Thiel and friends cash in $6.6 million for a $100,000 stake with Crypto startup

WNM | May 22, 2019 at 9:29 PM

CAYMAN ISLANDS, May 22 (WNM staff) - Billionaire moneymen Peter Thiel, Alan Howard and Louis Bacon have seen plenty of big paydays—but probably none as unusual as this one, Bloomberg reports. The company is registered in the Cayman Islands operates mainly from Hong Kong.

A buyback by Block.one, a cryptocurrency startup, will return as much as 6,567% to its earliest investors—in less than three years. That translates into $6.6 million for a $100,000 stake, a stunning result any time but especially in a market that crashed in 2018. Block.one stands out because of the scope of its ambitions and size of its balance sheet: it raised about $4 billion in the biggest sale of digital tokens