I imply, persons are evaluating Do Kwon to SBF however I dont suppose they’re the identical.
Terra Luna earlier than the catastrophic failure was very sucessful, would you destroy a multibillion greenback enterprise to rip-off everyone? It doesnt make sense.
SBF clearly did legal issues with clients funds, Luna was not an trade! Terra was a really promising crypto platform, nothing alike holding individuals’s money in hostage promising its protected.
I actually dont know however Do Kwon from my perspective, made a severe mistake or decide his personal abilities manner greater than truly he was.
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Terra was most certainly a ponzi. Anchor, drove people into ust, and there is no disputing it was a ponzi.
One scam was a well orchestrated inside job done in a legally ambiguous way.
The other was just a shitshow of a company falling prey to its own greed.
The question is to know if he knew that UST was unstable. If so he didn’t do anything to stop it and was happy to make money, waiting for Luna to collapse
They both made other people poor by making terrible ideas
Supposedly Know knew his creation was about to crash, cashed out beforehand and denied everything.
Said everybody not to worry that things would be fine and then disappeared for a while when things got shot down to oblivion.
He literally stole hundreds of millions of dollars, he wasn’t running a successful business at all????????♂️
I think Terra Luna was a honest failure. However it looks like Do Kwon noticed early what would happen, cashed out, let his friends cash out, and some think this might have even caused the collapse.
However I agree that SBF was more criminal here – the funds he used to gamble were never his to begin with. To those arguing with “fractional reserve banking” now – FTX was an exchange, and not a bank. They were never allowed to even touch their customers funds.
So many but one is wearing Moses sandals with socks
There are a lot of allegations of backroom wheeling and dealing that, if true, implicates him in committing fraud. For example, allegedly he got Jump to restore the UST peg in May 2021 via an undisclosed bailout while he proclaimed the peg was restored organically via the algorithm. A lot of people based their investment on that being an organic event that showed the system worked.
Also stuff like him not disclosing that he was the creator of Basis Cash, another failed algo stablecoin project, is very sketchy.
The public arrest warrant lists “financial crimes”.
They have not publicly announced them. It is likely something to fraud related to record keeping and false statements.
Number 1: Create a ponzi
Number 2: steal money from those who joined his ponzi
SBF seems way worse than Do Kwon imo. Do Kwon might’ve just been clueless/ignorant
Do krimes?
caring too much, of course. Deploying too much capital
1. Disrespecting Chuck Norris.
2. Disrespecting Mr. T
Too many.
Do Kwon is a devil
SBF is the Satan