Satoshi Nakamoto proved a pseudonymous founder doesn’t have to be a deal breaker. Blue Kirby, however, has reminded cryptocurrency investors that fake names can still be a red flag.
For those who didn’t spend last weekend on Crypto Twitter, Blue Kirby is the handle of a now-infamous figure in the decentralized finance (DeFi) community who appears to have absconded with some $1 million worth of ether (ETH).
As detailed in two worthwhile reads, DeFi community members allege Blue Kirby unfairly exercised influence over the Yearn.Finance ecosystem and then conducted a questionable initial coin offering (ICO) for a non-fungible token (NFT) marketplace called “Off-Blue.”
While the above sentence may sound to normies like so much word salad, the Blue Kirby fiasco marks the latest in a series of cautionary tales from 2020’s “DeFi Summer.” The episode shows how – absent compensating factors – permissionless technology, pseudonymous identities and borderless marketplaces can