Been sitting on this for a while. I’m not an expert, none of this is financial advice, and all of it is unverified. I’m just connecting dots. But if what I’ve seen is true, Ondo Finance might be one of the most predatory projects in crypto. Here's the story:

The backstory: Ondo was founded by Nathan Allman, a former Goldman Sachs trader. The original vision was DeFi structured products (vaults with fixed/variable yield splits). No traction. No demand. So they pivoted to the Real World Asset (RWA) narrative like everyone else.

Multiple analysts started digging and saw the signs: TVL wasn’t from users. It was likely just proceeds from ONDO sales recycled into Ondo’s own products. Sell tokens → get USDC → buy OUSG/USDY → boost TVL → attract attention → repeat. A financially engineered ponzi.

Now they’re trying to pivot again: – SEC meetings – Broker licenses – Mastercard pilots Still no token model. Still no fees. Still no real users.

Again: I’m not claiming fraud. I’m not an expert. I’m just connecting what’s public. Do your own research. Draw your own conclusions. But don’t say nobody warned you. Next up: another four-letter company. Starts with “O” too. See you soon.