Are you still keeping up with Blur – the NFT marketplace that overthrew OpenSea? Well, here’s a new twist if you haven’t been paying attention. Blur could be run by the top VCs in the crypto space. What does that mean for regular crypto investors? Were they conned into the “next big project” once again?
In the buzzing world of digital assets, many enthusiasts, investors, and outsiders alike have frequently posed the provocative question: “Is the crypto industry run by a cartel considering the pseudonym Satoshi Nakamoto, who invented Bitcoin”? Is it one person or a group of people? Well, let’s find out.
How many projects in the crypto industry are what they seem?
As decentralized as blockchain and cryptocurrencies claim to be, suspicions of central control and manipulation persist. The entrance of Blur’s enigmatic ‘second co-founder’ into the investigative public eye offers fresh insights and perspectives into this ongoing debate.
In traditional industries, a cartel is a collection of independent market participants who collude, either openly or secretly, to set prices, restrict supply, or prevent competition, all in an effort to maintain high prices and collect maximum profits.
In the crypto world, this would translate to a group of powerful players potentially manipulating market prices, controlling major decisions in blockchain governance, or influencing the direction of technological development.
Crypto investors have witnessed crypto project developers tank one project and move on to launch another project within a matter of months. Here are a few examples. Michael Patryn, the co-founder of failed Canadian crypto exchange QuadrigaCX, who goes by the moniker “Sifu,” went on to start UwU Lend, a decentralized finance (DeFi) platform that is a fork of the Aave blockchain.
After the collapse of Terra Luna, Do Kwon was linked to the identity behind “Rick Sanchez,” one of the anonymous co-founders of Basis Cash. The longest crypto winter that began in 2022 saw many crypto entities go bankrupt, such as 3AC.
However, that did not stop the founders from forging a new product and releasing it to crypto consumers. Following the collapse of 3 Arrows Capital, founders Su Zhu and Kyle Davies bid their time for a short while before announcing a new crypto platform, OPNX.
The idea that a crypto cartel might exist is worrisome for several reasons. For starters, market manipulation. If powerful entities can influence crypto prices, it becomes challenging for average investors to navigate the market safely. That brings us to Blur.
Is Blur under Amber Group?
According to major crypto investigations, Amber Group established and initially sponsored both Blur Deployers and the $BLUR coin, as well as Arbitrum’s Deployers and the Arbitrum Multisig wallet.
Following Blur’s market success, one of the project’s founders revealed his name as Tieshun Roquerre, a young man of 24 who had been hiding his identity under the alias “Pacman” for months.
Many in the community wonder if the other Blur co-founder attended GaryGensle’s course at MIT before dropping out to be a Thiel Fellow.
That was not all for the founders of Blur. Not until now, anyway. It’s Amber Group, and here is all you need to know. The group is backed by a ton of crypto’s most notorious VCs.
This has been a pretty good business model in the crypto industry for a long time, built on top of Ethereum. What exactly do they do? They develop mass-market spinoffs before dumping token bags on otherwise unwise crypto investors.
According to Foresight News: The Data Nerd, an address beginning with 0x011, assumed to belong to Amber Group, drastically raised its token holdings this month. After adding 3.73 million OP tokens (worth $5.68 million), the address currently has 8.1 million OP tokens (worth approximately $12.4 million) with an average price of $1.52.
Furthermore, the address purchased 1.5 million BLUR tokens (worth $327,000), increasing its total holdings to 26.7 million BLUR tokens (about $5.7 million) at an average price of $0.35. Finally, the address purchased 300,000 DYDX tokens (worth $579,000), bringing its total holdings to 4.95 million DYDX tokens (worth about $9.5 million) at an average price of $2.2.
Amber Group is headquartered in Hong Kong. Amber Group is a prominent digital asset company that operates globally, offering a comprehensive range of digital asset services. They provide services such as liquidity provision, trading, and asset management 24/7, catering to individuals, institutions, and businesses interested in digital assets. With a focus on building the future of digital assets, Amber Group creates wealth for clients through investing, infrastructure, and financing services.
How many more protocols has Amber Group funded in the crypto space? How many are worth your investments, and how many will have you dumped in losses? Is Amber Group the BlackRock and Vanguard of the crypto industry?