One year ago, in NIA's 'Crypto is Ponzi Built on Ponzi Built on Ponzi' alert, we wrote about Block One saying:
"The 2017/2018 year-long initial coin offering (ICO) of EOS relied on Block.one recycling $814.6 million in Ethereum to continuously create artificial demand for their newly minted EOS tokens. They quickly and repeatedly sold their EOS for Ether on Bitfinex before using the proceeds to buy more EOS in the crowd sale. By creating the false impression of demand for the EOS token, it artificially boosted the price of EOS and enticed others to buy EOS using ETH of their own. The newly minted EOS created $3.2 billion in Crypto market cap out of thin air while removing 7.21 million Ethereum from the market that is today worth $27.1 billion.
Block.one is attempting to launder $9 billion of ill-gotten Ethereum gains from the EOS crowd sale through a SPAC called Far Peak Acquisition, which is merging with a Crypto exchange called Bullish that doesn't actually exist but will have a post-merger $9 billion market cap because it is backed by $9 billion in "funding", which is really $9 billion worth of ill-gotten Ethereum that Block.one received from EOS investors. If Bullish already has $9 billion in legitimate funding, why would they bother raising $500 million in a SPAC merger? They plan to dump the shares of the phony Crypto exchange on shareholders who will be stuck with the ill-gotten tokens!"
One month ago, Block One purchased 2,363,186 shares of Silvergate Capital (SI) and Block One CEO Brendan Blumer purchased 2,934,537 shares of SI using funds that were stolen from EOS ICO investors. Not one penny of the EOS ICO proceeds went towards "building the EOS ecosystem" like Blumer had promised.
Already, Block One and its CEO Brendan Blumer are getting destroyed on their SI investment, but they're not losing as badly as Zerohedge appears to be losing on SI.
Interestingly, Block One was originally co-founded by Brock Pierce just like Tether was also originally co-founded by Brock Pierce, but today Brock Pierce claims to no longer be involved in either company.
Brock Pierce was previously quoted as saying, "I don’t care about money. If I need money, I just make a token."