitude of scams, shady deals & his network
in collaboration with @hxnterson@angelfacepeanut@somaxbt@rfparson
https://t.co/xocBH9X8PM
@HedgeUX I had something from a german brand before that was like the miller but 1/4th the price
Not sure if there are many refurbished sellers here in bkk tho
@stalequant Tried to sell some gaming pcs, monitors of old office, brand new ram
Almost everyone tried to scam me, not worth the pain
Either give to a friend or do try to find some homestuff with it, nas server, local automation stuff
@0xJohannes_@tomhschmidt We had to pivot because of redacted things im not allowed to say
There is a rollover for your equity/tokens deals, I know bc I only get paid in equity/tokens not usd
Interesting one that I missed: Neel Somani sued Solayer last year. Solayer brought Somani on as a strategic advisor in exchange for 0.75% of the token supply, worth over $20 million at peak, but terminated the agreement before TGE due to online allegations of sexual harassment against Somani.
What strategic advice did Somani give? Per the lawsuit, he made an introduction with an investor and advised Solayer co-founder Rachel Chu on how to sell tokens/equity on secondary markets before and around the time of Solayer's TGE.
Case was filed in San Francisco district court. Link: https://t.co/YAFZpTOG27
6 months of building. what's next?
TLDR: We focused on putting in place the product, partnership and governance foundations for the next phase of Extended. TradFi partnership, hundreds of new crypto and RWA markets, spot trading and further decentralisation are coming. Our approach to growth remains unchanged: no KOL round, no paid promotions, no paid PR, no podcast sponsorships and no paid market-making arrangements.
Over the past 6 months, the team at @extendedapp has been focused on a fairly simple objective: building the product, infrastructure and partnerships required to support the next stage of growth.
A lot of the work happened behind the scenes but we are now getting to the point where the pieces are starting to come together.
Product
Some of the key items are already live:
- Multi-asset collateral, allowing users to post wBTC, ETH and USDT alongside USDC. Besides expanding the collateral universe, it also unlocks simple cash-and-carry strategies directly on the platform.
- Full email onboarding, including gasless deposits and withdrawals. While not particularly exciting on its own, it unlocks fiat on/off-ramp integrations that are required to onboard non-native users.
- Significant improvements to UI stability, responsiveness and overall user experience, driven largely by user feedback collected over the past months.
Several important pieces are coming next:
- Spot trading, which we view as a table-stakes component of a complete exchange experience and an important UX improvement to multi-asset collateral.
- Opening up our lending infrastructure beyond the exchange itself, allowing users to deposit wBTC, ETH and USDT, borrow USDC and deploy capital elsewhere.
- New trading infrastructure that will unlock hundreds of additional crypto and RWA markets. Internally, this is the product initiative we are most excited about.
Growth
Over the same period, we have spent a lot of time thinking about how Extended should grow.
One principle remains unchanged: we do not pay for KOL promotions, PR, podcast sponsorships or market-making arrangements. This applies equally to cash, tokens and points.
Its a slower path and not the easiest one but over time we have become increasingly convinced that sustainable growth is built on product quality, distribution and community rather than financial incentives.
We have also completed a number of less visible but equally important initiatives:
- Finalised the legal and commercial framework for our first tradfi partnership, which unlocks some of the product initiatives mentioned above and establishes a foundation for future institutional integrations.
- Secured the majority of the long-term partners who will help operate, secure and govern Extended. We are proud of the quality of the organisations that chose to support the vision and will be sharing more details separately.
- Spent considerable time with our largest users and major ecosystem participants to gather feedback and ensure alignment around the long-term direction of the protocol.
- Remained committed to our original targets for early community rewards, despite certain things taking longer than anticipated.
This month is an important one for Extended. It will conclude the team's efforts over the past 6 months and mark the beginning of the next phase: further decentralisation, ecosystem expansion and the transition to a community-owned protocol.