Elephant Money is not a ponzi scheme. Anyone who read the white paper knows this much.

About what happened, there was an exploit attacking the Elephant Treasury. THIS WAS NOT A RUG PULL. Bankteller is communicating with the community and working to resolve the issue as quickly as possible. He wrote details about the attack and explaied the immediate actions to take here: https://medium.com/elephant-money/reserve-exploit-52fd36ccc7e8

I stand by every word I said in my article and believe the project will recover from this. We all know hackers are out there and no platform, blockchain, or institution is fully protected from them. The important is to recover from the experience stronger than before, which I believe this project will do.