back to article Crap cracked fat-attack Pact app chaps slapped in pact backtrack infract

Defunct mobile app company Pact broke its pact with customers to pay them promised cash incentives, US trade watchdog the FTC said on Thursday. Pact, which shut down in July, described itself as a 15-person San Francisco startup on its website. Few if any people remain. According to the FTC, the Khosla Ventures-funded startup …

  1. kain preacher

    Who didn't see this scam coming ?

    1. MyffyW Silver badge


      Smoking cessation the Stephen King way ...

  2. Mephistro

    Enjoying your public/private beach, Mr. Khosla?

  3. Anonymous Coward
    Anonymous Coward


    All the 8 years olds who read the headline probably thought it was very witty.

    1. Andy Tunnah

      Re: Headline

      TIL I'm 8 years old.

    2. Paul 195

      Re: Headline

      It made me laugh. No shortage of eight year olds among readers of El Reg.

    3. Anonymous Coward
      Anonymous Coward

      Re: Headline

      "All the 8 years olds who read the headline moan moan....."

      Don't be such a grumpy sausage AC. You'll definitely enjoy this, from the matchless Bojack Horseman.

    4. ttGuy

      Re: Headline

      I'm an order of magnitude beyond that number of tree rings and thought, like most El Reg headlines, it to be rather super actually old chap!

    5. J. R. Hartley

      Re: Headline

      God I love the reg.

  4. I3N

    Either Yifan Zhang or Geoffrey Oberhofer natural born US citizens?

    I see eligibility to be US President once they turn 35!

  5. Notas Badoff


    "Get a down payment from Loftium, Airbnb an extra bedroom in your new home for 12-36 months, and share the income with us."

    I know it isn't the right term for this, but can I call this a pyramid scheme?

    1. John Smith 19 Gold badge

      "I know it isn't the right term for this, but can I call this a pyramid scheme?"

      No, but it's got a lot in common with a 419 scheme out of Nigeria.

      "I need to verify your identity. Give me all you bank details now."

      It's not a coat, it is the chieftains robes of my forefathers.

  6. Ken Y-N

    Loftium looks highly dubious! I love their example of Jen and Marco with the small print:

    *This is a fictitious example to show how Loftium can be used to afford a home

  7. Anonymous Coward
    Anonymous Coward

    Never had a problem with Pact

    I used their service for several years, and it worked exactly as advertised; I withdrew an average of about a dollar per week right up to the end. Business model was lousy, they didn't take enough margin, and cheaters gonna cheat. From my perspective the founders are fine upstanding people who underestimated the lengths people would go to just to make a couple of bucks off of their pacts.

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