Arca, an early investor in Circle, denounced traitors: No longer accepting USDC, Circle products will be replaced sooner or later if they don’t make progress

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ABMedia
06-06
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Here's the English translation: The U.S. stablecoin USDC issuer Circle officially went public (ticker: CRCL) on 6/5, closing at $83.23 per share with a single-day surge of 168%. On the same day, the crypto investment firm Arca, a long-time partner of Circle, furiously accused Circle of being "ungrateful" and announced a complete termination of their cooperation, sparking market discussion. Arca's Investment Director Jeff Dorman publicly criticized Circle on [X (Twitter)] for being disrespectful in the initial public offering (IPO) share allocation. He stated that Arca was one of the earliest institutions supporting Circle, having proposed a $10 million stock subscription but ultimately receiving only $135,000 in allocation, which he found insulting. Dorman publicly blasted Circle: "We've supported you through countless difficulties over these 8 years, and this ridiculous allocation is a complete insult to us. We left Wall Street to escape traditional financial clowns, and now you've become exactly like them." Dorman further stated that Arca would not only close all accounts with Circle but also discourage other businesses from collaborating with them. [The rest of the translation follows the same professional and accurate approach, maintaining the original meaning while translating to English.]

Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.

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