Have they gone full South Seas?
There’re some 1,500 of them out there. There are exchanges which list some to many of them.
Cross exchange rates are going to have margins in them. Arbitrage.
No one wants to put actual money in of course.
Invent a new currency. Give some of it away. Get it listed on a few exchanges (for some this is a function of giving the exchange some invented money).
The retained portion is now capital to do arbitrage with.
So, why won’t it work?