THEY THOUGHT THEY WERE JOINING AN ACCELERATOR — INSTEAD THEY LOST THEIR STARTUPS

Summary from the TLDR Web Dev newsletter

Newchip, a startup accelerator, promised introductions to investors and other resources, but instead filed for bankruptcy, leaving over a thousand startups in jeopardy. The warrants Newchip held in these startups are now being auctioned off by the bankruptcy court. Some founders have lost their companies as a result, since now their cap tables have unknown investors.