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

Is this why they&#x27;re looking for new leadership and the founding team is stepping down?<p><a href="https:&#x2F;&#x2F;techcrunch.com&#x2F;2022&#x2F;11&#x2F;22&#x2F;pipes-founding-team-stepping-down-as-hunt-for-veteran-ceo-begins&#x2F;" rel="nofollow">https:&#x2F;&#x2F;techcrunch.com&#x2F;2022&#x2F;11&#x2F;22&#x2F;pipes-founding-team-steppi...</a>

Absolutely no idea if they’re true but the Pipe founders are contesting these claims in the replies:<p><a href="https:&#x2F;&#x2F;twitter.com&#x2F;joshmangel&#x2F;status&#x2F;1595872694549069827" rel="nofollow">https:&#x2F;&#x2F;twitter.com&#x2F;joshmangel&#x2F;status&#x2F;1595872694549069827</a><p><a href="https:&#x2F;&#x2F;twitter.com&#x2F;zallarak&#x2F;status&#x2F;1595873700846440453" rel="nofollow">https:&#x2F;&#x2F;twitter.com&#x2F;zallarak&#x2F;status&#x2F;1595873700846440453</a>

People are saying that one of the founders sold $150m+ of their equity and the vc&#x27;s couldn&#x27;t stop them... and proceeded to get a 70 foot yacht. With no remaining incentive to build the business, it&#x27;s no wonder they are out.

They had a program called mine now, pay later <a href="https:&#x2F;&#x2F;www.coindesk.com&#x2F;business&#x2F;2022&#x2F;03&#x2F;22&#x2F;trading-platform-pipe-launches-alternative-financing-solution-for-bitcoin-miners&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.coindesk.com&#x2F;business&#x2F;2022&#x2F;03&#x2F;22&#x2F;trading-platfor...</a><p>“The financing solution is a little bit like hardware financing, but much more efficient because it&#x27;s on a trading platform and diversified,” Hurst explained.

In my opinion, they should also have told customers.<p>My company is very careful about choosing vendors, and we choose not to do business with anyone involved in crypto (for fraud&#x2F;stability reasons), especially mining (for environmental reasons).

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.

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

Crypto corrupts everything it touches.