Finding fraud in a world of fast transactions – TechCrunch


Hello and welcome to Equity, TechCrunch’s venture capital-focused podcast, where we break down the numbers behind the headlines.

We got the crew together – Natasha and Danny and Alexis – this time to talk about fraud, one of our favorite topics. Of course, we talked about the ups and downs at Luckin, and we spent more time talking about the WeWork implosion than we want to admit. But this is not the most recent thing. There has been a series of frauds lately that have caught our attention. The heart of today’s episode is a question about fraud, and what Following It could mean: does more fraud indicate that we are in a growing bubble or that we are in the last stages of a bubble about to burst?

Here is what we covered to help us understand our question:

  • OpenSea admits incident as top executive is accused of trading NFTs on insider information – NFTs are great fun until the market for them tips in favor of insiders!
  • Goldman Sachs, Ozy Media, $ 40 Million Conference Call Goes Wrong – How Not To Get Money From Goldman Sachs And Eventually Sink Your Business At The Same Time!
  • App Annie and Co-Founder Charged with Securities Fraud, Will Pay $ 10 Million Settlement + – If you tell your clients that you won’t use their data in a particular way, then you do it, and commit possibly something akin to securities fraud at the same time, what’s going on? This!
  • When it comes to historical examples, we’ve also brought up Nikola, Luckin, and Theranos to help draw a line around what’s fraudulent and what’s not.
  • With the definitions out of the way, we ended this episode by trying to answer our complex central question. We won’t spoil the eventual conclusion, but here’s a hint: Checks fly fast in startups with minimal due diligence, and it looks like there’s a lot more money to come.

Equity drops every Monday at 7:00 am PDT, Wednesday and Friday at 6:00 am PDT, so subscribe to us on Apple podcasts, Covered, Spotify and all the castings!

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