You forgot to indicate the source of your amazing piece of evidence
It's not evidence you idiot. Seriously, how do you manage to breathe and type?
At the time I had no idea whether it was viable or not. As stated earlier, I avoid investing in anything where the business is undefined.
You might want to give a look to MPOE bonds then. Quite well defined.
The Kraken fund was supposed to be 100% backed by his personal funds. (Note to self: Why would an investment ever promise 100% backing of losses and still send you profits? What's in it for them?)
Well, as it turns out, there's no such thing as a free lunch.
An email was sent by PatrickHarnett two days ago to fund investors that the 100% backing didn't really exist. Since a large percentage of the fund was put into pirate debt, Kraken is now officially in default. The higher of 100 BTC or half the pending balance of each account has already been paid back, from liquidation of personal assets. This allegedly adds up to 75% of the entire fund value. There is still a promise that the remaining 25% will be paid back, if ever recovered from the "toxic" and illiquid assets held.
I'm not sure if the above email should be made public, but any of the Kraken investors can attest to the above. Even if the Starfish BCB issue is ignored entirely, I believe a scammer tag is appropriate purely on the basis of misrepresentation of the Kraken fund.
And the evidence just keeps on piling and piling and piling....