Market Mad House

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche


Is Rekt (REKT) a front for Fraudsters?

Strangely, Rekt (REKT) is a decentralized autonomous organization (DAO) built to save journalism with no transparency.


Rekt calls itself the “dark web of DeFi journalism.” Yet Rekt’s website does not say who built Rekt, or who runs Rekt. Moreover, the website offers no details of Rekt’s technology.


For example, a link to the Rekt DAO takes you to Rekt’s Twitter account. Another link says Julien Bouteloup founded Rekt. Instead, it directs you to Bouteloup’s Twitter account. Yet it does not tell visitors who Bouteloup is or what his or her agenda is.


I think Julien Bouteloup is an engineer, entrepreneur, and blockchain builder because there is a LinkedIn page under that name. However, I’m not sure.

Strangely, Rekt (REKT) is a decentralized autonomous organization (DAO) built to save journalism with no transparency.


Getting Retked

However, CoinMarketCap offers a link to another website that promotes REKT. They describe Rekt as the token that’s all about getting Rekted (whatever that means). It says investing should be thrilling.


Disturbingly, Retked’s website features pictures of the cartoon character Pepe the Frog. To elaborate, Pepe the Frog is a meme racists and antisemities use to promote their bigotry. Additionally, Pepe is associated with some followers of former US President Donald J. Trump (R-Florida).

Strangely, Pepe did not begin as a racist meme. The character’s creator, Matt Furie, even teamed with the Antidefamation League (ADL) a US antisemitism group to launch a “SavePepe” campaign.


Hence, Rekt could also be a front for antisemitic or racist propaganda. Another possibility is that fraudsters could use Rekt to locate people who are susceptible to propaganda. The thinking is that those who fall for a political scam are easy marks for financial fraud.

Rekt’s Lousy Journalism

Rekt’s “journalism” is the worst looking and crudest blog I have seen in years. The cutting-edge Dark Web journalism looks like a blog from the year 1999.


There are no illustrations. Worse, there appears to be no efforts at editing. Finally, the articles are mostly commentary, not news. Whoever put this together could use some time in journalism school.


Thus, Rekt is a mundane exercise in amateur journalism. Frighteningly, Rekt does not identify writers and sources. Hence, this “journalism” cannot be verified.

There are links in the Rekt articles. Unfortunately, many of those links the reader to Twitter posts. A sure sign of bad journalism.


I have to wonder why anybody is investing money in a “journalism” enterprise that cannot build a proper blog or offer sources beyond Twitter? Yet people apparently are.


Is Rekt Disinformation?

The cynic in me wonders if Rekt is an exercise in disinformation. To explain, disinformation is false and misleading information spread to fool people.


Many people and organizations, including governments, politicians, fraudsters, journalists, public relations professionals, corporations, speculators, investors, spies, and intelligence agencies, spread disinformation. They spread disinformation for many reasons.

For example, fraudsters and speculators spread disinformation to influence market movements. A speculator could spread false rumors about a stock or cryptocurrency to raise or lower that investment’s market price. Unethical speculators can use disinformation to short stocks, derivatives, or cryptocurrencies.

Is Rekt (REKT) a front for Fraudsters?

Thus, I have to wonder if Rekt is a front for somebody spreading disinformation to scam crypto speculators. If it is, whoever is running Rekt could find themselves in legal trouble.


The US Securities and Exchange Commission (SEC) is charging influencers, including Lindsay Lohan, with taking payments to illegally promote cryptocurrencies, a press release reveals. SEC lawyers allege crypto promoter Justin Sun paid several influencers to promote the crypto asset securities Tronix (TRX) and BitTorrent (BTT).


Cynics will wonder if Rekt (REKT) is an effort to disguise cryptocurrency disinformation as “journalism.” Historically, the line between journalism and disinformation often blurs.

What Value Does Rekt (REKT) offer?

If Rekt (REKT) is disinformation, many people are falling for it. For example, Rekt was CoinMarketCap’s third most trending cryptocurrency on 23 April 2023.


However, Mr. Market shares my opinion of Rekt. For example, CoinMarketCap gave Rekt a $0.0000000144 Coin Price on 24 April 2023. They also named Rekt CoinMarketCap’s 2,627th most trending cryptocurrency.


Tellingly, CoinMarketCap gave Rekt a $6.167 million Market Capitalization on 24 April 2023. They also gave Rekt a Fully Diluted Market Cap of $6.048 million, a 24-Hour Market Volume of $11.973 million, a Centralized Exchange (CEX) Volume of $8.900 million and a Decentralized Exchange (DEX) Volume of $3.156 million. There was a Self-Reported Circulating Supply and Total Supply of 420 billion REKT on 24 March 2023.


In the final analysis, I consider REKT a terrible cryptocurrency speculators need to avoid like the plague. You need to avoid Rekt (REKT) because I think is a scam and disinformation.