You're 100% right. Old code 'rots'. Further, Loyyal never...

You're 100% right. Old code 'rots'. Further, Loyyal never managed to ship a product to anyone in any repeatable fashion - they went all-in and got Emirates, but that's likely to be the product of essentially setting up a unpaid consultancy for exactly what Emirates needed from the code. Given how long they've been working on this, they should have multiple paying customers for the exactly the same product. That's how tech startups scale.

I think Loyyal was semi-legit (there is a real product in there somewhere, though not a good one), but dangerously bordering on a Ponzi scam. It's kind of obvious that they impressed Japanese and Middle Eastern investors with work that they did in the period just after the RFN investment. Since the released Loyyal financials show they weren't making any significant revenue, what that means is that they used RFN's money to build demos to acquire more investment, as opposed to building a scalable business model.

I would be amazed if there's anyone dumb enough to participate in a cap raise with RFN. I think we're probably past peak FOMO for blockchain, surely? This feels like the only way Loyyal ever got money from anyone, given their long and utterly undistinguished history of failure (starting with "Ribbit Rewards").