Dio Casares, founder of Patagon, has revealed significant risks and fraudulent activities in secondary market transactions involving Anthropic. According to Casares, these transactions amount to hundreds of billions of dollars, with fees reaching up to 10%. Alarmingly, 10% to 20% of these trades are fraudulent, involving fabricated equity stakes. The complex market structure, including nested SPVs and tokenized private equity, poses further challenges, especially as Anthropic approaches its IPO. Casares highlighted that private market fundraising has surpassed IPO fundraising, with secondary market transactions exceeding $200 billion. Anthropic's management is particularly concerned about unauthorized platforms like Hive and Forge, which disrupt fundraising efforts by offering discounted shares without proper KYC procedures. As Anthropic and similar companies remain private longer, the secondary market continues to grow, attracting both legitimate and fraudulent activities.