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Given South Korea's fairly lenient prison sentences [0] (or maybe I'm just biased up by the very long US sentences) and that South Korea has a history of not extraditing to the US [1], I don't understand why he would risk worse leaving the country and trying to evade South Korean authorities. [0] https://msccsp.org/nasc/downloads/HyungkwanPark_supplemental... [1] https://www.nytimes.com/2020/07/06/world/asia/south-ko…
"CEO is wanted by the Interpol" is to web3 as "CEO rings bell at Nasdaq" was to webs 1 and 2.
Given South Korea's fairly lenient prison sentences [0] (or maybe I'm just biased up by the very long US sentences) and that South Korea has a history of not extraditing to the US [1], I don't understand why he would risk worse leaving the country and trying to evade South Korean authorities. [0] https://msccsp.org/nasc/downloads/HyungkwanPark_supplemental... [1] https://www.nytimes.com/2020/07/06/world/asia/south-ko…
In other words, he lacks good judgment when it comes to risks?
"CEO is wanted by the Interpol" is to web3 as "CEO rings bell at Nasdaq" was to webs 1 and 2.
I understand the point. But why is that?
The web3/crypto community seems to select for individuals with an almost proud ignorance of the law and state power. The same personality that can make a 21st-century gold bug pitch (e.g. a world on crypto is one without wars, Bitcoin is impossible to ban, or Luna is magically stable et cetera) is one that reacts to an arrest warrant by no showing and tweeting.
Earlier quoted context omitted.
In other words, he lacks good judgment when it comes to risks?
He's not the Korean elite. He screwed over the Korean elite. They will throw the book at him I'd guess.
There is zero chance they’re falling for crypto. This is a problem for the gambling masses. To the degree it harms any elite, it’s by introducing political instability in Korea and reducing Singapore’s standing as a stable financial centre.
Earlier quoted context omitted.
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.
The developer of Anchor told Do Kwon that Anchor wasn't safe but Do Kwon overrode him and deployed it anyway. That's getting into fraud territory because he knew it was going to collapse.
Fraud requires intent in most jurisdictions. This looks more like gross negligence (and possibly embezzlement). In addition to, likely, a host of money transmission law infractions.
Earlier quoted context omitted.
I understand the point. But why is that?
> why is that? The web3/crypto community seems to select for individuals with an almost proud ignorance of the law and state power. The same personality that can make a 21st-century gold bug pitch ( e.g. a world on crypto is one without wars, Bitcoin is impossible to ban, or Luna is magically stable et cetera ) is one that reacts to an arrest warrant by no showing and tweeting.
And the problem with that is what? State power and law failed us.
Earlier quoted context omitted.
> why is that? The web3/crypto community seems to select for individuals with an almost proud ignorance of the law and state power. The same personality that can make a 21st-century gold bug pitch ( e.g. a world on crypto is one without wars, Bitcoin is impossible to ban, or Luna is magically stable et cetera ) is one that reacts to an arrest warrant by no showing and tweeting.
>The web3/crypto community seems to select for individuals with an almost proud ignorance of the law and state power. And the problem with that is what? State power and law failed us.
Generally: if you’re trying to fix something, understanding how it works is usually a good start.
Specifically: pompous ignorance leads to gross negligence and criminality so stupidly brazen a B-list editor would send it back for being unbelievable. The sort that is rampant in crypto/web3.
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.