Did Eco Lie About Yield-Generating Policies? CEO Responds

• An internal document shows that Eco lied about its yield-generating measures.
• It is being reported that Eco put user funds in Wyre, BlockFi, Genesis, and DeFi protocols.
• The company CEO has responded, calling these claims baseless.

According to the latest news report from Jason Mikula, the founder of Fintech Business Weekly, Eco, a consumer fintech product, has reportedly lied to its users regarding its yield-generating methods. The company had initially told users that they generated yield by lending USDC to institutions like Goldman Sachs and Fidelity. However, the recent review of the internal documents of the company has reportedly revealed deceptive behavior from Eco.

Fintech Biz Weekly exclusive

WHISTLEBLOWER REVEALS: a16z- & Peter Thiel-backed Eco lied, said it earned yield from "Goldman and Fidelity"

Actually put user funds in BlockFi, Wyre, Genesis & defi protocols

And that's just the tip of the iceberg

Read: https://t.co/lOY6j96LTD pic.twitter.com/GQoJTxZjMk

— Jason Mikula (@mikulaja) March 5, 2023

Mikula’s recent report on Eco also analyzed the internal chat logs, documentation, and call recordings. It was revealed that the company’s 2.5%–5% APY …

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