Web3 is Going Just Great

...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.

Created by Molly White. Subscribe to her newsletter for weekly recaps.

Australian DCA Fund collapses with up to $65 million owed to creditors

Liquidators have been appointed for three cryptocurrency companies owned by Ash Balanian. DCA Capital, Digital Commodity Assets, and the Digital Commodity Assets Fund have all entered liquidation after investors raised red flags about the fund's management and licensure.

So far, losses are estimated to affect around 100 investors, who have up to AU$100 million (US$65 million) in claims.

Balanian had boasted of his career experience as a former NASA mission planner, and targeted his fund to wealthy investors with a minimum initial deposit of AU$50,000 (~US$33,000).

Theme tags: Collapse, Shady business