Do Kwon, the Co-Founder of the
collapsed stablecoins
Stablecoins
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Read this Term issuer, Terraform Labs, has been arrested by police
authorities in Montenegro, Filip Adzic, the country’s Interior Minister
disclosed on Thursday. According to Adzic, Kwon was arrested at the Podgorica
Airport and was found with falsified documents.
“Montenegrin police have
detained a person suspected of being one of the most wanted fugitives, South
Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs,”
Adzic tweeted on Thursday in a Croatian language (translated by Google).
ONE OF THE WORLD’S MOST WANTED FUGITIVES WAS ARRESTED IN PODGORICA
Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs.
1/2— Filip Adzic (@filip_adzic) March 23, 2023
Yonhap News Agency, a local
Korean news wire, reported that an official from the national police agency
“confirmed that he was the same person as CEO Kwon” by using photo data. Local
police also checked for the age, nationality and name of the arrested person using the
identification card in his possession, the outlet said.
“We are waiting for official
confirmation of identity,” Adzic, on his part, wrote in the tweet.
Kwon ran algorithmic stablecoin TerraUSD
(UST) and associated token LUNA starting April 2018. He marketed UST as a yield
Yield
A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a
A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a
Read this Term-bearing
stablecoin providing returns of up to 20%. However, UST, which was
pegged 1-to-1 with the US dollar, lost its balance in May 2022, touching down near zero.
The failure of the project sent
panic across the global cryptocurrency world, ultimately resulting in a wave of
bankruptcies among digital asset firms exposed to the project. Experts
estimate that losses from the failure topped $40 billion.
Following the collapse, a South
Korean court issued an arrest warrant against Kwon for allegedly violating the South
Korean capital markets laws. Two months earlier, authorities in the country
also raided Kwon’s house in an attempt to establish the criminal activities behind the Terra-LUNA collapse.
During the early days following
the collapse, Kwon said he was cooperating with authorities on their
investigation. However, his whereabouts remained unknown for many
months.
Last month, the US federal
securities regulator charged the Terra Co-Founder for running a “multi-billion-dollar crypto
asset securities fraud.” The watchdog also alleged that crypto assets
offered by Kwon’s company were unregistered securities.
Do Kwon, the Co-Founder of the
collapsed stablecoins
Stablecoins
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Read this Term issuer, Terraform Labs, has been arrested by police
authorities in Montenegro, Filip Adzic, the country’s Interior Minister
disclosed on Thursday. According to Adzic, Kwon was arrested at the Podgorica
Airport and was found with falsified documents.
“Montenegrin police have
detained a person suspected of being one of the most wanted fugitives, South
Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs,”
Adzic tweeted on Thursday in a Croatian language (translated by Google).
ONE OF THE WORLD’S MOST WANTED FUGITIVES WAS ARRESTED IN PODGORICA
Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs.
1/2— Filip Adzic (@filip_adzic) March 23, 2023
Yonhap News Agency, a local
Korean news wire, reported that an official from the national police agency
“confirmed that he was the same person as CEO Kwon” by using photo data. Local
police also checked for the age, nationality and name of the arrested person using the
identification card in his possession, the outlet said.
“We are waiting for official
confirmation of identity,” Adzic, on his part, wrote in the tweet.
Kwon ran algorithmic stablecoin TerraUSD
(UST) and associated token LUNA starting April 2018. He marketed UST as a yield
Yield
A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a
A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a
Read this Term-bearing
stablecoin providing returns of up to 20%. However, UST, which was
pegged 1-to-1 with the US dollar, lost its balance in May 2022, touching down near zero.
The failure of the project sent
panic across the global cryptocurrency world, ultimately resulting in a wave of
bankruptcies among digital asset firms exposed to the project. Experts
estimate that losses from the failure topped $40 billion.
Following the collapse, a South
Korean court issued an arrest warrant against Kwon for allegedly violating the South
Korean capital markets laws. Two months earlier, authorities in the country
also raided Kwon’s house in an attempt to establish the criminal activities behind the Terra-LUNA collapse.
During the early days following
the collapse, Kwon said he was cooperating with authorities on their
investigation. However, his whereabouts remained unknown for many
months.
Last month, the US federal
securities regulator charged the Terra Co-Founder for running a “multi-billion-dollar crypto
asset securities fraud.” The watchdog also alleged that crypto assets
offered by Kwon’s company were unregistered securities.
