11–20 of 99 posts
- https://www.youtube.com/watch?v=ZvzwpbFSi44
- https://www.youtube.com/results?search_query=coffeezilla+do+...
It’s alleged he transferred vast sums from the terra treasury to his personal wallet. South Korea is a relatively lenient jurisdiction with a high penetration of blockchain products. But if these accusations are true, it is a case of theft rather than failed innovation.
Do you think really $43 billion lost? Or rather that was the theoretical peak valuation? It just seems a staggering amount of money to be available for a new startup crypto project. Hmm, wonder if Do Kwon is reading this :)
It’s alleged he transferred vast sums from the terra treasury to his personal wallet. South Korea is a relatively lenient jurisdiction with a high penetration of blockchain products. But if these accusations are true, it is a case of theft rather than failed innovation.
At least a quarter million South Koreans lost money. If he is returned to South Korea, he’s going to prison regardless of whether or not he deserves to. That’s how the world works, IMO.
That being said it seems like there is more to his story than buggy code.
He has a young family (with a child less than a year old) as far as I know, where are they?
I'm confused about this story. Are the South Korean authorities claiming Kwon is no longer in South Korea? He has a young family (with a child less than a year old) as far as I know, where are they?
Earlier quoted context omitted.
At least a quarter million South Koreans lost money. If he is returned to South Korea, he’s going to prison regardless of whether or not he deserves to. That’s how the world works, IMO.
I am not sure you can be sent to jail simply for creating something that turns out to be a bad investment. (goes to 0) This is true even in the arguably more regulated stock market. That being said it seems like there is more to his story than buggy code.
Earlier quoted context omitted.
At least a quarter million South Koreans lost money. If he is returned to South Korea, he’s going to prison regardless of whether or not he deserves to. That’s how the world works, IMO.
I am not sure you can be sent to jail simply for creating something that turns out to be a bad investment. (goes to 0) This is true even in the arguably more regulated stock market. That being said it seems like there is more to his story than buggy code.
[0] https://msccsp.org/nasc/downloads/HyungkwanPark_supplemental...
[1] https://www.nytimes.com/2020/07/06/world/asia/south-korea-ch...
I naively thought that it would take centuries of inflation before seeing ponzi schemes beating the magnitude of Madoff, it only took 10 years.
81% of the Madoff losses were recovered (not including funds paid for taxes on false gains), not so in the land of "web3", "defi", and "ico". Through innovative meta-scam-blockchain technology they manage to "accidentally" substantially all the monies.