I heard a conspiracy theory version about $IP from a VC friend, with no evidence at all, just a joke.
IP @StoryProtocol is being operated by a member of a South Korean chaebol family. They legally and legitimately invest the assets of publicly listed companies indirectly controlled by the family into a controlled FOF fund, and then the FOF fund invests into a16z's special LP fund.
Then, the special LP's funds are injected into designated Crypto projects (the actual controller and largest beneficiary of the project is a member of that chaebol). Finally, the Crypto project cashes out the personal quotas/chips through market makers during the TGE.
In the end, it achieves: transferring money from some listed companies and the FOF fund under the consortium into personal pockets through issuing tokens.
This operation is somewhat like, for example, if you are the prince of Wahaha. Among the shareholders of the company, there are state-owned assets and other small and medium shareholders, and you cannot directly transfer the company's assets into your personal pocket. So the prince starts a project outside, and then Wahaha invests in a special fund to invest in this prince's entrepreneurial project, and through the project's TGE, a sum of money can be transferred out.
Are there any more professional and informed friends to analyze this?
If crypto is such a person, or everyone is advocating such "entrepreneurship", crypto will always be just a scam. But sadly, the next time he comes to deceive, there will still be people who flock to him.
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