--- title: Buying homes with family money, Fyre Festival II, and more newsy numbers - The Hustle description: "Plus: Women of color continue to get a raw deal in VC, and the first crypto insider trading case is over." image: https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/1261467101-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-digits_20230827235532.webp --- # Buying homes with family money, Fyre Festival II, and more newsy numbers ![Ben Berkley](https://53.fs1.hubspotusercontent-na1.net/hubfs/53/assets/hubspot.com/web-team/WBZ/HubSpot%20Media/Blog%202021/Images/Nav/Optimized/TheHustle_Icon_Dark.svg) [Ben Berkley](https://hs-sbup.thehustle.co/author/ben-berkley) Published: August 29, 2023 Updated: October 11, 2023 **$500-$8k: **how much [you’d have to pay](https://www.nbcnews.com/news/us-news/infamous-fiasco-fyre-festival-relaunches-already-sold-rcna101390) to attend Billy McFarland’s Fyre Festival II, which he claims to have conceived while in prison for conning the first Fyre Festival’s investors and attendees out of $26m+. The first batch of presale tickets supposedly sold out, despite few event details. ![Buying homes with family money, Fyre Festival II, and more newsy numbers](https://hs-sbup.thehustle.co/hs-fs/hubfs/The%20Hustle%20News/Assets/Images/1261467101-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-digits_20230827235532.webp?width=595&height=400&name=1261467101-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-digits_20230827235532.webp) **38%: **the share of recent homebuyers under age 30 who used family money for the down payment, [per](https://www.forbes.com/sites/darylfairweather/2023/08/21/nepo-homebuyers-40-of-under-30s-received-family-money-for-down-payment/?sh=6c1ec61d2738) Redfin. It’s an eye-popping figure that… actually seems a little low? To put the rising share of “nepo-homebuyers” — those who use a cash gift or inheritance money from relatives — in context: Kids born into homeowning families are *far* more likely to own in adulthood (79% of current homeowners had a parent who owned their home). **~$76k:** in penalties, plus three months in prison, for Nathaniel Chastain, the former OpenSea product manager convicted in a [first-of-its-kind](https://www.artnews.com/art-news/news/former-opensea-executive-sentenced-prison-nft-insider-trading-1234677565/) crypto insider trading case. Authorities sought more prison time to deter future cryptocurrency crimes, but the judge felt a case built on illegal trades worth ~$50k wouldn’t have been pursued had it not been in the “slightly sexy” crypto space. **79%:** the share of seed funding earmarked for diverse founders — women and people of color — that has gone to white women, [per](https://fortune.com/2023/08/22/vc-seed-funding-diverse-founders-white-women/) Crunchbase data. Through June, diverse founders have tallied $3.2B over ~32k deals, but women of color have only seen [5.2%](https://medium.com/bbg-ventures/seed-funding-to-underrepresented-founders-11d8ae144a48) of that capital, a miniscule slice of an already tiny piece of the overall VC pool (where [$238B+](https://techcrunch.com/2023/01/18/women-founded-startups-raised-1-9-of-all-vc-funds-in-2022-a-drop-from-2021/) was allocated last year). Companies with all-white male founding teams aren’t hurting, scoring [86.3%](https://www.mckinsey.com/featured-insights/diversity-and-inclusion/underestimated-start-up-founders-the-untapped-opportunity?utm_medium=DSMN8&utm_source=LinkedIn&utm_user=14419234177817908) of last year’s seed dollars. 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