Ann: Loyyal Investment Update, page-64

You are correct. Further, Loyyal is a serial failure in this space, having launched a failed cryptocurrency before ("Ribbit Rewards") and been through one previous guise ("Circuits of Value"). It was essentially a FOMO play on dumb money - Japanese and Middle Eastern VCs, determined to throw money at a demo.

I still don't understand how they spend money so quickly as they hardly employ anyone. Certainly only a handful of programmers. I think generous pay for main execs and probably well paid "consultants" in Japan and the Middle East.

The bankruptcy proceedings make some startling reading. They owe a lot of money and have pretty much zero cash. I can't possibly see how they weren't trading insolvent even before the RFN case brought it all to an end.