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SEC Charges Terraform and CEO Do Kwon with Defrauding Investors InCrypto Schemes
- drexlspivey 4y agoCan courts in random countries charge you even if you are not a citizen or ever set foot there? Like can a random judge in Morocco charge you with a crime and then you visit Egypt and you end up arrested and extradited to Morocco? Not exactly what is going on here but there are other cases where this is happening (Assange for example)
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- squeegee_scream 4y agoThis is https://www.terra.money/ https://www.terra.money/ which I don’t think has any affiliation with Hashicorp’s terraform
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- calciphus 4y agoThank you, I was deeply confused for a moment. I almost had to click through to the article!
- hanklazard 4y agodefinitely no affiliation.
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- danielodievich 4y agoI was just in the middle of learning our own terraform provider with great enjoyment aka "under the loving strokes of a Dwarf's axe". Looking at my monitor, blurred with tears, I asked for help and a very good colleague saved me. Work done, beers owed, I checked HN, saw this and texted him this link with "speaking of terraform". Chuckles all around!
- DantesKite 4y agoFun fact: South Korean government officials believe Do Kwon is currently hiding in Serbia. https://www.bbc.com/news/business-63940181#:~:text=South%20Korean%20authorities%20say%20they,tokens%2C%20is%20hiding%20in%20Serbia https://www.bbc.com/news/business-63940181#:~:text=South%20K....
- A_D_E_P_T 4y agoI've spent a lot of time in Serbia. Put it like this: If they put a bounty on his capture, Do Kwon isn't going to last five minutes. (I can tell you right now that he's 80% likely to be holed up in a condo in one of the new Belgrade Waterfront developments. He'd stick out like a sore thumb anywhere else.) An interesting fact about Serbia is that all visiting foreigners are required to register at their neighborhood police station & provide the cops with an address, passport details, and contact details. Usually the hotels will do this for you automatically. Basically, though, what this means for Do Kwon is that he already has a searchable file. Hey... Wait... do these new SEC charges mean that there is now a bounty? Maybe I ought to make some calls.
- janmo 4y agoThe bounty has to be higher than the bribe Do Kwon can pay
- credit_guy 4y agoHe can't bribe thousands of people, can he?
- fosk 4y agoIt’s Serbia. They will take the bribe, and then still capture him to take the bounty. Double prize.
- m3kw9 4y agoThe bribe would involve him getting the f out of course
- Beaver117 4y agoThe SEC is awfully slow. They should have had enough to arrest him a long time ago and now he's probably living on billions in Russia or something
- woodruffw 4y agoSerbia as of December, it seems[1]! [1]: https://www.bbc.com/news/business-63940181 https://www.bbc.com/news/business-63940181
- Cardinal7167 4y agoMy guess would be they’re not slow, they probably just waited to release this info publicly until it was prudent or didn’t have the potential to damage their case. Since he’s in hiding now it seems like that’s precisely why they’re going public, to smoke them out.
- sokoloff 4y ago“The wheels of justice turn slowly, but grind exceedingly fine.”
- JumpCrisscross 4y ago> they should have had enough to arrest him a long time ago The SEC is a civil agency. It can't arrest anybody.
- cormacrelf 4y agoThey apply to a court to get a civil penalty. You can be arrested by a court for flouting a court order like “don’t leave the country pal”, once it has established jurisdiction through the service process. Detaining people to enforce court orders is one of the core powers of the judiciary. Bringing an action and serving him while he was inside the jurisdiction of the court would have been good.
- loeg 4y ago
- _HMCB_ 4y ago[flagged]
- colesantiago 4y agodistributed parasitic unregulated and lawless faux paradisal casino of fictional worthless tokens being recklessly circulated towards victims after being made out of thin air.
- usr1106 4y agowrong: Not made out of thin air, but made by creating massive pollution.
- vichle 4y agoSooo... Thick air?
- birracerveza 4y agoSo... crypto is stocks?
- colesantiago 4y agoNo. stocks have fundamental value that is tied to a public company's performance. There is no fundamental or intrinsic value in crypto.
- anticensor 4y agoUnless you accept the difficulty of the math involved and the electricity spent during solving the mining as the backing value.
- colesantiago 4y agoNope. There is no value to wasting electricity just to solve meaningless mining puzzles all to build a distributed ponzi scheme.
- paulpauper 4y agoToo bad the SEC cannot bring criminal charges. Not sure why criminal charges have not been filed yet
- yieldcrv 4y agoAre you sure they haven’t? There are commonly parallel cases not reported by the same outlet, you’d have to check the DOJ‘s website
- JumpCrisscross 4y ago> sure they haven’t? No, but if they did, it was illegal and unenforceable and didn't go anywhere. > commonly parallel cases not reported by the same outlet, you’d have to check the DOJ‘s website The SEC can make criminal referrals to the DoJ.
- ac29 4y agoSouth Korea issued an arrest warrant last year
- ourmandave 4y agoFix the heading! InCrypto s/b In Crypto
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- noloblo 4y agothe pdf complaint https://www.sec.gov/litigation/complaints/2023/comp-pr2023-32.pdf https://www.sec.gov/litigation/complaints/2023/comp-pr2023-3...
- colesantiago 4y agoGood. But this isn't enough. need the SEC and the DoJ to go after and completely shutdown all crypto exchanges and charge the founders involved or abetting a gigantic quasi-ponzi scheme out of selling these fictitious tokens. I think the govt needs to issue a wanted list for crypto, listing the founders and VCs who invested trying to make a giant profit out of it.
- blackwateragent 4y ago> the SEC and the DoJ to go after and completely shutdown all crypto exchanges and charge the founders involved or abetting a gigantic quasi-ponzi scheme Could you clarify? Are you implying all crypto is illegal? I don't deal with crypto myself, but I don't recall hearing any issues with companies such as coinbase, etc.
- colesantiago 4y agoYes they are, and they should be shutdown.
- ReflectedImage 4y agoThat will teach you to do infrastructure as code!
- bagels 4y agoI'm guessing this is a joke, but "Terraform Labs" is being charged, not "Terraform", a product made by Hashicorp.
- soggylaundry 4y agowhat about trademark infringement?
- yencabulator 4y agoTrademarks are scoped by product/service category and geographical region. > An example of the first type is that although Maytag owns the trademark "Whisper Quiet" for its dishwashers, makers of other products may describe their goods as being "whisper quiet" so long as these products do not fall under the same category of goods the trademark is protected under. https://en.wikipedia.org/wiki/Trademark#Limits_and_defenses_to_claims_of_infringement https://en.wikipedia.org/wiki/Trademark#Limits_and_defenses_...
- glenngillen 4y agoEither way, I used to work on “Terraform” and had a heart in mouth moment here thinking I was about to get dragged into court for something. Phew!
- sidcool 4y agoLol. Came here and to crack the same joke.
- nailer 4y agoTerraform is more infrastructure as config file. Think CDK, Bicep or Pulumi for actual code.
- steponlego 4y agoThis is just so stupid, EVERYBODY knows crypto is a giant scam. Why would they prosecute people for grifting a pigeon? Absolute waste of resources.
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- BLKNSLVR 4y agoI was expecting this to have a "2022" year designation, but no, this was Feb 16th, 2023 (today). https://chaindebrief.com/wp-content/uploads/2023/02/sec.png https://chaindebrief.com/wp-content/uploads/2023/02/sec.png For context: Kraken has been around since 2011 and therefore weathered many a cryptocurrency winter and is a beacon of trust in the storm of fraud and rug-pulls and other outright illegal and immoral behaviour seemingly inherent to the cryptocurrency industry.