cbra

THEY TOOK $650K FOR A TOKEN YOU COULD NEVER SELL. NOW THEY’RE PRESTOCKS prePO raised that money on arbitrum in 2022 and 2023, and to me what happened next is a slow rug. the team rebranded into @PreStocks and now sells tokenized OpenAI. the old prePO app, where you could check your PPO balance, is a 404 and so is their github org. @prepo_io is locked, and the medium post with the public sale results has been deleted. so tonight i went through everything that’s still online, before more of it disappears. the presale was september 20, 2022. 193 wallets put in $390,244 at $0.06 and it sold out in 17 minutes 50 seconds. the public sale ran after that at $0.069 to $0.20 and took another $250k. seed investors had paid $0.013, so retail paid between 4.6x and 15x the seed price, and both public rounds together bought about 1% of the supply while the team kept 25%. from day one PPO was non-transferable. the FAQ, which is somehow still up, sold this as a feature: holders would vote to unlock transfers, estimate H2 2023, even though the same page admitted voting wasn’t possible yet. one of their own conditions for unlocking was “the return of a crypto bull market”. btc went past $100k and PPO is still sitting in the same wallets it was bought into. while the token was frozen they kept selling it. in january 2023 they opened PPO bonds on bond protocol at $0.05 and called it 50% off a $0.10 “market” price, for a token that had no market at all. by january 23, 70 wallets had bonded $8,458, and one of them posted their dashboard that night: 2,002 PPO, market value $0. march 2023 brought early deposits for their $ARB pre-token market. your ETH went in as wstETH with 2% taken on the way in and 3% on the way out, and the “rebates” were paid in PPO. people who deposited in march paid that 2% out of their ETH before the fees were scrapped in june. in may 2023 they ran a “transferability survey” and paid for the answers in more PPO. in october they sunset v1 and promised a v2, and the medium blog ends there. august 2025, prePO comes back as PreStocks on solana. their launch post lists “freely transferable” as a selling point and doesn’t mention PPO once. i looked for any migration or statement about PPO holders and found nothing. today 1,225 wallets still hold PPO on arbiscan at $0, and no exchange lists it. PreStocks advertises 100K+ holders and $1.75B in volume. it’s the same company with the same founder, it just changed chains and left the first holders behind. @RWAFoundation_ lists @PreStocks among its 18 member teams, next to securitize and maple. before you put your name next to a team, you might want to ask what happened to the last people who trusted it. @XavierEkkel, you raised that $650k. what’s the plan for PPO holders? if there isn’t one, say so. and put the deleted post back up so people can see what they were sold.