According to ‘NachoKong’ a user on Reddit, the notoriously authentic website – where people speak about the real scoop – the lending platform SALT has finally hit it’s end from all points of view.
The post was made on Reddit’s ‘Monthly Skeptics Thread’, a thread in which crypto-enthusiast speak about issues within the industry.
NahcoKong, the user who touched on the unfortunate demise of the lending platform has been posted all over social media. The premonition is apparently correct as some things are happening within the midst of SALT.
First off, the coin is getting bashed with ruthless ambition, being called names I won’t speak of here.
Along with the bashing, the once rumor of the CEO and founder, Sean Owen, quitting the organization is finalized and set in stone. It’s official, he’s quit and is never coming back. Not only that, but the loser also used a standard scam style exit, but with talk of being under investigation by the SEC – there’s little chance the guy will get away with the fraud.
Another sure-fire sign of the company is drowning, is they’re not even selling tokens any more through the ridiculous lending package. It was rather ridiculous though, really, a token to be used purchased for $27.50 each, with no clear value – other than being used to ‘pay off loans’ – a nonsense purpose often seen in fraudulent ICOs.
SALT is even going so far as to ban users, as NachoKong relayed to the Reddit community – no defense on their end, just straight up banning of users calling them out – a common practice by Ponzi’s.
As of now, there’s no turning back for the SALT Token, it’s grave is dug, and the platform is getting buried alive for all intensive purposes. It’s too bad for the people who put their time, money and faith into the fraud program.
That’s it for SALT, luckily there are threads like the one on Reddit where people are putting the real deal information out on BS cryptocurrencies.
The next step is for someone to take legal action against the founder of the company as it seems he may need to be put on the preverbal stand for ripping off so many decent people.
The sad truth is, there’s a good chance he’s going to get away with the crime in some regards. One of the main problems with cryptocurrency is that authorities have a hard time serving punishment from time to time because they’re just not involved in it.
Maybe someone or some other organization can take some action against Owen, making sure the thief gets served his just dessert, and I’m not talking about ice cream.
How can the industry improve to protect users from people like Sean Owen? Is governmental regulation what it will take, or is there a way to self-govern the community and protect users from the dangers of cyber fraud? Leave your thoughts and ideas in the comment section below.