Saint Jud retweeted
In Feb 2025, Luca Netz asked a room in Paris to hold him accountable for Abstract!
A month later, Abstract’s lawyers told the SEC a token was “currently under development.”
On 6 Oct 2026: no token, no airdrop, and new terms capping what users can recover at $100.
The Abstract File 👇
Saint Jud retweeted
I have submitted a tip to the @SECGov regarding my experience with @AbstractChain, including its XP incentives, public statements, and shutdown.
I spent nearly two years participating in the ecosystem, accumulated millions of XP, and spent approximately $30,000 across it. I have asked the SEC to review the facts and determine whether any further inquiry is warranted.
This is my personal account and a request for regulatory review, not a finding of wrongdoing by the SEC. I hope others who participated will preserve their transaction records and share their experiences responsibly.
I urge the SEC to carefully review the evidence and, if it finds violations of federal securities laws, take the appropriate enforcement action.
Nearly Two Years on Abstract: A Personal Account
After investing nearly two years of my time, energy, and money into @AbstractChain, the reported decision to shut down the chain has left me deeply disappointed.
I was not a casual participant. I played countless games, created content, completed hundreds of thousands of transactions, remained active for hundreds of days, accumulated millions of XP, and spent approximately $30K across the ecosystem. The attached Abstract Passport reflects only part of that commitment.
Throughout this journey, the community was repeatedly encouraged by ambitious statements from the leadership. Michael Lee (@CashBowie) spoke confidently about a future token, potential XP rewards such as flights, accommodation, Super Bowl tickets, and World Cup tickets, and a sustainable ecosystem where people could both enjoy themselves and earn value.
Luca Netz (@LucaNetz) also described an economy in which users would not simply play games but could earn from their participation. He discussed Project Quantum, a potential token valuation of $20B to $30B FDV, and a system through which XP and community activity could generate economic value.
These statements created expectations. They gave people reasons to invest more time, money, creativity, and trust in Abstract. Yet, from my perspective, the outcomes repeatedly presented to the community never materialized. Instead, users were kept engaged by increasingly ambitious promises while receiving little clarity about what was actually achievable.
The team made clear promises that encouraged people to invest their time, money, and trust in Abstract. None of those promises were fulfilled, and the community was left without transparency, accountability, or a meaningful explanation.
What hurts me most is not the money. It is the time. Money may eventually be earned again, but almost two years of sustained effort can never be recovered. It is difficult to accept that the people who helped build activity, visibility, and culture around Abstract may now walk away with nothing, without even a transparent explanation or a meaningful attempt at recognition.
Some people appear to take pleasure in the losses of others. I find that truly pathetic. A healthier Web3 community requires more informed participants who are willing to speak when something is wrong. Accountability is not FUD. Asking difficult questions is not an attack. It is one of the few ways this industry can mature.
I also cannot ignore Luca’s silence. If he genuinely believed that the community had been treated fairly, would he not be willing to explain what happened, address the promises that were made, and propose a meaningful solution? Silence may not prove wrongdoing on its own, but in circumstances like these, it raises serious questions. A leader who has nothing to hide should be prepared to communicate openly and take responsibility. Instead, Luca has chosen silence while the people who invested their time, money, and trust are left without answers.
Even redirecting part of the budget used for marketing and merchandise toward recognizing committed Abstract users could have demonstrated goodwill. From the outside, however, it feels as though meaningful compensation or acknowledgment has not been treated as a priority.
My experience with @Somnia_Network showed me that another approach is possible. I became active during its testnet, contributed to the ecosystem, created content, and earned $30K. More importantly, Somnia founder @0xPaulThomas consistently communicated the project’s development, updates, and objectives through video content. Whether everything succeeded or not, the community could see genuine effort, progress, and leadership.
My experience with Abstract was the opposite. Apart from interviews, which were often filled with major promises, Luca rarely communicated directly about the project during the nearly two years I participated. Those interviews strengthened people’s confidence and encouraged further commitment, but the community now deserves more than silence.
After everything that has happened, I have completely lost my trust in Luca and his team. Trust cannot survive indefinitely on branding, interviews, or promises. It requires delivery, transparency, and accountability, especially when people have invested significant portions of their lives and savings.
This is my personal experience, supported by the record of my activity in the attached Abstract Passport, a tool created by Abstract community member @bycoinraven. I welcome informed disagreement and any factual corrections from the team. However, please engage with the substance of what happened before dismissing the concerns of those who gave this ecosystem their time, money, and trust.
The Abstract community deserves answers.
Saint Jud retweeted
People who spend long periods of time at home and slowly lose the desire to go outside often think they're just resting. But psychologically, many of them are experiencing something called mental rumination. It's a state where the brain starts slowing down while the number of thoughts inside keeps increasing and the motivation to do anything slowly disappears. The mind gets stuck in the past, worries about the future and burns itself out. This isn't laziness, it's a nervous system stuck in survival mode. And the longer it lasts, the more distant normal life begins to feel. And the difficult part is that you usually can't escape it through one massive burst of motivation. And sometimes,recovery starts with just one small step.
Saint Jud retweeted
Not many big accounts are going to speak out against Pudgy Penguins because they make their money getting paid for looking the other way. Literally nearly everyone is getting sponsored by somebody and that somebody has not even two degrees of separation with somebody paying them.
Saint Jud retweeted
Pudgy Penguins reached out and said "brother we see your takes and appreciate them, what do you think we can do better?"
COMPENSATE THE USERS THAT SPENT YEARS OF THEIR LIFE AND MANY THEIR LIFE SAVINGS EARNING ABSTRACT XP
I thought it was pretty clear. This is the only solution.
Saint Jud retweeted
I don't like the trend of projects shutting down pre-TGE and being seen as somewhat heroic because they didn't extract.
It's incredibly disingenuous because people burn thousands, sometimes tens of thousands of dollars farming these airdrops, I know people who are down five figs on Abstract memes or paid high four figs in StandX fees.
Not doing a TGE just for the sake of it *can* be heroic, but only if there's adequate compensation for the people who used the products in justified expectations of being rewarded
Saint Jud retweeted
Witnessed it firsthand! And in this economy, no less! 🥹 Grabe, let’s support BreadTalk whenever we can so they can continue being a channel of blessings to even more people. ❤️🍞🥖 Masarap na almusal para sa mga tinutulungan 🫶🥹
Saint Jud retweeted
Some say that Abstract is "being responsible" by not launching a token with no pmf. But for years users spent real money on XP with the promise of a token. And these promises helped moon PENGU. Of which the team sold hundreds of millions of dollars worth. Compensate these people.
Luca Netz made me lose faith in Web3.
I was on Abstract from day one. I never stopped believing because Luca was behind it, and I trusted his promises. I spent around $40–50K and dedicated nearly two years of my life to it.
We were promised a token. They kept our hopes alive until the very end, only to tell us we would receive nothing for the Xp we had earned.
After all that time, money, and trust, I feel scammed by @LucaNetz I won’t stay silent
Saint Jud retweeted
Nearly Two Years on Abstract: A Personal Account
After investing nearly two years of my time, energy, and money into @AbstractChain, the reported decision to shut down the chain has left me deeply disappointed.
I was not a casual participant. I played countless games, created content, completed hundreds of thousands of transactions, remained active for hundreds of days, accumulated millions of XP, and spent approximately $30K across the ecosystem. The attached Abstract Passport reflects only part of that commitment.
Throughout this journey, the community was repeatedly encouraged by ambitious statements from the leadership. Michael Lee (@CashBowie) spoke confidently about a future token, potential XP rewards such as flights, accommodation, Super Bowl tickets, and World Cup tickets, and a sustainable ecosystem where people could both enjoy themselves and earn value.
Luca Netz (@LucaNetz) also described an economy in which users would not simply play games but could earn from their participation. He discussed Project Quantum, a potential token valuation of $20B to $30B FDV, and a system through which XP and community activity could generate economic value.
These statements created expectations. They gave people reasons to invest more time, money, creativity, and trust in Abstract. Yet, from my perspective, the outcomes repeatedly presented to the community never materialized. Instead, users were kept engaged by increasingly ambitious promises while receiving little clarity about what was actually achievable.
The team made clear promises that encouraged people to invest their time, money, and trust in Abstract. None of those promises were fulfilled, and the community was left without transparency, accountability, or a meaningful explanation.
What hurts me most is not the money. It is the time. Money may eventually be earned again, but almost two years of sustained effort can never be recovered. It is difficult to accept that the people who helped build activity, visibility, and culture around Abstract may now walk away with nothing, without even a transparent explanation or a meaningful attempt at recognition.
Some people appear to take pleasure in the losses of others. I find that truly pathetic. A healthier Web3 community requires more informed participants who are willing to speak when something is wrong. Accountability is not FUD. Asking difficult questions is not an attack. It is one of the few ways this industry can mature.
I also cannot ignore Luca’s silence. If he genuinely believed that the community had been treated fairly, would he not be willing to explain what happened, address the promises that were made, and propose a meaningful solution? Silence may not prove wrongdoing on its own, but in circumstances like these, it raises serious questions. A leader who has nothing to hide should be prepared to communicate openly and take responsibility. Instead, Luca has chosen silence while the people who invested their time, money, and trust are left without answers.
Even redirecting part of the budget used for marketing and merchandise toward recognizing committed Abstract users could have demonstrated goodwill. From the outside, however, it feels as though meaningful compensation or acknowledgment has not been treated as a priority.
My experience with @Somnia_Network showed me that another approach is possible. I became active during its testnet, contributed to the ecosystem, created content, and earned $30K. More importantly, Somnia founder @0xPaulThomas consistently communicated the project’s development, updates, and objectives through video content. Whether everything succeeded or not, the community could see genuine effort, progress, and leadership.
My experience with Abstract was the opposite. Apart from interviews, which were often filled with major promises, Luca rarely communicated directly about the project during the nearly two years I participated. Those interviews strengthened people’s confidence and encouraged further commitment, but the community now deserves more than silence.
After everything that has happened, I have completely lost my trust in Luca and his team. Trust cannot survive indefinitely on branding, interviews, or promises. It requires delivery, transparency, and accountability, especially when people have invested significant portions of their lives and savings.
This is my personal experience, supported by the record of my activity in the attached Abstract Passport, a tool created by Abstract community member @bycoinraven. I welcome informed disagreement and any factual corrections from the team. However, please engage with the substance of what happened before dismissing the concerns of those who gave this ecosystem their time, money, and trust.
The Abstract community deserves answers.
Saint Jud retweeted
Space Stations NFT mint coming soon to Robinhood!
The same team behind @TollanUniverse
They're giving away 5 WL spots to my community!
Here's how to participate:
→ Follow @LootPlanetsRH
→ Like + Share this post
→ Drop your EVM wallet below
⏰ Ends Sunday October 25th at 11:59pm EST!
Getting some questions about this so let me keep it simple:
✅ Snapshot is of AGWs & all other wallets that interacted with Abstract
✅ If AGW, we attribute the FUNDING wallet
✅ The X list that some people are posting is purely for a shareable moment to promote this, everyone is included in the snapshots, not just the X list
✅ Additional snapshots are planned, beyond Abs, Berachain, and Papertrade
✅ You should get active on Katana now
Who should we snapshot next 🤔
it’s crazy how easy people here in crypto ask you to borrow or give them money even though you barely even interacted previously
it’s always “hey can you give me [insert money number] because of [insert random sad story]”
but i don’t recall any of them ever asking me whether if I needed help
i had days where i’d go to sleep in tears because i wasn’t doing enough, i couldn’t rely on others and so many other reasons
but i never once went out of my way to be a burden to others, i’d always just tough it out and find ways to push further
it wasn’t easy, but that’s what got me to where i am at today
sometimes people forget that everyone has their own hardships and care a little bit too much about themselves and don’t give enough thoughts about the other person behind the screen
just food for thought
Saint Jud retweeted
▣ Abstract Passport is LIVE!
Don't let the mark you left on Abstract disappear. Create your own passport for free.
Your passport will automatically be added to the Users section. New projects and ecosystems can filter users by tier, XP, and badge count, and download CSV lists.
Our goal is to preserve your Abstract history and make the community discoverable for future opportunities.
Open to Gold tier and above. Check out the "FAQ" for more details!
Saint Jud retweeted
we have come completely full circle
cole rugs penguins -> luca buys penguins -> penguins make abstract -> luca rugs abstract -> abstract makes chickens -> cole buys chickens































