EXPOSED: Quinn Thompson Blows the Whistle on Ondo Finance's Shady Tactics

From Mantra to Ondo: A Trail of Red Flags

Holy smokes, folks! Quinn Thompson, the fearless founder and Chief Investment Officer of Lekker Capital, is at it again. Fresh off the Mantra scandal, he's now shining a spotlight on another RWA project: Ondo Finance. And let me tell you, it's not pretty.

Quinn's X-Rated Warning

On April 14, Quinn took to X and dropped a bombshell about Ondo Finance (ONDO). He's not holding back, saying, "In light of the recent Mantra $OM token scam, probably prudent to recirculate this thread on $ONDO in case it saves at least one person from the eventual financial ruin." You heard it here first, folks!

TVL Trickery: The Illusion of Growth

Quinn didn't stop there. He dug up his old thread from March 18 and put the on-chain investigators on blast. He's demanding answers about Ondo Finance's Total Value Locked, asking, "Can one of the on-chain investigators confirm for me if it is true that the majority of Ondo's TVL... is from the team's selling of $ONDO tokens with the proceeds funneled back into the protocol to give off the appearance of organic growth?" It's like a scene straight out of a crypto thriller!

Ondo's Overvalued Empire

But wait, there's more! Quinn resurrected his post from October 2024, where he absolutely roasted Ondo Finance's $7B fully diluted valuation. He called out their products (USDY and OUSG) as "just wrappers on Blackrock's BUIDL." Ouch! And get this: despite their massive TVL, Ondo's not making a dime until 2025 because their 0.15% take rate has been waived. Quinn's calling it like he sees it, saying that once the fee kicks in, users will bolt to BUIDL faster than you can say "crypto crash."

The Smoking Gun: User Confirmation

Hold onto your hats, because it gets even juicier. A user named @TimiBot chimed in, saying, "Thought this was an open secret," and dropped a screenshot that's making waves. It's a message from a Telegram group that spills the beans on Ondo's alleged TVL inflation tactics. Talk about a smoking gun!

The Ugly Truth: Misleading Metrics

So, what's the deal with Ondo's TVL? While the funds might be real, Quinn's pointing out that it's all smoke and mirrors. Much of the capital in Ondo's protocol isn't fueling DeFi; it's just chilling in tokenized U.S. Treasury Bills. Snooze fest! And here's the kicker: Ondo might be pulling a fast one by selling their own ONDO tokens, funneling the cash back into their protocol, and counting the T-Bill investments towards their TVL. It's like they're trying to pull a crypto Houdini!

There you have it, folks. Quinn Thompson's not pulling any punches when it comes to Ondo Finance. From inflated TVL to overvalued empires, he's exposing the truth behind the hype. Stay tuned, because this crypto drama is far from over!