from Hacker News

Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board

by PhilipA on 11/24/22, 8:38 PM with 20 comments

• by toomuchtodo on 11/24/22, 8:46 PM

  Is this why they're looking for new leadership and the founding team is stepping down?

  https://techcrunch.com/2022/11/22/pipes-founding-team-steppi...

• by charliermarsh on 11/24/22, 9:03 PM

  Absolutely no idea if they’re true but the Pipe founders are contesting these claims in the replies:

  https://twitter.com/joshmangel/status/1595872694549069827

  https://twitter.com/zallarak/status/1595873700846440453

• by jonthepirate on 11/24/22, 9:08 PM

  People are saying that one of the founders sold $150m+ of their equity and the vc's couldn't stop them... and proceeded to get a 70 foot yacht. With no remaining incentive to build the business, it's no wonder they are out.

• by imkhalil on 11/24/22, 8:52 PM

  They had a program called mine now, pay later https://www.coindesk.com/business/2022/03/22/trading-platfor...

  “The financing solution is a little bit like hardware financing, but much more efficient because it's on a trading platform and diversified,” Hurst explained.

• by smt88 on 11/24/22, 8:53 PM

  In my opinion, they should also have told customers.

  My company is very careful about choosing vendors, and we choose not to do business with anyone involved in crypto (for fraud/stability reasons), especially mining (for environmental reasons).

• by jt8506 on 11/25/22, 11:35 PM

  It’s really simple guys, their investors need to come out sooner than later to establish the truth. This news seemed to be strategically issued post FTX so the news would be out but FTX would still be the center of attention. Something fishy definitely happened. Their story doesn’t make sense.

• by colesantiago on 11/24/22, 8:53 PM

  Why is the tech industry (or those that raise ridiculous amounts of VC money in the millions) full of scammers and grifters?

• by xenospn on 11/24/22, 9:03 PM

  Crypto corrupts everything it touches.