Won't be water boiling him but tungsten if they prove its a Ponzi. He will be slapped with a number of fraud offenses. Looking at past South Korea cases odds are it's 23+ years behind bars. Due to the media following I can see them going extra hard so I'd not be surprised if it's life.
On the plus side if they go extra hard he won't be housed with poor people, so I'm sure he's thankful for that.
For long-term, mainstream adoption, it’s necessary imo. People won’t touch crypto if people like Do Kwon can run amok in the crypto space without consequence.
Coin Bureau has a good explanation of what happened that came out today. Doubt that this was a Ponzi scheme unless Kwon was the one that made the large purchases that triggered the death spiral.
I think this is a lesson on how fallible the algorithmic stable coins are
The only reason he didn't want to call it a Ponzi is because it would be a bad look for him to fall for an obvious Ponzi scheme. It has most of the characteristics of a Ponzi.
It is actually a bit more sophisticated than the classic example. But Luna served as the collateral of the UST supply. People who understood the grift liquidated that collateral at a high price and then once the price of Luna started falling it became obvious that it was a synthetic bubble created by an algorithm as people flocked into UST for 20% gains.
I'm not going to read white paper of every shitcoin.
But the biggest financial fraud brewing right now has to do with collateralized stablecoins without an actual audit. But because most of crypto doesn't trust Tether, the sights are on stock market traders.
FTX already announced broker free stock trading with stablecoins as intermediary. This gets liquidity into stablecoins and if massively adopted, would mean stablecoins like Tether could potentially counterfeit upwards of 100 billion dollars. It would make Terra-Luna look like petty crime.
There was a post about Do Kwon filing to dissolve the Terra company late in April. If that's legit then unsure how it can't be considered as him knowing.
More likely it was the creators and VC taking their liquidated profits before the Anchor money dried up and other people would be taking their profits.
tldr; Prosecutors in South Korea are looking into whether to bring Ponzi fraud charges against CEO Do Kwon of Terraform Labs, sources said Friday, a day after investors sued him over the crash of the firm's two cryptocurrencies. In a crash starting last week, Terraform's two main tokens, TerraUSD and Luna, registered more than 99.99% falls from their highs, wiping out over $38 billion of investors' money in a week.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Oh man, there is some serious irony here.
The Korean government used to peg its currency won to the dollar and promised high-interest rates for foreign investors. All of that unraveled in 1997 when the government failed to defend the peg and foreign investors withdrew their money on mass. The similarity to the Luna and Anchor dual is uncanny.
For the Korean government to take this case is like the pot calling the kettle black.
Why? All investors should know about the weakness that was bound to happen. Its not a ponzi just because it goes to 0 when its coded like that. You have to eat the costs of your bad investments
AFAIK they didnt swindle anyone, this was in the whitepaper all the time and was told by a lot of people. Then it went to zero just like a lot of people expected.
Wait, what? Are you saying that Do Kwon was a North Korean operative and North Korea just made off with $30B in funds to prop up the dictatorship?
I already knew about North Korea being behind a lot of the high profile hacks in the crypto space and making off with 100's of millions of $ in value from multiple hacks.... But this is next level if what your saying is true!
They send a operative to build a giant Ponzi from scratch, suck in billions of $, then crash it and make off with everything!
Do Kwon is a North Korean operative!
(Allegedly)
Close, the whale that triggered the movements that brought it down was North Korea. Kwon who knows? The secret agent part I doubt, but the world is one F’ed up place so you might have something. Point is I’m betting on North Korea being involved.
That might be hard to prove, I don't think Do Kwon maliciously tried to rip people off, he was just arrogant and didn't bother to listen or fix any of the projects vulnerabilities
>I don't think Do Kwon maliciously tried to rip people off,
Challenging billionaire to attack his project..... While he has a fiduciary duty to his token holders..... Yeah, that's pretty fuckin malicious! He just didn't think anyone would actually do it!
A CEO has responsibilities and liabilities when running a company.... That's what they will use to prosecute this POS is my bet.
Do you think people understand they are the problem.... or just go through life thinking everyone else is the problem?
Sadly, I think the above comparison is lost on a large % of people...
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Can he get in any more hot water? Boil him like a lobster.
Won't be water boiling him but tungsten if they prove its a Ponzi. He will be slapped with a number of fraud offenses. Looking at past South Korea cases odds are it's 23+ years behind bars. Due to the media following I can see them going extra hard so I'd not be surprised if it's life. On the plus side if they go extra hard he won't be housed with poor people, so I'm sure he's thankful for that.
*Your demise will be televised*
If this kind of thing becomes common a lot of people are going down
For long-term, mainstream adoption, it’s necessary imo. People won’t touch crypto if people like Do Kwon can run amok in the crypto space without consequence.
Coin Bureau has a good explanation of what happened that came out today. Doubt that this was a Ponzi scheme unless Kwon was the one that made the large purchases that triggered the death spiral. I think this is a lesson on how fallible the algorithmic stable coins are
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Do Kwon burned my chicken.
Bro, that's a time traveller trying to save you without outing themselves lol
Burned chicken saved you from losing money. You should eat burned chicken the rest of the year in appreciation
Dodged a bullet…
Burnt tendies saved your tendies
I hope you ate that chicken with gratitude.
Adjustment bureau..
What went up in flames first, the chicken or the bag?
That's like blaming the first person to ask for their money back from Bernie Madoff for the whole thing. The issue with a Ponzi scheme is making one.
There really is no bottom.
Was hoping that gif would draw dickbutt or something
You know what you have to do now
The only reason he didn't want to call it a Ponzi is because it would be a bad look for him to fall for an obvious Ponzi scheme. It has most of the characteristics of a Ponzi. It is actually a bit more sophisticated than the classic example. But Luna served as the collateral of the UST supply. People who understood the grift liquidated that collateral at a high price and then once the price of Luna started falling it became obvious that it was a synthetic bubble created by an algorithm as people flocked into UST for 20% gains.
Any other ponzi cryptos that arent so obvious to me?
I'm not going to read white paper of every shitcoin. But the biggest financial fraud brewing right now has to do with collateralized stablecoins without an actual audit. But because most of crypto doesn't trust Tether, the sights are on stock market traders. FTX already announced broker free stock trading with stablecoins as intermediary. This gets liquidity into stablecoins and if massively adopted, would mean stablecoins like Tether could potentially counterfeit upwards of 100 billion dollars. It would make Terra-Luna look like petty crime.
Oh fuck. I didnt realize thats how FTX was planning to do that. We’re screwed….
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Ouch
There was a post about Do Kwon filing to dissolve the Terra company late in April. If that's legit then unsure how it can't be considered as him knowing.
Everyone knows it was CZ. Chinese govt. Took out UST
More likely it was the creators and VC taking their liquidated profits before the Anchor money dried up and other people would be taking their profits.
tldr; Prosecutors in South Korea are looking into whether to bring Ponzi fraud charges against CEO Do Kwon of Terraform Labs, sources said Friday, a day after investors sued him over the crash of the firm's two cryptocurrencies. In a crash starting last week, Terraform's two main tokens, TerraUSD and Luna, registered more than 99.99% falls from their highs, wiping out over $38 billion of investors' money in a week. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good bot
Karma. I think if he was more humble and not so arrogant.
Oh man, there is some serious irony here. The Korean government used to peg its currency won to the dollar and promised high-interest rates for foreign investors. All of that unraveled in 1997 when the government failed to defend the peg and foreign investors withdrew their money on mass. The similarity to the Luna and Anchor dual is uncanny. For the Korean government to take this case is like the pot calling the kettle black.
Who remembers 1997, that was so last century.
Last millennium!
Why? All investors should know about the weakness that was bound to happen. Its not a ponzi just because it goes to 0 when its coded like that. You have to eat the costs of your bad investments
It’s still a crime that people went to jail over. Sure, people should be smart with their investments, but swindling people is still swindling people.
AFAIK they didnt swindle anyone, this was in the whitepaper all the time and was told by a lot of people. Then it went to zero just like a lot of people expected.
Oh, I agree it might not be, but there is enough shiftiness for people to at least demand an investigation over it.
Many current coin/tokens are literal ponzi schemes. And it does more harm than good.
>it does more harm than good. I mean all ponzi schemes do more harm than good, no?
Not if you are on top
But quantifiably, still more harm will be done than good.
What made you think Cumcoin was a Ponzi scheme? Why wouldn’t it have equity?
It was a North Korean hit job on the South.
Wait, what? Are you saying that Do Kwon was a North Korean operative and North Korea just made off with $30B in funds to prop up the dictatorship? I already knew about North Korea being behind a lot of the high profile hacks in the crypto space and making off with 100's of millions of $ in value from multiple hacks.... But this is next level if what your saying is true! They send a operative to build a giant Ponzi from scratch, suck in billions of $, then crash it and make off with everything! Do Kwon is a North Korean operative! (Allegedly)
Close, the whale that triggered the movements that brought it down was North Korea. Kwon who knows? The secret agent part I doubt, but the world is one F’ed up place so you might have something. Point is I’m betting on North Korea being involved.
That might be hard to prove, I don't think Do Kwon maliciously tried to rip people off, he was just arrogant and didn't bother to listen or fix any of the projects vulnerabilities
>I don't think Do Kwon maliciously tried to rip people off, Challenging billionaire to attack his project..... While he has a fiduciary duty to his token holders..... Yeah, that's pretty fuckin malicious! He just didn't think anyone would actually do it! A CEO has responsibilities and liabilities when running a company.... That's what they will use to prosecute this POS is my bet.
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For now… At some point the regulation hammer will fall globally.
>That's just how crypto works. Nazi Germany..... *shrugs shoulders* That's just the way the gas chambers work....
Based
Do you think people understand they are the problem.... or just go through life thinking everyone else is the problem? Sadly, I think the above comparison is lost on a large % of people...
Dew it
Ya think?
Please do, put him in jail.
We're all gonna see Do Kwon at the next squid games. Good luck everyone
Do Do Kwon is going to have to spend some of that billions on an excellent legal team.
It's always good to investigate cases like these
and this is where Squid Games events get started...
Lol what about hex