Do Kwon is No Kenneth Lay, Not Yet Anyway

Regardless of the heinous crimes they are suspected of being guilty of committing, society’s gangsters and fraudsters have historically only lost their freedom because of money laundering charges. They are often the only charges that stick. It is what took down Al Capone, Meyer Lansky and John Gotti. Most recently, it is what took down the Crocodile of Wall Street. Now, apparently the South Korean government and the SEC have their eyes keenly focused on Terraform Labs, a decentralized price-stable cryptocurrency platform, its stable coin Terra(USD), its cryptocurrency Luna, and the man at the center of it all, founder Do Kwon.

Born in South Korea and a graduate of Stanford University, Mr. Kwon has gone from a crypto visionary to somewhat of a pariah in rapid time after Terra’s UST and LUNC tokens crashed in May, wiping out an estimated $40 billion (USD) in investor funds. In fact, Kwon is so deep he has recently been compared to Elizabeth Holmes of Theranos fame, and Enron’s Jeffrey Skilling and Kenneth Lay, by the cryptocurrency’s industry journal, Coindesk. Keep in mind, that title stemmed from an opinion piece, so you might want to take the following headline with a grain of salt. Too, I believe the subhead directly contradicts the headline…

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Richard Paxton

CEO of the Alacer Group. Sharing the latest news in financial crimes and best practices that enable financial institutions to prevent money laundering.

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