Posted on 09/27/2022 7:26:38 AM PDT by zeestephen
Do Kwon is the founder of Terraform Labs, the company was behind the algorithmic stablecoin TerraUSD and Luna...South Korean authorities have sought his arrest and claim that Interpol has issued a "Red Notice," which is effectively a global arrest warrant...Kwon's Twitter location says he is in Singapore. But earlier this month, the Singapore Police Force said that Kwon was not in the city-state.
(Excerpt) Read more at cnbc.com ...
HunterCoin is still a buy?
Asking for a friend.
The article isn’t clear. What did he do that was illegal? He founded a crypto something or other that collapsed in value? Did he do that on purpose? If so, why? If not, how is that a criminal offense?
I believe he made claims that the crypto was backed by dollar holdings, but those holdings did not exist. He had spent them.
Stablecoins became very useful when crypto speculation reached its crescendo. In theory, they had a constant value based on major currencies.
Stablecoins gave speculators friction free trading access to the entire universe of several dozen different crypto coins.
Most of the crypto trading platforms would accept stablecoins in lieu of cash. When it turned out the stablecoins were worthless, the crypto universe started crashing, and may still be crashing.
“behind the algorithmic stablecoin...”
Your first clue that this wasn’t a stable investment was someone thinking that they needed to put the word “stable” into the description of the investment vehicle.
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