An Indonesian agriculture tech startup that raised hundreds of millions of dollars comes off as a giant fraud.
That means its revenue was 75% lower than it had presented.
You could call it a pescatarian ponzi.
A fish tech startup in Indonesia reportedly faked hundreds of millions of dollars in revenue.Afriadi Hikmal/NurPhoto via Getty
eFisherys CEO was fired after an investigation by the board quickly turned up accounting inconsistencies.
What are the odds the founders of eFishery got their inspiration from 4chan?
eFishery has lost more than $152 million since its inception, according to the investigation.
Thankfully its backers include the likes of G42, an AI firm controlled by the United Arab Emirates.
Which is to say, they will be fine.
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