Due diligence into Loopring following WSJs article
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Hi all! I was wanting to post some DD on loopring following this article which is making the rounds today by WSJ, where they claim the acquisition of Loopring by GameStop fell through due to ties to production in China. This preceded a notable dip in the charts, which is understandable. I dug into this to see exactly where looping stands in terms of this. Notably, Daniel himself (Founder of Loopring) said the following in Discord Unfortunately, by searching the discord server, you can see that this has been deleted by Daniel since. Moving on from this, we can see that Daniel had said, at DEFCON 2021, that Loopring was working with a premium owner. Which would likely imply possible acquistion, in tie with WSJs source. Moving forward from this, digging back into the origins of the discord, you can see Matt Finestone (the link to GameStop) posting freely about how Loopring was run by a great team in China, with a Chinese market as their focus. I wanted to share all of this because I do not believe in censorship. I believe there should be transparency, and there has not been in this case. The outcomes are that the "close source" that Barron quoted was either breaking an NDA between GameStop and Loopring, or he was correct, in which case the deal has fallen through, which would explain the team going silent on the Q4 hype (of which there is a lot, but this thread is not the place for this) The other outcome is that Loopring is a Chinese entity and this has, for whatever reasons, lead to a breakdown of the deal between the two companies. This is worrying for a big reason – the lack of transparency, especially as Daniels discord post has now been deleted. It is also worth noting that the code referencing "gstop" in the GitHub was originally leaked leading to this huge hype leadup and subsequent pump. This code was made private afterwards amidst speculation that there was an NDA in place. Strangely, this code was leaked again for a few hours before again being made private, on the day of the upcoming Q4 report. In any case, I am posting this for transparency as the first rule of crypto is to DYOR. I've seen people do research without having the full picture, and I aim to provide a fuller picture here, for those that may want to see it. I welcome any discussion and response from the looping team. An NDA will not prevent you from re-iterating whether you area Chinese company, and would help to settle a lot of speculators' minds. Edit: a common point being brought up – the journalist or his source as fabricating information to manipulate the markets. The source has stated talks fell through due to Chinese connections. We can see that Daniel Wang himself has stated they are not a Chinese company. If this is true, wouldn’t the easiest thing for loopring to be be to call Barron out on this, as it is blatant media manipulation of the markets? If this is the case, they just gave a huge ace to loopring on a silver platter. All they have to do is refute it. submitted by /u/Regret92 |
