Bittensor's (alleged) $10M rug pull (feat. Mark Jeffrey) | E2275

Do I believe that Sam's epistle about why he left because of decentralization is correct? No, I do not. If somebody runs a subnet, they do get a little bit of power, and they can do what's called a rug pull. If you have leadership, you have responsibility, you can mess with it. The reason why this all happened, the incentivization alignment engine worked spectacularly well, but then it fell out of alignment.

When there was sudden success, it created this sort of overwhelming temptation. It looks like, and uh, this is sort of allegedly, this is what it looks like on-chain, it looks like this is what Sam did. And this is all allegedly and a lot of ifs here. But if the trail is true, one might speculate that a large amount of money was at stake and it would be like somebody raising venture capital and saying, wow, there's millions of dollars in the bank. I should deposit in my personal account and shut the company down.

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