Executives at Helium (HNT), a developer of a "decentralized wireless infrastructure," as well as their family and friends, hoarded the majority of wealth at the project's launch, claims Forbes.
This is a $1.2 billion web3 company that said it was building a global wireless internet connection called the “People’s Network.” Helium COO Frank Mong wrote that one of the tenets of the Helium network is fairness, saying that “everyone has an equal opportunity to mine.”
But Forbes has painted a very different picture of the company – an antonym of fair.
Per its report, the People’s Network users have seen “vanishingly small crypto rewards,” claiming that,
“Helium has made a handful of people disproportionately rich: its executives and their friends.”
Lee Reiners, Policy Director at the Duke Financial Economics Center, who teaches cryptocurrency law at Duke Law, was quoted by the news outlet as saying that,
“This thing was set up to enrich the founders and early supporters at the expense of...
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