South Korea Issues Arrest Warrant for Terra/LUNA Crypto Founder Do Kwon

[Raevenlord]

The latest episode in the whole Terra/LUNA debacle - which saw $40 billion in crypto evaporating in a few hours - showcases that the crypto world doesn't operate within its own locked ecosystem. A court order for the arrest of Terra founder Do Kwon and five others was issued this Wednesday morning, on charges of violating the Capital Markets Act. LUNA fell 36% in the past 24 hours while LUNC (Luna Classic, representing the circulating LUNA tokens before the UST stablecoin's catastrophic depeg from the dollar value) dropped 25%, with much of the price movement coming after news of the warrant was made public on Wednesday morning.

The Terra/LUNA debacle brought about billions in losses across the cryptocurrency ecosystem, with multiple companies in the crypto finance area (from DeFi [Decentralized Finance] through CeFi [Centralized Finance] players such as Celsius Network, Voyager Digital and Three Arrows Capital claiming bankruptcy as their Terra/LUNA investments and reserves trended towards zero value. Accusations have been spread left and right that Terra/LUNA operated like a Ponzi Scheme - it remains to be seen whether that's the interpretation of the South Korea justice system.



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[luches]

wow, Now they are taking action ??!! ! Very early evidence showed Luna was a scam and this sheit happened months ago !!! They waited long enough for the scammers to launder all the money and then issued arrest warrant. Although it was expected, since corruption runs deep in SK government !

 

[Denver]

This is positive for the project, not negative.

I believe that all assets started to fall after the release of the US inflation data.

 

[Valantar]

I mean, it says something about the ideological bias of people heavily involved in crypto when an arrest warrant being issued against a notorious scammer and bad actor is treated as bad news. That's a doozy, right there.

 

[ZetZet]

wow, Now they are taking action ??!! ! Very early evidence showed Luna was a scam and this sheit happened months ago !!! They waited long enough for the scammers to launder all the money and then issued arrest warrant. Although it was expected, since corruption runs deep in SK government !

Usually the reason they take their time with these is to build a solid case. It's not like the guy can disappear once he is on their radar. So when the arrest warrant is out you already know they have lots to go with.

 

[Renald]

Crypto is technically a good idea on its own.

The problem is that they connect a regulated market (any actual market), with an unregulated one, and somehow "anonymously".
Things can only go sideways for the regulated market, while it bounce on and off for unregulated one.

 

[64K]

The entire crypto market is a fraud. It's just a matter of time before this is revealed.

 

[Metroid]

The entire crypto market is a fraud. It's just a matter of time before this is revealed.

Yeah, and for the ones who dont believe the crypto market is a huge scam, never go full retard, up to 20% is all right to invest.

 

[Valantar]

Crypto is technically a good idea on its own.

It really, really, really isn't. Rather, it's one of those ideas that might seem good at a cursory glance, but the closer you look, the more you reveal that the idea is founded upon such a massive pile of misunderstandings and bad preconceptions that it will never, ever work, and carries with it fundamental, intrinsic problems that cannot be solved within its confines, but instead completely undermine its ability to function as desired.

 

[ZetZet]

Crypto is technically a good idea on its own.

The problem is that they connect a regulated market (any actual market), with an unregulated one, and somehow "anonymously".
Things can only go sideways for the regulated market, while it bounce on and off for unregulated one.

The idea of blockchain is decent-ish, ignoring the massive waste of energy that it needs to operate. But the way all crypto has operated was just a pyramid scheme. Now that Bitcoin is old it is less prone to hype so there is no early "investors" anymore and it's pretty much meaningless.

 

[Solidstate89]

Now do Celsius.

 

[Renald]

It really, really, really isn't. Rather, it's one of those ideas that might seem good at a cursory glance, but the closer you look, the more you reveal that the idea is founded upon such a massive pile of misunderstandings and bad preconceptions that it will never, ever work, and carries with it fundamental, intrinsic problems that cannot be solved within its confines, but instead completely undermine its ability to function as desired.

In its actual form yes.

The (theorical) goal is to get an universal coin, that everybody can work with, and cannot be printed, removing problem of inflation and deflation of a currency.
They are many problems actually :

• There's many coins, so the idea is basically ruined
• Coins aren't mined, so its the same problem as printing currencies
• It requires an access to technological supply chain to gain some coins

The idea of mining things is reckless. It mimics other currencies but unregulated, so it's worse than any currency.

If there was only one coin, it will come to something closer, because you remove the idea of trading coins (you can't trade a currency with itself, it's a nonsense). One problem solved.

Coins need to be mined ! What the hell were they thinking ? You cannot say "This is your new currency, but everyday, its value lowers over time ! Have fun !".
In the coin was mined, you can "freeze" all world currencies, exchange them with a part of the amount of coins available, and everyone works with it. Simple math. Simple system. Everybody gets a fair share and nobody can ever speculate on the currency itself ! That purely theoretical, but US dollar was kind of THE coin at some point in history.
So you could solve this problem too, without impacting any people.

Third problem is solved by solving the previous one, but a small issue persists : not anybody have access to the blockchain. You need to be rich enough to do it.


The theoretical idea behind coins and actually what it is, are very distant, and will never be a valid concept (as stated above). There is no question on this matter.
Its actually only an actual way for some businesses to gain money (NVidia first of them). Or rob people, which is very close sometimes.