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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 o
by simple-thoughts 4y ago
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.
- 55555 4y agoAt 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.
- somebodythere 4y agoI 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.
- wmf 4y agoThe 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.
- JumpCrisscross 4y ago> 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.
- enumjorge 4y agoAs the article explains, he’s being accused of financial fraud, not because his crypto coin flopped.
- whimsicalism 4y agoIf enough people are pissed at someone for something, the government will find a way to throw them in jail. Take Martin Shkreli, for instance. I don't doubt that he was probably guilty of what he was charged with (unrelated to his price hikes of drugs), but I doubt he would have been charged if not for his infamy otherwise. I suspect what he was charged with would also encompass many other business people in the US who are less infamous.