Ryan Breslow, the founder and former chief executive officer (CEO) of Bolt, an online payment platform that last raised at a valuation of $11 billion, has faced a variety of challenges in the crypto ecosystem. These include handing a DAO over to a convicted fraudster and being accused of misrepresenting how Eco, a company he co-founded, made yield.
Breslow stepped down as CEO of Bolt in January 2022, several months before the New York Times (NYT) dropped an tyrimas that alleges that Bolt and Breslow misrepresented the capabilities of the platform in order to sign new customers.
Before resigning as CEO, Breslow started several cryptocurrency initiatives including Movement DAO, and co-founded a company called Eco which allowed users to earn yield on their funds.
Movement DAO was meant to be a ‘social impact’ DAO that allowed users to contribute their funds in exchange for ‘MOVE’ tokens. They could then vote to decide what the DAO would support.
Breslow reportedly hired convicted fraudster Mark Phillips to develop the DAO, after Phillips convinced them that he’d previously been a developer with the Securities and Exchange Commission (SEC).
Breslow and the other co-founders pranešta gave Phillips enough keys to control the multi-signature wallet at the heart of the ‘DAO,’ and have since filed a complaint alleging that approximately $16 million in funds they contributed have been stolen.
On March 5, Fintech Business Weekly pranešė that Breslow’s other cryptocurrency Eco, which represented that it was lending to Goldman Sachs and Fidelity, was actually depositing into BlockFi, Wyre, and DeFi protocols.
Iš pradžių, Eco appears to have been earning approximately 8.6% at BlockFi and passing along 2.5-5% to users, allowing it to make a tidy profit. This is despite claiming to Fintech Business Weekly that “Eco did not place user funds with BlockFi.”
Source: https://protos.com/the-story-of-ryan-breslow-and-his-crypto-catastrophes/