> The Securities and Exchange Commission (SEC) has been investigating Kwon Do-Hyung for violating the Securities Act, claiming that the blockchain service that made it possible to buy US equities with Terra was a violation of the Securities Act.<p>FWIW this is the important part, not the fact that he was allegedly sending himself money.
I wish I could access amazon.com circa 2040 (or equivalent site) and buy the definite book about the history of the cryptocurrency world. I bet it'll have some real doozies in it.
I've never wanted to see someone get the book thrown at them so badly. This guy was so egregious. And the tweets just calling everyone who was calling this months in advance, "poor".<p>Seriously hope they nail him.
That’s an enormous amount of money! I’ve really gotta figure out where I can make friends with these crypto whales so I can be like “Hey would you mind hooking me up with a fraction of a percent of what you pay yourself in one month?”
tangential but related. It’s a grifters economy. I am worried that nothing would come of this and a few years later a16z would be funding his Series A on his next thing like they did with Adam Neuman and the Goddess Nature Token.
I've yet to see _anything_ valuable come out of crypto.<p>Nothing but scams and rich pricks scamming dumb retail investors. What a shame, I really through it would change the world. Show me one thing positive crypto has done, please.
I genuinely don't get how people are so surprised at what seems to me like yet another DeFi exit scam. What's different about this one other than the scale?
The biggest benefit touted of Blockchain based currencies is the ease and low cost of transaction. Both are anything but. Take cost for example. India's UPI supports 5B transactions per month which are _free_ to users at the cost of perhaps $10-20 million to the govt which subsidizes it. Compare that to the US restaurants (and gas pumps) which give you 3-5% discount if you use Cash. At some point a national payment rail makes sense though it offends my capitalistic sensibilities though currency violates that too.<p>The Federal reserve charges $1.28 (one dollar and twenty eight cents) to move about $100 million dollars[1]. That is <i>before</i> volume discounts. Cost of money movement is extremely small because you are just sending a packet. Cross border was hard but was due to interchange between different currency systems but has gotten much cheaper too. I can send payment for less than 1% to most countries near instantaneously and this will only drop.<p>[1] <a href="https://www.frbservices.org/resources/fees/wires-2022" rel="nofollow">https://www.frbservices.org/resources/fees/wires-2022</a>
To the surprise of literally no one with a brain.<p>I'm in awe of how much collective brain power has going to waste on crypto. Will we ever get these years back?
A crypto grifter getting rich and leaving a load of retail "investors" holding the bag when it all collapses?<p>This surely hasn't happened before?
TerraLabs were able to execute on something that many people tried and failed to do.<p>If LUNA didn't fail, people wouldn't be complaining right now.<p>I think all of these reports and and complaints aren't justified
It’s all unraveling including how shitcoins fed into BTC/ETH and meme stocks for two long years.<p>But the SEC is hellbent on scapegoating Robinhood. I truly don’t know why we even have the SEC. They consistently fail to address egregious market flaws.
jesus I fucking love this absolute gigachad<p>Little kids playing football look up to Tom Brady, those playing basketball look up to LeBron - as someone who aspires to be part of the American elite, I look up to guys like this :) <3