My bet is that their new issuances are essentially Hawala between US VC funds: you deposit $20 million w/o moving it from your own account.
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"Because you and that VC fund have outside-of-crypto interactions, you won't screw each other. Trust for plebes is done by blockchain."
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"When the government asks you what happened you say 'Bought an illiquid asset off another sophisticated investor. No laundering here, lol.'"
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