Dio Casares, founder of Patagon, has revealed significant risks and fraudulent activities in the secondary market transactions involving Anthropic. Speaking on a podcast, Casares highlighted that these transactions, which amount to hundreds of billions of dollars, often involve high fees and fraudulent practices. He noted that 10% to 20% of these trades are fraudulent, with fabricated equity stakes being a common issue. Casares also pointed out the complexities of nested SPV structures and the potential for litigation following Anthropic's IPO. He explained that delays in distribution within the DTCC system and the potential invalidation of certain equity could lead to prolonged legal battles. Additionally, Casares criticized platforms like Hive and Forge for disrupting Anthropic's fundraising efforts by offering discounted shares without proper KYC procedures.