Terra cofounder Do Kwon is the one who is pumping Bitcoin

[bbc.reporter]

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.



The Luna Foundation Guard (LFG) has raised $2.2 billion for its bitcoin reserve and hopes to hit $3 billion in the short term, with a longer-term goal of $10 billion, Terraform Labs CEO Do Kwon said in a series of tweets on Tuesday.

LFG, a Singapore-based non-profit working on the Terra blockchain, will use the bitcoin as a reserve asset for Terra (UST), the largest algorithmic stablecoin on the blockchain.

Read in full https://www.theblockcrypto.com/post/138892/do-kwon-reveals-plan-to-increase-usts-bitcoin-reserve-to-3-billion


According to 3 Arrows Capital's cofounder Kyle Davis, Terra is using $125 million a day to buy bitcoin. I am not certain if this is the real buy strategy or if this is only his assumption.



I can tell some of you have not executed size before. Let me tell you buying $125mil/day of $BTC for 3 months is a lot.

Source https://mobile.twitter.com/kyleldavies/status/1506872549254184960?s=12

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[Poker Player]

I have been reading theblockcrypto.com article and there is one thing I don't understand. It says on the one hand that they are buying it on the one hand because they are going to tokenize Bitcoin into Luna, their native token and on the other hand they are going to serve as a reserve for their UST stablecoin.

I think in part this is an acknowledgement that their stablecoin and token are crap and that Bitcoin is better.

I suppose the reserve is to cushion the depreciation suffered by fiat currencies and therefore stablecoins, but it is not clear to me what role the volatility of the Bitocin can play in a currency that is supposed to be "stable".

[pooya87]

That is so dumb to say someone is "pumping" bitcoin just because their company made an investment in bitcoin. Such investments are usually a one time thing or the amounts bought in big intervals. Such actions won't affect the market specially since they sometimes don't even buy those coins on exchanges.

I also guess you haven't looked at the charts lately. Price isn't "pumping" at all! The best we had was an extremely slow rise to $44k which is still far below the $50k to reach the intrinsic value.

I suppose the reserve is to cushion the depreciation suffered by fiat currencies and therefore stablecoins, but it is not clear to me what role the volatility of the Bitocin can play in a currency that is supposed to be "stable".

This looks more like an investment in bitcoin that is not related to their shitcoin, regardless of what they might say. This could also be used to hype their company and their centralized shitcoin so that they may get some traders to use it instead of other centralized shitcoins like Tether.

[batang_bitcoin]

A win for their project and as well for bitcoin. Regardless of their investment plan, whether it be a DCA for bitcoin.
I like it when I see bitcoin's price pumping, well who doesn't want to see bitcoin? What they do isn't new but if they have a big allocated fund that they'll use for buying bitcoin then it'll really make a demand and will push prices up.

[stompix]

I have been reading theblockcrypto.com article and there is one thing I don't understand. It says on the one hand that they are buying it on the one hand because they are going to tokenize Bitcoin into Luna, their native token and on the other hand they are going to serve as a reserve for their UST stablecoin.

They've lost me at the second paragraph:

LFG, a Singapore-based non-profit working on the Terra blockchain,

Well raising 2 billion will get you some good lawyers but still, I don't think they've started this with the right set-up.

Back to the training mess, their UST coin is on the Terra protocol, they want to use this as a bridge for their chain liquidity, the plan is pretty simple, they've issued 1.2 billion UST, bought USDT, used that to buy BTC, then used more Terra coins to buy more BTC, I wonder how did they manage to prop their own currency like that. Oh, never mind, they've held 45% of the supply, talk about premined altcoins and money printing machines.

[Beerwizzard]

Does it mean that UST would be backed by USD and BTC goes in addition or a stablecoin is only backed by crypto?
IMO it seems like a bad idea since with a BTC price change we may have gaps between its value and token emission. Collateral value would also go down quite fast during the bull run. Therefore we can easily get in situation where a part of stablecoin supply is backed with nothing.

[jrrsparkles]

$125 Million a day? Seems good enough and that is the reason for Bitcoin is bumping? Since we are at $45K already I can see more sell and sell words from the whales or atleast in the cryptocurrency related articles so these are the whales want to buy Bitcoin so they expect people to sell them now and bump it hard?

[Husires]

It is useless news but can Terra prove that they are buying Bitcoin as a reserve? it is simple, just signing a message from any bitcoin address will suffice.

• $125 Million per day Alone, it is not enough to increase the price of Bitcoin by 5%, although it is one of the factors.
• What is new that this coin will offer? If they were talking about the peg and the reserve, then coins like BUSD, USDC would be better.
• Do they have any other assets that will be used to maintain the stability of the currency, especially if the value of Bitcoin drops sharply.
  
• The fact that they are using Bitcoin as a reserve means that the peg will not be 1:1

They add another SHITCOIN trying to make the fees low to get profits without having enough reserves.

[buwaytress]

OK I'm lost. Absolutely, like most semi-transparent mostly-opaque issuing companies of stablecoins, completely randomised explanations of what's possibly evolving algorithms that only he or his dev knows.

They're not investing in Bitcoin, they're just throwing stablecoins they created into Bitcoin on the market, and it's nowhere mentioned that I can find where you can verify if they hold a single satoshi (no need to show me if you find it, not interested).

Terra: Damn no one is using UST.
Terra: I know, let's use it to buy BTC.
Terra: Instant use case!

[STT]

Slightly wary of any large purchase being put through like this where it could turn out to be leveraged at all. It means it can reverse in future possibly.    I far prefer organic growth where price correlates to natural population rise in BTC ie. where the Bitcoin is being bought by an extra million people this I find to be far more bullish then one rich guys words and projected usage of BTC.
    To me BTC will always be about the bits not big buyers.

[TimeTeller]

Slightly wary of any large purchase being put through like this where it could turn out to be leveraged at all. It means it can reverse in future possibly.    I far prefer organic growth where price correlates to natural population rise in BTC ie. where the Bitcoin is being bought by an extra million people this I find to be far more bullish then one rich guys words and projected usage of BTC.
    To me BTC will always be about the bits not big buyers.

There is no tangible proof that they are indeed buying those amount of bitcoin.
If nothing else, it is giving positive vibes to the bitcoin community.
And if it is true, that's fine. At least they are contributing to the increase in the btc market.
It means, they are believing that btc will go up in the future.
Because if they have weak stance on btc, they won't buy huge amount of btc.

[Lanatsa]

Slightly wary of any large purchase being put through like this where it could turn out to be leveraged at all. It means it can reverse in future possibly.    I far prefer organic growth where price correlates to natural population rise in BTC ie. where the Bitcoin is being bought by an extra million people this I find to be far more bullish then one rich guys words and projected usage of BTC.
    To me BTC will always be about the bits not big buyers.

There is no tangible proof that they are indeed buying those amount of bitcoin.
If nothing else, it is giving positive vibes to the bitcoin community.
And if it is true, that's fine. At least they are contributing to the increase in the btc market.
It means, they are believing that btc will go up in the future.
Because if they have weak stance on btc, they won't buy huge amount of btc.

For institutions or companies who do proclaim out on buying big bulks in btc amount then it is somewhat that safe but for an individual or something like this then it isnt really that something that would really emphasis

privacy but instead it would expose out your identity but of course it would neither be intentional or not but in overall aspect this do really give out positive vibes indeed just like you do said.

Its price movement lately cant be considered for this thing to be precise reason of it since there are other factors which do affects it as well.

[TravelMug]

Slightly wary of any large purchase being put through like this where it could turn out to be leveraged at all. It means it can reverse in future possibly.    I far prefer organic growth where price correlates to natural population rise in BTC ie. where the Bitcoin is being bought by an extra million people this I find to be far more bullish then one rich guys words and projected usage of BTC.
    To me BTC will always be about the bits not big buyers.

There is no tangible proof that they are indeed buying those amount of bitcoin.
If nothing else, it is giving positive vibes to the bitcoin community.
And if it is true, that's fine. At least they are contributing to the increase in the btc market.
It means, they are believing that btc will go up in the future.
Because if they have weak stance on btc, they won't buy huge amount of btc.

For institutions or companies who do proclaim out on buying big bulks in btc amount then it is somewhat that safe but for an individual or something like this then it isnt really that something that would really emphasis

privacy but instead it would expose out your identity but of course it would neither be intentional or not but in overall aspect this do really give out positive vibes indeed just like you do said.

Its price movement lately cant be considered for this thing to be precise reason of it since there are other factors which do affects it as well.

There is one bitcoin address in the article if I'm not mistaken, maybe we can follow it and see how the buying spree is and says if it's true or not.

But if you look at the market right now, it really seems the price is really being positive as it get past the $43k, the biggest barrier so far and now we are going to $45k. So for sure someone is pumping money in the market and Terra could be the one during this.

And it was said that they will continue in the next three months so let's observe how the price will move then.

[adaseb]

This is not fake news. There is a wallet you can follow which shows the transactions being sent to Binance. So far for the last 4 days they sent $125M each day. People have been following the wallet and trying to front run the move.

They do a test transaction first like 40 USDT and then they do the actual $125M. They use some Jump type of strategy to buy them. Most likely TWAP.

Currently they got like $1B left in their account. However there is more according to the news reports. This is obviously bullish as bears won’t be shorting until he is done with his buys.

[Dave1]

This is not fake news. There is a wallet you can follow which shows the transactions being sent to Binance. So far for the last 4 days they sent $125M each day. People have been following the wallet and trying to front run the move.

They do a test transaction first like 40 USDT and then they do the actual $125M. They use some Jump type of strategy to buy them. Most likely TWAP.

Currently they got like $1B left in their account. However there is more according to the news reports. This is obviously bullish as bears won’t be shorting until he is done with his buys.

Yeah, just as what I thought, this is real as it gets.

I'm not sure if this is a good strategy though, to let the public know that they are buying in chunks and they are the one to "blame" for the massive spike that we are seeing and not because of the war. Perhaps it was a promotion on their end.

So bears are going to stay away for now until everything has settled down in the next 2 months, no shorting as they will be REKT.

[Wind_FURY]

I have been reading theblockcrypto.com article and there is one thing I don't understand. It says on the one hand that they are buying it on the one hand because they are going to tokenize Bitcoin into Luna, their native token and on the other hand they are going to serve as a reserve for their UST stablecoin.

I think in part this is an acknowledgement that their stablecoin and token are crap and that Bitcoin is better.

I suppose the reserve is to cushion the depreciation suffered by fiat currencies and therefore stablecoins, but it is not clear to me what role the volatility of the Bitocin can play in a currency that is supposed to be "stable".

It's a very smart investment in my opinion, and it's a very big complement that they chose Bitcoin. It proves that their shitcoins will need Bitcoin for their protocols to continue to exist, and survive the Darwinian process. I believe it will be the same with legacy banks, governments, and their central banks. They will be next because they might have no choice, they need a hedge.

[hugeblack]

I think that there are those who are trying to appear as Elon Musk or Justin Sun, thus inject this coin with news and a little investment to gain confidence and then print a lot of money to buy more Bitcoin.

I can't understand the benefit of adding a stablecoin based on the concept of linkage, which means that they may be good at first, but soon we will find that they have printed more of the assets they have.

If they create a new model then we may approve them.

[Wind_FURY]

I think that there are those who are trying to appear as Elon Musk or Justin Sun, thus inject this coin with news and a little investment to gain confidence and then print a lot of money to buy more Bitcoin.

I can't understand the benefit of adding a stablecoin based on the concept of linkage, which means that they may be good at first, but soon we will find that they have printed more of the assets they have.

If they create a new model then we may approve them.

Laughable. The Honey Badger don't care, Bitcoin is a Trojan Horse, absorbing financial systems old and new. Plus who are we to tell someone with billions that we disapprove of him of buying and HODLing an open, permissionless cryptocurrency? Will that stop him? We are mere plebs.

[stompix]

There is no tangible proof that they are indeed buying those amount of bitcoin.

Seems like it's real it has been already tagged by some people and it does match the movement from their USDT wallet and the sums.
The increment in which is adding coins each day also match the ~125m number.

Now, according to the sums left in their wallets with which they're buying this, there is almost another 1.8 billion left, so roughly another 40k
coins, even if we exclude their future fundraising it's still enough to quite a hefty chunk, already more than half of what MSTR holds.
Normally this would push us over 50k, but of course, with every increase in price, the number of coins they can buy while selling their own stash of altcoins goes down, not ATH material but still way better than what was happening a month ago.

Now, the 1 billion question, why are altcoins rising too?

[adaseb]

Which wallets are you looking at? The only one I can find is the wallet starting with “dac17” and this wallet only has $589M in it left in the form of USDT.

So that’s around 4.7 more daily buys. Most likely this entire week will be very bullish and we can easily break $50K.

I heard they got $10B max however those are for the future. This week I think the most they can buy is with the $600M worth.

[thecodebear]

Well they aren't "pumping" Bitcoin. They are using Bitcoin for a functional purpose: backing their stablecoin network. I wouldn't call that "pumping", the way people usually use that word. But even so, just referring to a rise in Bitcoin's price, $125 million in daily buying is not much compared to the tens of billions of daily volume of the global Bitcoin trade. That's equivalent to a slight rise in bullish sentiment.

There's not gonna be much at all direct effect of that buying on the price of Bitcoin. Now there might be a decent indirect impact, in which the market views positively the fact that another major crypto ecosystem is using Bitcoin as a major store of value to secure their own ecosystem. Thus promoting the fact that Bitcoin is ready to act as a highly effective global store of value.

Bitcoin was already building back up lately, so sure this probably helped out a little bit, adding to the bullish sentiment of the market. But this is just one small factor in the current bullish landscape of Bitcoin.

[EdenHazard]

I think in part this is an acknowledgement that their stablecoin and token are crap and that Bitcoin is better.

I suppose the reserve is to cushion the depreciation suffered by fiat currencies and therefore stablecoins, but it is not clear to me what role the volatility of the Bitocin can play in a currency that is supposed to be "stable".

They seems mixed things up and creating a lot of confusion over here.

and it could be on purpose, part of the marketing strategy etc. but to be honest 125m usd per day are indeed insane huge amount of money to not making any impact in bitcoin market and crypto market as a whole.
20% spike high in the last 2 days ... that's the effect hmmm 

[jubalix]

at x billion size purchase, they will have loans from back somwhere in the pipeline, so it great just inflates fiat more and pumps value of BTC.

Think about it, swapiing infintley printibale digital USD via fractional reserve and QE for hard money. Who would not?

[GreatArkansas]

I don't think so this is the only reason for the recent pump, there are a lot of things to consider.

I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.

This is one of the best examples that they really know what is the future of Bitcoin even though they are altcoin founders.

[Fundamentals Of]

Whatever their strategy is, confusing as it may sound to me and others, I don't care. What is clear here is that Bitcoin is always the best way to go. They may create all kinds of altcoins and stablecoins, but the reality is that all these won't last and are built on sand. Having Bitcoin as a reserve asset for them give them a more solid foundation. People would be more comfortable knowing that they are backed by Bitcoin.

I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.

Just like any other altcoin, Luna will be facing its end sooner or later. Despite the pump, Luna is not going to last with Bitcoin. Luna's value will sooner or later fall down. It is always best to rely on Bitcoin and use it to back up your coins.

[peter0425]

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.

I'm not sure how that 10 billion target would be big help for the market ? is terra really something that has an effect to the cryptocurrency?

But of course any good investment will make the market hyping though from the 900 billion capitalization ? Am not sure if we really make this a bog changes to the increasing price or this is just a small part of many investors entering the market.

[thecodebear]

I don't think so this is the only reason for the recent pump, there are a lot of things to consider.

I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.

This is one of the best examples that they really know what is the future of Bitcoin even though they are altcoin founders.

Luna is already what backs UST. Burning Luna is what creates UST, and vice versa. So those two things are already intricately linked. Their goal with Bitcoin is to provide greater value security by giving UST a store of value backing in addition to the algorithmic stability provided by the interplay between Luna and UST.

Just as Gold has backed currencies in the past, they are going to use Bitcoin to help back UST. It is only natural that Bitcoin, as the hard money of the digital age, should start backing other currencies. This is just the first instance of that happening.

[FairUser]

I think the move is to dissuade those who are trying to create bad faith in Luna, but it is also one of the pieces of information that has given a big boost to the Luna ecosystem and the trust they place in BTC. Personally, I see this young talent gaining love from the crypto community, as we've seen the development of Luna all this time.

[OgNasty]

That is a crazy amount of Bitcoin to publicly state you’re going to buy. Running the numbers, we should see a price over $55K when all is said and done. If he also sparks buying from other billionaires then we could have another fomo situation on our hands. Bitcoin is finding its way into more and more investment portfolios these days. It feels like the best case scenario has been playing out lately. Sometimes it’s hard to believe this is happening. I don’t think this will be the last multi-billion dollar buy we see this year, but it does seem to be the one that turned the sentiment.

[btc78]

That is a crazy amount of Bitcoin to publicly state you’re going to buy. Running the numbers, we should see a price over $55K when all is said and done. If he also sparks buying from other billionaires then we could have another fomo situation on our hands. Bitcoin is finding its way into more and more investment portfolios these days. It feels like the best case scenario has been playing out lately. Sometimes it’s hard to believe this is happening. I don’t think this will be the last multi-billion dollar buy we see this year, but it does seem to be the one that turned the sentiment.

Of course as this will attract more investors because of the incoming bullish market , if this will all be added to Bitcoin then there are chance of climbing to that level 55k . and also if there are more investors getting to buy bitcoin then we can expect at elast 60k to the line?

I think the move is to dissuade those who are trying to create bad faith in Luna, but it is also one of the pieces of information that has given a big boost to the Luna ecosystem and the trust they place in BTC. Personally, I see this young talent gaining love from the crypto community, as we've seen the development of Luna all this time.

I don't care about Luna actually instead their choice to invest in bitcoin is what i really got interested.

[davis196]

Does it mean that UST would be backed by USD and BTC goes in addition or a stablecoin is only backed by crypto?
IMO it seems like a bad idea since with a BTC price change we may have gaps between its value and token emission. Collateral value would also go down quite fast during the bull run. Therefore we can easily get in situation where a part of stablecoin supply is backed with nothing.

The Bitcoin reserve will have to be way bigger than the token emission,but such stablecoin projects would never resist the temptation of doing fractional reserve banking(issuing 100M USD worth of tokens,which are backed by 10M USD worth of Bitcoins). That's the main problem with stablecoins-fractional reserves.
What would be the main purpose of Terra,since we already have Tether?Does anyone think that the crypto exchange platforms will suddenly dump Tether and replace it with Terra?What's the point of this?
Tether could easily beat Terra,just by replacing a part of their USD fiat reserve with Bitcoins(if they really have a big USD reserve).
Terra doesn't offer anything new in terms of innovation and convenience.Maybe it will turn into another pump&dump shitcoin.

[Wilhelm]

Does it mean that UST would be backed by USD and BTC goes in addition or a stablecoin is only backed by crypto?
IMO it seems like a bad idea since with a BTC price change we may have gaps between its value and token emission. Collateral value would also go down quite fast during the bull run. Therefore we can easily get in situation where a part of stablecoin supply is backed with nothing.

The Bitcoin reserve will have to be way bigger than the token emission,but such stablecoin projects would never resist the temptation of doing fractional reserve banking(issuing 100M USD worth of tokens,which are backed by 10M USD worth of Bitcoins). That's the main problem with stablecoins-fractional reserves.
What would be the main purpose of Terra,since we already have Tether?Does anyone think that the crypto exchange platforms will suddenly dump Tether and replace it with Terra?What's the point of this?
Tether could easily beat Terra,just by replacing a part of their USD fiat reserve with Bitcoins(if they really have a big USD reserve).
Terra doesn't offer anything new in terms of innovation and convenience.Maybe it will turn into another pump&dump shitcoin.

+1

Say you are launching something great
Get investors on board chipping in millions
Buy coins for $$$$$$$
Watch price go up-up-and-away
Say it’s not going to plan
Give investors money back plus interest
Keep the rest
Buy a yacht

[NeuroticFish]

It looks like Michael Saylor may have had some contribution in this.
This news tells that he got extra $205M for buying Bitcoin, but I would not be surprised if he has been buying already.

[Lucius]

Now, the 1 billion question, why are altcoins rising too?

Just for the reason that Bitcoin is growing, that is the most logical explanation - the crypto market has finally woken up and entered the spring from winter, and it seems that the long-announced crypto winter did not last very long. The opportunity for quick profits opened up and a small FOMO was created, now it remains to be seen whether the price of BTC will break the psychological limit of $50k.


Apart from the news that Honduras and Malaysia will declare Bitcoin a legal tender, which turned out to be mere speculation, and the news that Russia could sell oil and gas for Bitcoin - it seems that all these billions had an effect on the market. For almost 3 months we had several attempts to break the resistance to $45k, and then it finally happened, coincidence or not? Some will say that coincidences do not exist, while others will say that money drives everything.

[Ararbermas]

I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.

probably it's because of the situation of bitcoin reason their luna can't make progress. I mean instead of making pump on their own coin they choose bitcoin first so that it will influence their luna. I dont know if it make sens.lol

But i have doubts you are right , wherein they already knows what is the future of bitcoin, reason they put massive amount in it every day while at the current support. And surely there will be a massive return after all than investing on their own projects.

[OgNasty]

It looks like Michael Saylor may have had some contribution in this.
This news tells that he got extra $205M for buying Bitcoin, but I would not be surprised if he has been buying already.

Ya, this shows he's willing to bet the house to keep the pump going.  I have to wonder if he's running out of steam though.  Getting a loan against your Bitcoin to buy more Bitcoin feels a bit like squeezing the last little bit you can out of your collateral.  I assume he's unable to do any more bond offerings or raise any more funds from outside investors to go this route.  If that is the case, the market is lucky that Do Kwon is picking up the slack right now.  At the rate he's purchasing (about 125 million per day) it will be a while before he's amassed 10 billion worth of Bitcoin.  I assume that means the next few weeks are going to be good ones for Bitcoiners, but I do worry a bit about the mtgox coins hitting the market afterward.  With a little luck maybe these two events will overlap and cancel each other out a bit rather than cause massive volatility, but we'll see.  Certainly other billionaires are starting to see the writing on the wall and won't be left behind on these types of purchases.

[NeuroticFish]

It looks like Michael Saylor may have had some contribution in this.
This news tells that he got extra $205M for buying Bitcoin, but I would not be surprised if he has been buying already.

Ya, this shows he's willing to bet the house to keep the pump going.  I have to wonder if he's running out of steam though.  Getting a loan against your Bitcoin to buy more Bitcoin feels a bit like squeezing the last little bit you can out of your collateral.  I assume he's unable to do any more bond offerings or raise any more funds from outside investors to go this route.  If that is the case, the market is lucky that Do Kwon is picking up the slack right now.  At the rate he's purchasing (about 125 million per day) it will be a while before he's amassed 10 billion worth of Bitcoin.  I assume that means the next few weeks are going to be good ones for Bitcoiners, [...] Certainly other billionaires are starting to see the writing on the wall and won't be left behind on these types of purchases.

He does a gamble, but how risky is that.. it's debatable and the history will show whether he was right or not.
Betting on Bitcoin's price was always risky, but if you managed to keep the coins long enough, in max 4 years from the purchase the price was historically higher, meaning profit. If he has done the deals right, he should be on the winning side.

Also it's interesting to see that his work is in at least 3 directions:
* profit
* convince other big investors buy bitcoin
* be careful to not allow price drop too much (to not scare off potential new big investors)

In the previous cycle the start of the year (2018) looked much worse than this. I can almost hope that with more like Michael Saylor or Do Kwon we may get to 2024 without the ugly crypto winter.

but I do worry a bit about the mtgox coins hitting the market afterward.  With a little luck maybe these two events will overlap and cancel each other out a bit rather than cause massive volatility, but we'll see.

I don't know; whenever the price starts looking nice, some news come out about MtGox about to sell shitloads of Bitcoin, in a way or another.
I am sick and tired of those news, really. They'll sell when they'll sell, if they'll sell. I have a feeling that they're not idiots and won't crash the price if they'll actually sell instead of handing out bitcoins.

[doomloop]

Well they aren't "pumping" Bitcoin. They are using Bitcoin for a functional purpose: backing their stablecoin network. I wouldn't call that "pumping", the way people usually use that word. But even so, just referring to a rise in Bitcoin's price, $125 million in daily buying is not much compared to the tens of billions of daily volume of the global Bitcoin trade. That's equivalent to a slight rise in bullish sentiment.

There's not gonna be much at all direct effect of that buying on the price of Bitcoin. Now there might be a decent indirect impact, in which the market views positively the fact that another major crypto ecosystem is using Bitcoin as a major store of value to secure their own ecosystem. Thus promoting the fact that Bitcoin is ready to act as a highly effective global store of value.

Bitcoin was already building back up lately, so sure this probably helped out a little bit, adding to the bullish sentiment of the market. But this is just one small factor in the current bullish landscape of Bitcoin.

Pumping would be more suited for a whale that have no other intention than to inject more money in btc, making its value pumped up and a whale can use more money that what the guys are using in this article because if they will use less money, the pumping will also become less effective although the move that whales are doing is too unethical because they only do it to earn a profit later on but I like what the terra founder did because they are doing it for a good cause. They have no intention to dump bitcoin later on. Nice to see that other coin creators still look back on bitcoin despite their projects are already successful.

[fullhdpixel]

Now, the 1 billion question, why are altcoins rising too?

Just for the reason that Bitcoin is growing, that is the most logical explanation - the crypto market has finally woken up and entered the spring from winter, and it seems that the long-announced crypto winter did not last very long. The opportunity for quick profits opened up and a small FOMO was created, now it remains to be seen whether the price of BTC will break the psychological limit of $50k.

50K is not really a big psychological level, I mean it surely is one, but not a "big" one. I remember the old 20k period and I can tell you that 70k will be a huge one and 100k will be GIGANTIC. I can already guarantee that 70k will be looking like impossible to break, it will be broken but people will think for a very long time that it is the top and can't be broken and many people will leave. Then when the 100k price comes, everyone will say that it is the max bitcoin can reach and we could never be above 100k, there will be those people and I guarantee you that. We will go above that too of course, and even more than that, but it is going to be a real war.

[ivankoh]

They are using Bitcoin for a functional purpose: backing their stablecoin network. I wouldn't call that "pumping", the way people usually use that word. But even so, just referring to

So, in addition to the main points that are literally not really open in how they buy bitcoin for any general purpose proposition, we will also say that Saylor is not really a pump similar to Do Kwon.  But the way bitcoin is collateralized to support stablecoin loans is most likely seen as the way forward i guess

[bbc.reporter]

This is not fake news. There is a wallet you can follow which shows the transactions being sent to Binance. So far for the last 4 days they sent $125M each day. People have been following the wallet and trying to front run the move.

They do a test transaction first like 40 USDT and then they do the actual $125M. They use some Jump type of strategy to buy them. Most likely TWAP.

Currently they got like $1B left in their account. However there is more according to the news reports. This is obviously bullish as bears won’t be shorting until he is done with his buys.

This was 2 of the first transactions shared by @whale_alert. I am quite certain there will be more hehehe. Each transaction was $125 million in USDT.

https://mobile.twitter.com/whale_alert/status/1507180543531794435

https://mobile.twitter.com/whale_alert/status/1506069306446172163

This ethereum address is speculated to be one of Do Kwon's wallets under his control for USDT.

https://etherscan.io/address/0xAd41BD1cf3Fd753017Ef5c0da8dF31A3074EA1Ea

Oklink speculates that this is the bitcoin address also under Do Kwon's control.

https://www.oklink.com/en/btc/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q

In any case, similar to Michael Saylor's procurement of bitcoin, there is some skepticism on Do Kwon's investment hehehe. There should be some skepticism because if Do Kwon holds a very large amount of bitcoin it might be argued by himself that the failure of Terra and UST might also be the failure of the cryptospace market because he can dump everything. This is also similar to Michael Saylor who has bought bitcoin with leverage. However, only 30% of the danger that Do Kwon might cause assuming that he completes all $10 billion in bitcoin.

[Lucius]

50K is not really a big psychological level, I mean it surely is one, but not a "big" one.

This is not a crucial point, but in psychological terms, it means a lot to all those for whom it will be a sign that something serious is happening. From the perspective of a small investor who wants a quick profit, a headline in the media that looks something like this "Bitcoin again above $50 000, crypto winter is over", is also more than enough signal to buy Bitcoin again.

Ordinary people are still driven by the herd mentality, and it is easy to steer them in any direction, all it needs is to create a strong enough incentive. The problem at the moment is inflation, which leaves little room for risky investments - the average Joe can no longer save almost anything from his salary.

[NeuroticFish]

crypto winter is over

A drop from 69k to 33k is not really crypto winter. It's more like those winters the temperature barely go below 0C and it's not snowing
For comparison, the previous crypto winter was at a 6x price drop (or more).
But yes, as headline it looks catchy.

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

[Reid]

I see a lot of green after checking. Not just Bitcoin. Its hard to explain how is that happening if Terra is only buying Bitcoin.
How come every top altcoin is being dragged above?  
I doubt all the reason is just as a reserve asset. Half true, maybe? They are hoping for a higher amount to raise and by using Bitcoin as the face of the trend they will create, the possibility for it to happen is higher. That's good marketing if you ask me. They know their target to make it on the front page.

[bbc.reporter]

crypto winter is over

A drop from 69k to 33k is not really crypto winter. It's more like those winters the temperature barely go below 0C and it's not snowing
For comparison, the previous crypto winter was at a 6x price drop (or more).
But yes, as headline it looks catchy.

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

Another catchier headline might be this bet by Do Kwon against a whale that they agreed for $10 million from each person. This bet was only after a similar bet done against another whale for $1 million from each. Do Kwon made a total bet of $11 million on the price of Terra's token called Luna to not be under $88.00 after 1 year.



Terraform Labs CEO Do Kwon has finalised a bet with a crypto personality known as GCR, or Gigantic Rebirth, to the tune of $10 million over the future price of Terra (LUNA).

Both parties have now sent $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account, which is simply an Ethereum wallet owned by a veteran crypto trader known as Cobie.

Source https://www.theblockcrypto.com/linked/137832/terraform-labs-ceo-do-kwon-seals-10-million-bet-over-luna-price


Do Kwon also joked about asking for a short sell before sending $139,450,000 in USDT to Binance 1 day after hehe. It appears the pump will continue.

I am once again asking you to short #btc

Source https://mobile.twitter.com/stablekwon/status/1508716614140968960?s=12


Reply of Do Kwon to @whale_alert. This might confirm that it is his transaction.

https://mobile.twitter.com/stablekwon/status/1509082337199681543?s=12

[Chato1977]

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.

does this means Bitcoin will continue increasing till that 10 billion dollars be installed inside bitcoin ?

if this will happen then we should be holding the coins longer ?

And when this happen surely bitcoin will finally hit 50k once more  .

[NeuroticFish]

Terraform Labs CEO Do Kwon has finalised a bet with a crypto personality known as GCR, or Gigantic Rebirth, to the tune of $10 million over the future price of Terra (LUNA).

Both parties have now sent $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account, which is simply an Ethereum wallet owned by a veteran crypto trader known as Cobie.

Poor guys, betting $10M each.
The bet is great for advertising that coin (or whatever it is) and... it cannot be bad for Bitcoin either
Let them come, let them use Bitcoin as reserve currency. The supply is limited!

[Lucius]

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

As time goes on, such a scenario seems less and less possible - but only if we compare the beginning of 2018 with 2022. Then the situation was somewhat similar to today (BTC drop by about 50%), but in 2018 it continued to drop, while now we have a slightly different situation. Of course, the circumstances are completely different, because 4 years ago we did not have this kind of interest in investing in Bitcoin.

The bet is great for advertising that coin (or whatever it is) and... it cannot be bad for Bitcoin either
Let them come, let them use Bitcoin as reserve currency. The supply is limited!

I may be wrong, but I think they use Bitcoin mostly to promote what they want to sell, and if (when) it all goes downhill it is possible that it will negatively affect Bitcoin. Luckily for them, there is enough BTC on the market to spend all $10 billion, and in the meantime have fun with these small bets of $10 million, which is nothing but the usual boasting of spoiled rich people.

does this means Bitcoin will continue increasing till that 10 billion dollars be installed inside bitcoin ?
if this will happen then we should be holding the coins longer ?
And when this happen surely bitcoin will finally hit 50k once more  .

Who knows, it is possible that the price will rise, but it is possible that this news has already had its effect. I really can't estimate in which direction the price will move, but I find it positive that there has been no drop after the pump, which would mean that most think it's not time to sell.

[tokeweed]

So...  Where's the Do Kwon guy right now?  Is he afk?  There are talks swirling around that he got spooked when a guy in Binance started making huge asks in spot so he must have pulled out his bids.    Dunno, I'm not really sure how true tho.  It could prolly just be CZ telling Do Kwon 'FU lemme accumulate lower before sending it to 50k.'.  Lol.

I wouldn't be at all surprised if it goes back down around 44k.  It could be the right time to btfd for those who missed the move.  What do you guys think?  

[NeuroticFish]

So...  Where's the Do Kwon guy right now?  Is he afk? [...]

I wouldn't be at all surprised if it goes back down around 44k.  It could be the right time to btfd for those who missed the move.  What do you guys think?  

You do realize that "going down to 44k" is just a dip for ants, right? That guy wants to buy Bitcoin without pumping the price unnecessarily. If some don't see that and try to dump it, I'm sure that he will be happy to see that.
I guess that you would not expect him to buy 24/7 no matter what, no matter how high the price goes for short term...

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

As time goes on, such a scenario seems less and less possible - but only if we compare the beginning of 2018 with 2022. Then the situation was somewhat similar to today (BTC drop by about 50%), but in 2018 it continued to drop, while now we have a slightly different situation. Of course, the circumstances are completely different, because 4 years ago we did not have this kind of interest in investing in Bitcoin.

Indeed, institutional investors did change a lot. And indeed, we may have no proper crypto winter. I hope so. But I am not easy to be convinced we're good. Not yet. (I was accused many times, especially IRL, of being overly pessimistic.)

I may be wrong, but I think they use Bitcoin mostly to promote what they want to sell, and if (when) it all goes downhill it is possible that it will negatively affect Bitcoin. Luckily for them, there is enough BTC on the market to spend all $10 billion, and in the meantime have fun with these small bets of $10 million, which is nothing but the usual boasting of spoiled rich people.

While they clearly promote their coin, the fact they use Bitcoin as reserve asset is also an indirect advertising for Bitcoin, and imho a pretty heavy one. At least that's what I've understood off that.
My guess is that those interested in bitcoin's price will only read from the Terra ad that there's one new big buyer for Bitcoin. And the Ad is even more published because of the bet.
(Maybe it's not a specific Ad, just some news here and there, but the point remains).

[macson]

I think in part this is an acknowledgement that their stablecoin and token are crap and that Bitcoin is better.

LOL, i thought so too, they created a token in order to be able to buy Bitcoins from that.  i also saw their confession, which is that they want to be the number 2 most Bitcoin holder after satoshi.

[tokeweed]

So...  Where's the Do Kwon guy right now?  Is he afk? [...]

I wouldn't be at all surprised if it goes back down around 44k.  It could be the right time to btfd for those who missed the move.  What do you guys think?  

You do realize that "going down to 44k" is just a dip for ants, right? That guy wants to buy Bitcoin without pumping the price unnecessarily. If some don't see that and try to dump it, I'm sure that he will be happy to see that.
I guess that you would not expect him to buy 24/7 no matter what, no matter how high the price goes for short term...

Uh yeah...  It's a dip that doesn't signal a reversal of the trend up rn.  And it's important that the price should not break down 44k or we could see a possbility for BTC to go lower and enter goblin town.  You see that red bar right?  That's where resistance flipped and became support.  At least that's what I think...  I could be wrong tho.

Are you waiting for a dip back down to 30k?

[buwaytress]

This is not a crucial point, but in psychological terms, it means a lot to all those for whom it will be a sign that something serious is happening. From the perspective of a small investor who wants a quick profit, a headline in the media that looks something like this "Bitcoin again above $50 000, crypto winter is over", is also more than enough signal to buy Bitcoin again.

Ordinary people are still driven by the herd mentality, and it is easy to steer them in any direction, all it needs is to create a strong enough incentive. The problem at the moment is inflation, which leaves little room for risky investments - the average Joe can no longer save almost anything from his salary.

Yup!

Speaking as an ordinary person, I'm definitely seeing 50k as a big milestone, exactly half as big as 100k will be when that happens. Even if just doing unscientific maths, that'll be just about 75% of the current ATH.

Take that against the perspective of 2017 ATH, it would be akin to Bitcoin breaking $15k -- something that never happened in the aftermath of ATH, when prices just kept declining and never went up past $15 again until 3 years later. Had it happened months after ATH, like it would now, we might not have seen crypto winter so soon after.

[DVlog]

I was also shocked after seeing he brought 12000 BTC from the market. This releases the selling pressure from the market but not sure price will sustain for longer or not. But I think this is 4th time we are breaking the 50k mark and is that the indication of breaking the 4 year historically proven cycle? I am Missing Mycale Taylor at this party hope he will join soon.

[Lucius]

I wouldn't be at all surprised if it goes back down around 44k.  It could be the right time to btfd for those who missed the move.  What do you guys think? 

I wrote in a previous post that I think it's positive that the price is around $47k, but at that moment it went down, but the loss of 5% only shows that we are not ready for some serious bull run. If history is to be believed, April has not been a successful month for Bitcoin - although it is not something to rely on, it is possible that we will now spend some time between $40k and $50k.

Indeed, institutional investors did change a lot. And indeed, we may have no proper crypto winter. I hope so. But I am not easy to be convinced we're good. Not yet. (I was accused many times, especially IRL, of being overly pessimistic.)

There is no doubt about that, the part of BTC that would otherwise be on the market is now locked in some custodial cold wallets, and only 900 new BTCs per day are not a quantity that can affect liquidity. I am personally satisfied with how BTC is behaving in view of the war, inflation and all the pessimistic news that bury us every day.

While they clearly promote their coin, the fact they use Bitcoin as reserve asset is also an indirect advertising for Bitcoin, and imho a pretty heavy one. At least that's what I've understood off that.
My guess is that those interested in bitcoin's price will only read from the Terra ad that there's one new big buyer for Bitcoin. And the Ad is even more published because of the bet.
(Maybe it's not a specific Ad, just some news here and there, but the point remains).

I understand your point of view, but I still don't like that Bitcoin in this case is some kind of reserve asset for some token or stablecoin, as if it gives it some legitimacy and significance that it is better than other similar projects. Given how much the average investor understands this whole story, some are likely to conclude that Bitcoin as Bitcoin provides some sort of guarantee that it is something worth investing in. Besides, I don’t trust characters who are tossing around with tens of millions of dollars just to be in the media.

[adaseb]

Very strange that for the past 2 days he hasn’t bought anything. Checking that ETH wallet and it still contains $450M or so.

Lately with him and Saylor buying more Bitcoin with his $200M that he borrowed using Bitcoin as collateral, seems lots of buys happening last and this week.

I think we will hit $50K this week and hope that the rally isn’t short lived when he is out of funds to buy.

[bbc.reporter]

Very strange that for the past 2 days he hasn’t bought anything. Checking that ETH wallet and it still contains $450M or so.

Lately with him and Saylor buying more Bitcoin with his $200M that he borrowed using Bitcoin as collateral, seems lots of buys happening last and this week.

I think we will hit $50K this week and hope that the rally isn’t short lived when he is out of funds to buy.

Do Kwon might not pump bitcoin today. According to this tweet he will only be listening to music hehe.

https://mobile.twitter.com/stablekwon/status/1510425541404692485?s=12

However, he also tweeted this yesterday. He might be waiting for the price to dump first before he begins buying. I speculate bitcoin to be more than $50k by the end of this week.

https://mobile.twitter.com/stablekwon/status/1510192448450211843?s=12

Also, Saylor always buys on the top of the pump hehehe. Someone shared a chart with Saylor's tweets and after every declaration of a buy, bitcoin dumped. He should certainly fire his trader.

[bitterguy28]

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.

While they seems to be the reason of the recent pump yet what we have now? completely we are still not in the good position for believing this is really a Pump , we need to see at least 50,000 price for bitcoin then we can assume that there is really a Pump going , but until we are being denied to take that 50k and still going 45-48k ? nope I will not trust this idea.

[NeuroticFish]

Indeed, institutional investors did change a lot. And indeed, we may have no proper crypto winter. I hope so. But I am not easy to be convinced we're good. Not yet. (I was accused many times, especially IRL, of being overly pessimistic.)

There is no doubt about that, the part of BTC that would otherwise be on the market is now locked in some custodial cold wallets, and only 900 new BTCs per day are not a quantity that can affect liquidity. I am personally satisfied with how BTC is behaving in view of the war, inflation and all the pessimistic news that bury us every day.

I think that's more than the fact the coins are locked in this wallet instead of that (decreasing the chance to be used as fractional reserve, for example). It's also that the companies acquiring Bitcoin tend to create a domino effect, getting other companies do the same (for reasons ranging from more trust to making sure they don't fall behind the competition).

I understand your point of view, but I still don't like that Bitcoin in this case is some kind of reserve asset for some token or stablecoin, as if it gives it some legitimacy and significance that it is better than other similar projects. Given how much the average investor understands this whole story, some are likely to conclude that Bitcoin as Bitcoin provides some sort of guarantee that it is something worth investing in. Besides, I don’t trust characters who are tossing around with tens of millions of dollars just to be in the media.

I think that you have overthought this a little. If one business has a reserve of US Dollars is it endorsed by USA, or even legit? No. Same goes with bitcoin. I know that some may not understand this; but those are also prone to send their money to any "Elon Musk" on twitter promising to double them. I surely hope that in 2022 the average crypto investor is smarter than 2017 FOMO-driven

Better than similar projects? That's something only time can tell. Bitcoin can rise and fall, hence it can be debatable if it's a good reserve for another cryptocurrency, especially as the other crypto nominal value is not pegged to Bitcoin. But the huge reserve and advertising seems to work, even Bitstamp is listing UST.

While I agree about the fact that owners' extravagance / throwing out money can easily mean "be wary", I find a stable coin's main use to transfer value between different platforms. The huge reserve looks to me more reassuring than USDT's not-100%-what-it-consist-in reserve and it's still the most successful stable coin. Can UST get some of USDT market? Maybe. I kinda hope so. And in 5 years we will see if UST is successful or at least still relevant. Then also holding UST (for whatever reasons) can probably be seen safer than holding USDT.

[stadus]

Maybe the speculation is pumping bitcoin but the amount of money they invested is not big enough to dictate the market movement.

Bitcoin has $27 billion volume per day (https://coinmarketcap.com/currencies/bitcoin/),

So that $125 million a day is not huge enough to cause a pump.

[darkangel11]

So...  Where's the Do Kwon guy right now?  Is he afk?  There are talks swirling around that he got spooked when a guy in Binance started making huge asks in spot so he must have pulled out his bids.    Dunno, I'm not really sure how true tho.  It could prolly just be CZ telling Do Kwon 'FU lemme accumulate lower before sending it to 50k.'.  Lol.

That's stupid, would you listen if you were Kwon? Hey man, I want to buy some coin cheaper so stop buying for a bit and if the price rises due to my buys or someone else comes in with a big buy, tough luck for you, you will have to spend more to buy these bitcoins - you can afford it!. This is business, there's no love between people who both want the same thing. Either one of them loses some money or the other.

It's weekend, I don't expect big players to come on Saturday or Sunday to buy. Also, there was a decent drop on Wall Street indexes on Friday that scared some investors.

I'd rather expect Kwon to back away for a bit because there's so little coins on exchanges that his buys are pushing the price up too fast. If he keeps buying too fast he's going to end up buying too expensive.

[retreat]

This pump will run day after day as the Op described, which is $3 billion to start with. at one point this move will be the point at which BTC will rise above $50k this week. BTC is still holding $45k/$46k today if the close occurs at $46k there's a great chance that $50k will be reached.

This news is currently being discussed, especially on twitter. I'm sure they will be very serious about continuing to buy Bitcoin until their target is achieved. all of our hopes for bitcoin to break through the $50k price will surely come true soon.

[TheGreatPython]

This news is currently being discussed, especially on twitter. I'm sure they will be very serious about continuing to buy Bitcoin until their target is achieved. all of our hopes for bitcoin to break through the $50k price will surely come true soon.

We don't know maybe they only say this to create a hype to pump bitcoin and their own projects. For now, there is no date if when will they start their plan but we can see that btc price is ready to break 50k. It's not them that pumps btc but there are other factors on why btc is showing a performance like this.

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.

They can invest bigger than Michael and Elon? I don't know if how much Elon Musk invested in btc before but musk is the second richest man in the world right? he has a lot of money to invest in btc. While Michael Saylor on the other hand was a long time investor in btc, I don't know if how much is the exact amount he have now but I think that is also huge. The most important thing is the two already proved it but the terra cofounders haven't yet.

[bbc.reporter]

@TheGreatPython. Tesla invested $1.5 billion in bitcoin, Microstrategy invested $3.8 billion in bitcoin and Terra will invest a total of $10 billion in bitcoin. According to some articles, Terra will finish this within 3 months. This might be the biggest investment by a private company in bitcoin. However, Saylor has also been increasing his investment. He has been borrowing dollars against his bitcoin to by more bitcoin.

[Vaskiy]

@TheGreatPython. Tesla invested $1.5 billion in bitcoin, Microstrategy invested $3.8 billion in bitcoin and Terra will invest a total of $10 billion in bitcoin. According to some articles, Terra will finish this within 3 months. This might be the biggest investment by a private company in bitcoin. However, Saylor has also been increasing his investment. He has been borrowing dollars against his bitcoin to by more bitcoin.

Year on year huge companies keeps topping up their treasuries with bitcoin. MicroStrategy leads the race and Tesla stands next to it. When it comes to Terra, it had planned for a short term goal of $3 billion investment and long term goal of $10. So, we can expect the addition of bitcoin to reach the $3 billion goal within this year. In terms of Bitcoin MicroStrategy holds 125051BTC, Tesla holds 43200BTC and Terra holds 30727BTC. These are according to the disclosed data, and we don't know how many Whales and other huge companies holding higher than this.

[rodskee]

is this really the effect of their Act? but it seems to be stagnant the value again? i thought they will be entering 10 billion dollars but it looks like there are no follow up from the first investments?  but let it be after a week of this action yet there are no continues effect in the bitcoin price though this shows the support at 45k .

@TheGreatPython. Tesla invested $1.5 billion in bitcoin, Microstrategy invested $3.8 billion in bitcoin and Terra will invest a total of $10 billion in bitcoin. According to some articles, Terra will finish this within 3 months. This might be the biggest investment by a private company in bitcoin. However, Saylor has also been increasing his investment. He has been borrowing dollars against his bitcoin to by more bitcoin.

How long will this to make it in the market mate?  hope at least this 2nd quarter?

[tokeweed]

So...  Where's the Do Kwon guy right now?  Is he afk?  There are talks swirling around that he got spooked when a guy in Binance started making huge asks in spot so he must have pulled out his bids.    Dunno, I'm not really sure how true tho.  It could prolly just be CZ telling Do Kwon 'FU lemme accumulate lower before sending it to 50k.'.  Lol.

That's stupid, would you listen if you were Kwon? Hey man, I want to buy some coin cheaper so stop buying for a bit and if the price rises due to my buys or someone else comes in with a big buy, tough luck for you, you will have to spend more to buy these bitcoins - you can afford it!. This is business, there's no love between people who both want the same thing. Either one of them loses some money or the other.

It's weekend, I don't expect big players to come on Saturday or Sunday to buy. Also, there was a decent drop on Wall Street indexes on Friday that scared some investors.

I'd rather expect Kwon to back away for a bit because there's so little coins on exchanges that his buys are pushing the price up too fast. If he keeps buying too fast he's going to end up buying too expensive.

What do you mean stupid?  Lmao.  Would anybody really keep buying BTC up knowing that the owner of the exchange and his MM's are spoofing sell walls to spook the whole market out?  Just look at the market rn.  A few bad news here and there and a little spoofing, where is the Do Kwon guy?  Don't make the mistake in thinking that he'll keep buying BTC if sh*t hits the fan.  I mean who would want to hold a losing position as a 'reserve'?  That's just dumb.

[ultrloa]

So...  Where's the Do Kwon guy right now?  Is he afk?  There are talks swirling around that he got spooked when a guy in Binance started making huge asks in spot so he must have pulled out his bids.    Dunno, I'm not really sure how true tho.  It could prolly just be CZ telling Do Kwon 'FU lemme accumulate lower before sending it to 50k.'.  Lol.

That's stupid, would you listen if you were Kwon? Hey man, I want to buy some coin cheaper so stop buying for a bit and if the price rises due to my buys or someone else comes in with a big buy, tough luck for you, you will have to spend more to buy these bitcoins - you can afford it!. This is business, there's no love between people who both want the same thing. Either one of them loses some money or the other.

It's weekend, I don't expect big players to come on Saturday or Sunday to buy. Also, there was a decent drop on Wall Street indexes on Friday that scared some investors.

I'd rather expect Kwon to back away for a bit because there's so little coins on exchanges that his buys are pushing the price up too fast. If he keeps buying too fast he's going to end up buying too expensive.

What do you mean stupid?  Lmao.  Would anybody really keep buying BTC up knowing that the owner of the exchange and his MM's are spoofing sell walls to spook the whole market out?  Just look at the market rn.  A few bad news here and there and a little spoofing, where is the Do Kwon guy?  Don't make the mistake in thinking that he'll keep buying BTC if sh*t hits the fan.  I mean who would want to hold a losing position as a 'reserve'?  That's just dumb.

Exactly and that action made just to hype up his followers, guess what happen now some people really believe his statement release then think about he will do more to support bitcoin to pump it more and that is totally crazy thought's since no people in right mind will continue to buy and don't care if they lose due to its volatility. Maybe he just do it so that his position will be hit and I guess he is happy now counting the profits he made for those hyping techniques he made.

[virasog]

This pump will run day after day as the Op described, which is $3 billion to start with. at one point this move will be the point at which BTC will rise above $50k this week. BTC is still holding $45k/$46k today if the close occurs at $46k there's a great chance that $50k will be reached.

This news is currently being discussed, especially on twitter. I'm sure they will be very serious about continuing to buy Bitcoin until their target is achieved. all of our hopes for bitcoin to break through the $50k price will surely come true soon.

Luna Foundation Guard (LFG)  is no doubt buying bitcoin continuously but this does not mean that they are the only ones pumping the price. Their buying orders are giving a big support in the market and retailers & other investors are also buying bitcoin. Bitcoin needs to cross the psychological resistance of 50,000$ and then we may see a big strong bullish momentum towards the all time high. Do Kwon decision of buying bitcoin in order to back up the UST has suddenly shifted the market back on the bull phase and we avoided the bear market for the time being.

[Kemarit]

This pump will run day after day as the Op described, which is $3 billion to start with. at one point this move will be the point at which BTC will rise above $50k this week. BTC is still holding $45k/$46k today if the close occurs at $46k there's a great chance that $50k will be reached.

This news is currently being discussed, especially on twitter. I'm sure they will be very serious about continuing to buy Bitcoin until their target is achieved. all of our hopes for bitcoin to break through the $50k price will surely come true soon.

Luna Foundation Guard (LFG)  is no doubt buying bitcoin continuously but this does not mean that they are the only ones pumping the price. Their buying orders are giving a big support in the market and retailers & other investors are also buying bitcoin. Bitcoin needs to cross the psychological resistance of 50,000$ and then we may see a big strong bullish momentum towards the all time high. Do Kwon decision of buying bitcoin in order to back up the UST has suddenly shifted the market back on the bull phase and we avoided the bear market for the time being.

True, but we can't discount the fact that when they released this in public, the price seems to pump, from lower $30,000 to almost $50,000 right now. I will not call this a bull run though, we haven't break the big psychological barrier of $50,000. Maybe if it will be broken and then the run continues, perhaps the bulls is back. But be very cautious as well as there could be some entities riding this and trying to manipulate it from behind.

[kotajikikox]

The Luna Foundation Guard (LFG) has raised $2.2 billion for its bitcoin reserve and hopes to hit $3 billion in the short term, with a longer-term goal of $10 billion, Terraform Labs CEO Do Kwon said in a series of tweets on Tuesday.

While I am trying to be thankful of How this Terra Founder invests Billions of dollars inside Bitcoin yet i am still waiting for the other billions to be put on so we can see another pump and not just what they did recently as the increase in Bitcoin market stays the same and even getting lower day by day again.
But yeah thanks for the team as they  trust Bitcoin than other currency in which they can collaborate for their own projects progress and development .

[perfect999]

Would anybody really keep buying BTC up knowing that the owner of the exchange and his MM's are spoofing sell walls to spook the whole market out?  Just look at the market rn.  A few bad news here and there and a little spoofing, where is the Do Kwon guy?  Don't make the mistake in thinking that he'll keep buying BTC if sh*t hits the fan.  I mean who would want to hold a losing position as a 'reserve'?  That's just dumb.

No, the meaning basically is if there is a guy who is buying bitcoin constantly, then it means we should be seeing him buying constantly, if he doesn't then he is not the reason. Bitcoin doesn't go up just once, it is not like some low cap gem where one whale could change the price.

Of course, there will be some big purchases, Elon did and it did impacted the price but that was it, that was then and it was over. I do not know who this guy is, but he can't make it go down or go up for too long, he can do that for maybe one day, but whatever happens after that is how people react to it and what people think bitcoin will do. So, even if he did something, this doesn't continue to this day.

[NeuroticFish]

While I am trying to be thankful of How this Terra Founder invests Billions of dollars inside Bitcoin yet i am still waiting for the other billions to be put on so we can see another pump

A smart investor will buy only in a way he doesn't affect the price too much, hence I would not hold my breath for a new pump (I don't say it won't happen, but it actually may or may not happen).
Even more an evil investor may fake a dump to trigger all the shorts outta there, then buy back cheaper.

So.. beware, the markets don't actually work like in your (our?) wishful thinking.

[Reatim]

This pump will run day after day as the Op described, which is $3 billion to start with. at one point this move will be the point at which BTC will rise above $50k this week. BTC is still holding $45k/$46k today if the close occurs at $46k there's a great chance that $50k will be reached.

This news is currently being discussed, especially on twitter. I'm sure they will be very serious about continuing to buy Bitcoin until their target is achieved. all of our hopes for bitcoin to break through the $50k price will surely come true soon.

Yeah they may continue but they may not right? so best that this is not our main objective in this thread instead we must use this to invest more than to expect more , remember that Bitcoin is the safest currency meaning we need to look at the opportunity and not just for what is in our Plate today, remember that tomorrow and the next day is what we must look unto this.
but what Terra team doing now is good for the whole community and not just in bitcoin but also in the all area of crypto market.

[tokeweed]

So...  Where's the Do Kwon guy right now?  Is he afk?  There are talks swirling around that he got spooked when a guy in Binance started making huge asks in spot so he must have pulled out his bids.    Dunno, I'm not really sure how true tho.  It could prolly just be CZ telling Do Kwon 'FU lemme accumulate lower before sending it to 50k.'.  Lol.

That's stupid, would you listen if you were Kwon? Hey man, I want to buy some coin cheaper so stop buying for a bit and if the price rises due to my buys or someone else comes in with a big buy, tough luck for you, you will have to spend more to buy these bitcoins - you can afford it!. This is business, there's no love between people who both want the same thing. Either one of them loses some money or the other.

It's weekend, I don't expect big players to come on Saturday or Sunday to buy. Also, there was a decent drop on Wall Street indexes on Friday that scared some investors.

I'd rather expect Kwon to back away for a bit because there's so little coins on exchanges that his buys are pushing the price up too fast. If he keeps buying too fast he's going to end up buying too expensive.

What do you mean stupid?  Lmao.  Would anybody really keep buying BTC up knowing that the owner of the exchange and his MM's are spoofing sell walls to spook the whole market out?  Just look at the market rn.  A few bad news here and there and a little spoofing, where is the Do Kwon guy?  Don't make the mistake in thinking that he'll keep buying BTC if sh*t hits the fan.  I mean who would want to hold a losing position as a 'reserve'?  That's just dumb.

Exactly and that action made just to hype up his followers, guess what happen now some people really believe his statement release then think about he will do more to support bitcoin to pump it more and that is totally crazy thought's since no people in right mind will continue to buy and don't care if they lose due to its volatility. Maybe he just do it so that his position will be hit and I guess he is happy now counting the profits he made for those hyping techniques he made.

Hype is fine.  I have no problems with somebody trying to spread some sort of awareness behind his moves.  But to think that there isn't a bigger whale who could spoil Do Kwon's plans would be a mistake.  I mean check the market right now...  Wouldn't it be better to wait and let the price drop than to buy now knowing that it could put you in the red?  And what if we're really going to a full on bear market?  I doubt he could buy everything up to a new all time high.  He couldn't do alone.

But yeah, BTC should close above 44.5k today or so or we be stuck in the previous range again.

[coolcoinz]

It looks like the S&P took us down along with it. As for the Do Kwon the savior, I don't expect him to go in too fast. For a person who is buing 1 billion USD worth of Bitcoin, 100 USD up or down makes a hell of a difference. Right now some people are trying hard to push the price down and you could see that by the dumps every time the price went near the 47k range, which means someone is unloading a lot of coins at that level. Of course it doesn't mean Kwon's statement was a fake, he is in fact buying and I'm pretty sure he will continue, but that doesn't mean ha has to do it this week, or next week. All we know he could keep waiting for someone to dump it back to 40k and then buy again.

There's so little coins on exchanges these days that a 100 million USD buy can takes us up 10% and completely nullify the last 2 days of price decline. Imagine that 100 million is what some stock investors are spending in a day and this means +5% for Bitcoin. This shows how small and prone to manipulation this market is, so keep ignoring anything up to 10% because this could be just a few people trying to play you.

[STT]

Saylor has also been increasing his investment. He has been borrowing dollars against his bitcoin to by more bitcoin.

Thats not bullish to me, its speculation not actual usage which is really what would encourage me.    Problem is with having too many leveraged people like that, its true across the whole of the economy that people have got used to easy money and constant leverage of a weakening dollar.   Thats an artificial effect put forth by central banks, I'd rather bet on something real then hope the monetary easing can continue endless.   Maybe it will, Japan has never ended QE never could because they have a population thats falling its likely they cannot bear the withdrawal and reversal. 
  I much prefer BTC population as a reason to buy and increasing utility etc.

[TravelMug]

Saylor has also been increasing his investment. He has been borrowing dollars against his bitcoin to by more bitcoin.

Thats not bullish to me, its speculation not actual usage which is really what would encourage me.    Problem is with having too many leveraged people like that, its true across the whole of the economy that people have got used to easy money and constant leverage of a weakening dollar.   Thats an artificial effect put forth by central banks, I'd rather bet on something real then hope the monetary easing can continue endless.   Maybe it will, Japan has never ended QE never could because they have a population thats falling its likely they cannot bear the withdrawal and reversal. 
  I much prefer BTC population as a reason to buy and increasing utility etc.

Of course, what we wanted is more retail investors instead of these whales trying to manipulate the market again. The problem is that retail investors might not reluctant or doesn't have the money to invest right now. So it's more likely that the whales and institutions are the one pumping the market like what Terra has announced and they will do it in the next 2-3 months. Just a question on how the retail investors are going to react with this news, it's either they want to ride with it or not and where to get the money to invest with all the bad happenings still on the air, (war, covid-19 etc..)

[Fundamentals Of]

Saylor has also been increasing his investment. He has been borrowing dollars against his bitcoin to by more bitcoin.

Thats not bullish to me, its speculation not actual usage which is really what would encourage me.    Problem is with having too many leveraged people like that, its true across the whole of the economy that people have got used to easy money and constant leverage of a weakening dollar.   Thats an artificial effect put forth by central banks, I'd rather bet on something real then hope the monetary easing can continue endless.   Maybe it will, Japan has never ended QE never could because they have a population thats falling its likely they cannot bear the withdrawal and reversal. 
  I much prefer BTC population as a reason to buy and increasing utility etc.

I also prefer that the Bitcoin community will find more reason to spend their Bitcoin as a real money than just keep it untouched for a long time. I prefer utility more than hodling, but we are not limited to either of the two. The two may not really be mutually exclusive. It's just that at this point in time when there are less actual businesses that accept Bitcoin, the high demand is basically supported by the fact that the price is increasing over time. But as soon as Bitcoin becomes more acceptable as money, the rate of spending might also increase.

[bbc.reporter]

I am beginning to doubt this Do Kwon announcement. I am not certain why bitcoin is dumping, however, I speculate that Do Kwon is using Terra to buy his own personal bitcoin holdings that he might have bought during the bear market. I also speculate that Michael Saylor might be doing this also. I cannot prove this, however. I only speculate and scratch my head hehehe.

[pooya87]

I am not certain why bitcoin is dumping

You sometimes say things that make no sense, specially since you aren't new.
3-4% fluctuations are not called "dumping" something bigger than $10% is. That means if price had fallen down to $39k-$40k then you could have called it "dumping" not when it goes from $44k to $46k then to $43k then back to $45k, rinse and repeat.

[JohnBitCo]

I am not certain why bitcoin is dumping

You sometimes say things that make no sense, specially since you aren't new.
3-4% fluctuations are not called "dumping" something bigger than $10% is. That means if price had fallen down to $39k-$40k then you could have called it "dumping" not when it goes from $44k to $46k then to $43k then back to $45k, rinse and repeat.

Yeah, bitcoin does not move in a straight line. In fact, no finical markets move in a straight line. When any coin moves in an upward direction, there are a lot of people who have bought that coin low and they tend to book profits and hence we see some correction. As long as the bullish structure of Higher High and Higher low is not broken, there is nothing to worry about regarding bitcoin price movements.

[tygeade]

You sometimes say things that make no sense, specially since you aren't new.
3-4% fluctuations are not called "dumping" something bigger than $10% is. That means if price had fallen down to $39k-$40k then you could have called it "dumping" not when it goes from $44k to $46k then to $43k then back to $45k, rinse and repeat.

Yeah, bitcoin does not move in a straight line. In fact, no finical markets move in a straight line. When any coin moves in an upward direction, there are a lot of people who have bought that coin low and they tend to book profits and hence we see some correction. As long as the bullish structure of Higher High and Higher low is not broken, there is nothing to worry about regarding bitcoin price movements.

Corrections needs to happen in order to cleanse the market, otherwise we will always have the doom of people who would be selling, but we wouldn't know when they will do that. With people actually providing some sort of situation that allows us to see who sold and got out, this allows us to know that we wouldn't have to be worried about people selling and getting out, it means they already did that and we could get in without worrying about those people.

If you get in while there is a threat of people selling then it's bad, but if you get in after they already sold then you could feel more at ease with your investment and anybody that gets in right now will be like that.

[bbc.reporter]

I am not certain why bitcoin is dumping

You sometimes say things that make no sense, specially since you aren't new.
3-4% fluctuations are not called "dumping" something bigger than $10% is. That means if price had fallen down to $39k-$40k then you could have called it "dumping" not when it goes from $44k to $46k then to $43k then back to $45k, rinse and repeat.

What makes no sense? The terminology for pump or dump has become nuanced in trading. The definition for the word pump is only the act of buying. This is also similar to dump which is the act of selling. The terms pump and dump were derived from the activites of scammers where they would make false promises on a penny stock or a scamcoin and pump the stock 10x then dump them. Presently I am only using the nuanced definition. However, suggest another word and we will use that.

[Renampun]

I am beginning to doubt this Do Kwon announcement. I am not certain why bitcoin is dumping, however, I speculate that Do Kwon is using Terra to buy his own personal bitcoin holdings that he might have bought during the bear market. I also speculate that Michael Saylor might be doing this also. I cannot prove this, however. I only speculate and scratch my head hehehe.

I also think the same as you...

when the bitcoin price dump, I suspect michael saylor sell his hold and has taken profit from bitcoin - then bought it back at a lower price, as well as do kwon, it is very clear that he uses the profits he gets from terra to buy bitcoins personally. I'm curious about what will happen to the future of terra tokens and terra stablecoins.

[Daltonik]

Against the background of the decline in the price of bitcoin, LFG continues to accumulate bitcoins, so on April 10, the company additionally acquired 4129 BTC in the amount of $176 million, so now there are about 39,898 BTC in the balance of the Luna-LFG wallet in the amount of approximately $1.624 billion. https://bitinfocharts.com/bitcoin/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q

Source: https://u.today/terra-buys-another-176-million-in-bitcoin

[Daltonik]

Terra on April 13 buys another 2,508 bitcoins for more than $100 million, thereby increasing the number of bitcoins to 42,406, which is almost $1.7 billion, Terraform Labs co-founder Do Kwon reports on Twitter, which is generally confirmed by an increase in BTC on the balance of the Luna-LFG wallet.

https://twitter.com/stablekwon/status/1514070136587964421

[bbc.reporter]

It appears that there is a new entry in the algorithmic stable coin market. Justin Sun and his USDD hehehe. According to their development team, USDD will also hold a reserve worth $10 billion similar to Terra's UST. However, it might not be 100% in bitcoin. They only mentioned $10 billion of highly liquid assets. I am quite certain bitcoin will be a big portion of this and it will certainly provide more buy pressure for bitcoin.



TRON DAO joined hands with major blockchain players to launch USDD (Decentralized USD), the most decentralized stablecoin in human history, making finance accessible to all by applying mathematics and algorithms. As a result, it enjoys perpetual existence without relying on any centralized entities.

The roadmap of TRON-based USDD consists of four stages—1.0 Space, 2.0 ISS, 3.0 Moon, and 4.0 Mars—echoing both mankind’s and TRON's efforts in future space exploration. In 1.0 Space, the USDD management will be entrusted to the TRON DAO Reserve and other major blockchain institutions. The former will be tasked to provide custody service for the $10 billion worth of highly liquid assets raised from initiators of the blockchain industry, use them as an early-stage reserve, keep the exchange rate of USDD stable, and enforce convertibility fully.

Source https://www.hejustinsun.com/post/an-open-letter-on-the-issuance-of-usdd-a-decentralized-algorithmic-stablecoin-on-tron

[Marvell1]

I am beginning to doubt this Do Kwon announcement. I am not certain why bitcoin is dumping, however, I speculate that Do Kwon is using Terra to buy his own personal bitcoin holdings that he might have bought during the bear market. I also speculate that Michael Saylor might be doing this also. I cannot prove this, however. I only speculate and scratch my head hehehe.

I also think the same as you...

when the bitcoin price dump, I suspect michael saylor sell his hold and has taken profit from bitcoin - then bought it back at a lower price, as well as do kwon, it is very clear that he uses the profits he gets from terra to buy bitcoins personally. I'm curious about what will happen to the future of terra tokens and terra stablecoins.

Yesterday had a news: A wallet is said to be Microstrgety's wallet that has sold more than 1500 BTC yesterday. Michael Saylor always said that he only bought and hold Bitcoin not selling, but behind him to sell his Bitcoin to Bitcoin dumping.
This is just a rumor circulating on social media and I still can't confirm if it's true.
Main address: 1p5zedwtktfgxqjzphgwpqupe554wkdfhq
Address of sub-management: 1fzwlkaahhoov3kztgyx6qsswxj6scxksr "

https://twitter.com/Coinsandtoken/status/1517045545889636355

[btc78]

I am beginning to doubt this Do Kwon announcement. I am not certain why bitcoin is dumping, however, I speculate that Do Kwon is using Terra to buy his own personal bitcoin holdings that he might have bought during the bear market. I also speculate that Michael Saylor might be doing this also. I cannot prove this, however. I only speculate and scratch my head hehehe.

we can all have our own speculation but in the end it is the market that will decide ,  though Like you? i also have thinking in this interest because the pump of Bitcoin stays hard and did not even take 50k again .
How come that they are planning to add 10 billion dollars but looks like it is just a promises that will never happen.

[tokeweed]

I am beginning to doubt this Do Kwon announcement. I am not certain why bitcoin is dumping, however, I speculate that Do Kwon is using Terra to buy his own personal bitcoin holdings that he might have bought during the bear market. I also speculate that Michael Saylor might be doing this also. I cannot prove this, however. I only speculate and scratch my head hehehe.

I also think the same as you...

when the bitcoin price dump, I suspect michael saylor sell his hold and has taken profit from bitcoin - then bought it back at a lower price, as well as do kwon, it is very clear that he uses the profits he gets from terra to buy bitcoins personally. I'm curious about what will happen to the future of terra tokens and terra stablecoins.

Yesterday had a news: A wallet is said to be Microstrgety's wallet that has sold more than 1500 BTC yesterday. Michael Saylor always said that he only bought and hold Bitcoin not selling, but behind him to sell his Bitcoin to Bitcoin dumping.
This is just a rumor circulating on social media and I still can't confirm if it's true.
Main address: 1p5zedwtktfgxqjzphgwpqupe554wkdfhq
Address of sub-management: 1fzwlkaahhoov3kztgyx6qsswxj6scxksr "

https://twitter.com/Coinsandtoken/status/1517045545889636355

Unconfirmed.  And who is that guy?  Just another clout chasing account who just wants some engagement to increase his follower count.

It appears that there is a new entry in the algorithmic stable coin market. Justin Sun and his USDD hehehe. According to their development team, USDD will also hold a reserve worth $10 billion similar to Terra's UST. However, it might not be 100% in bitcoin. They only mentioned $10 billion of highly liquid assets. I am quite certain bitcoin will be a big portion of this and it will certainly provide more buy pressure for bitcoin.



TRON DAO joined hands with major blockchain players to launch USDD (Decentralized USD), the most decentralized stablecoin in human history, making finance accessible to all by applying mathematics and algorithms. As a result, it enjoys perpetual existence without relying on any centralized entities.

The roadmap of TRON-based USDD consists of four stages—1.0 Space, 2.0 ISS, 3.0 Moon, and 4.0 Mars—echoing both mankind’s and TRON's efforts in future space exploration. In 1.0 Space, the USDD management will be entrusted to the TRON DAO Reserve and other major blockchain institutions. The former will be tasked to provide custody service for the $10 billion worth of highly liquid assets raised from initiators of the blockchain industry, use them as an early-stage reserve, keep the exchange rate of USDD stable, and enforce convertibility fully.

Source https://www.hejustinsun.com/post/an-open-letter-on-the-issuance-of-usdd-a-decentralized-algorithmic-stablecoin-on-tron

So it looks like not even Do Kwon, Saylor and Elon Musk could save BTC from going red.  Let's see what Justin Sun can do.  I'll be rooting for him.    It would be so hilarious if he and his crew could start buying BTC back up to break 50k.  Lol.  And in case you guys didn't know Justin Sun and CZ are really buddies behind the scenes.  So don't believe everything you read in the paper folks.  Afaik the Chinese always support each other.

[STT]

I am beginning to doubt this Do Kwon announcement. I am not certain why bitcoin is dumping, however, I speculate that Do Kwon is using Terra to buy his own personal bitcoin holdings that he might have bought during the bear market. I also speculate that Michael Saylor might be doing this also. I cannot prove this, however. I only speculate and scratch my head hehehe.

The market is bigger then any whales, at least they better hope this is true because they are in trouble if large buyers are the most important part of the price.   These buyers are speculators like many others, Im not that bullish on Saylor or anyone unless they put the BTC into usage.   The casinos are more of a positive then just a plain fund that buys and then does not actually use the BTC to transact, this isnt expanding the economy for crypto its just sitting on the sidelines hoping it pays off.   I would rather buy only when people hoping to do nothing yet profit have given up.

[OgNasty]

Where you at Do Kwon?  They were promoting the buys fast and furiously when the price was rising...  Now that his purchases are in the red it seems like there isn't a whole lot of praise Do Kwon going on... 

I originally heard he was planning to buy 10 billion dollars worth of BTC to back his coin.  Then I was hearing 3 billion, and now I'm hearing that it might be done at less than 2 billion?  Anyone have the latest facts or know where we can find this information straight from the horse's mouth?  It felt more like a pump and dump than him buying a ton of bitcoins on an ongoing basis.  Does anyone track his personal holdings?  Was he selling while his company was buying?  Feels like the way it was overpromoted and he underdelivered, something doesn't quite sit right.  Maybe he's just taking a break from his purchases so he doesn't buy the market up to $55K and lose half his investment in the following month.

[darewaller]

The market is bigger then any whales, at least they better hope this is true because they are in trouble if large buyers are the most important part of the price.   These buyers are speculators like many others, Im not that bullish on Saylor or anyone unless they put the BTC into usage.   The casinos are more of a positive then just a plain fund that buys and then does not actually use the BTC to transact, this isnt expanding the economy for crypto its just sitting on the sidelines hoping it pays off.   I would rather buy only when people hoping to do nothing yet profit have given up.

Market is certainly bigger than whales, but whales could manipulate the market with their money. Maybe tesla buying 1.5 billion dollars worth of bitcoin back in the day didn't change the price, but the "news" of them buying that much certainly did.

So, the point here is that the price may not be impacted by the whales, but the news of whales could impact the price. When you think about it like that, it's definitely a bit of a problem and I do not know what to think about these whales. I mean one day I love them because they take the prices high, one day I hate them because they bring it down, you can't just take one but not the other, so it's a difficult decision.

[Marvell1]

Unconfirmed.  And who is that guy?  Just another clout chasing account who just wants some engagement to increase his follower count.

Yes, I also just watch the news. The CEO of Microstrategy said rumors about the company silently selling Bitcoin are not right. He explained that as a company regulated by the Securities and Exchange Commission, changes in asset holdings or Bitcoin must be transparently disclosed to shareholders through the SEC. Saylor has repeatedly stated that he will not sell his Bitcoins and will continue to collect BTC in the future.

https://news.bitcoin.com/microstrategy-ceo-dispels-rumor-of-company-quietly-selling-bitcoin/

[romero121]

For some time period it is the Terra Co-founder. Further more and more speculative means gets added. For now nothing has been happening around to connect the market. Now the rumours of MicroStrategy selling bitcoin is termed the reason for the bear move. However this is a minor dip and it isn't bearish. Even at the price of $38500 bitcoin is predicted to stay bullish. For now the strict monetary policy have negatively impacted speculative assets. This includes cryptocurrencies, stocks and commodity futures.

[19Nov16]

Actually many influencers are active and pumping bitcoin, of course anyone is free to pumping or buy bitcoin because bitcoin is available on the market and free, and I'm sure there are still many silent whales that pumping bitcoin so that the market keeps moving positively to reach prices like today.

[DOH!]

Not most influencers are bitcoin-friendly, but part of them see the prospect for bitcoin as a potential transformation.  There are advocates of need, necessary support like Kwon, there are real value advocates like Saylor… there are also potential supporters of speculative profit like Elon… that is the potential for diversity that bitcoin demand brings.  Making money is one, but the real need in the future is the real belief that bitcoin can move forward.

[Dave1]

For some time period it is the Terra Co-founder. Further more and more speculative means gets added. For now nothing has been happening around to connect the market. Now the rumours of MicroStrategy selling bitcoin is termed the reason for the bear move. However this is a minor dip and it isn't bearish. Even at the price of $38500 bitcoin is predicted to stay bullish. For now the strict monetary policy have negatively impacted speculative assets. This includes cryptocurrencies, stocks and commodity futures.

I haven't heard that MicroStrategy is selling at this point, maybe this is just a rumor that causes the market to shrink again, to $38k.

Anyhow, there could be a lot of players in the market having their own agenda, like Do Kwon or Michael Saylor that can change the price because of their huge holdings.  And usually we are affected by this movement. But we have enough experience though to just go with the flow right now and hold, and there is no reason to sell in this bear market.

[Sir Legend]

I think the thing that makes him continue to buy bitcoin is because of the huge potential of bitcoin to be profitable, sometimes investors don't care whether what he buys is pumping or not, he just focuses on buying because he believes he will get a big profit after buying, if there is pumping of course this is another effect.

[bbc.reporter]

@Sir Legend. We should begin to become more skeptical about Do Kwon and the purpose of his $10 billion bitcoin buy announcement, I reckon. Was it to hype bitcoin? This did not work. Was it to hype Terra? That did not work also. Will Terra hold $10 billion in bitcoin in their treasury? Where will this $10 billion come from? By printing UST? However, Terra will only print UST if there is demand in Terra's Luna token.

It appears being a contrarian where the market is bearish, I want to be bullish has made me become less skeptical and more of a hypeman.

[bbc.reporter]

There are rumors that Do Kwon and the supporters of Terra's stablecoin UST might be in danger of depegging. There are also some who are speculating that those supporters, I assume Jump Crypto, 3 Arrows Capital and Defiance Capital are selling Bitcoin and Ethereum to support the peg of UST.

I have not yet made any of the research, however, I saw this tweet. I will share more updates tomorrow.



Algostable $UST about -0.34% off peg with some rather large curve swaps starting to unbalance the pool. Be careful out there.

$UST forced itself into the majority of DeFi and crypto, so if it depegs >2% then the entire space is going to take a massive hit.

Source https://mobile.twitter.com/7ommyzero/status/1523032846339764224?s=12

[Daltonik]

LFG voted for the allocation of a loan to OTC traders in the amount of $1.5 billion (0.75B in BTC, 0.75B in UST) to ensure the binding of the TerraUSD (UST) stablecoin to the dollar in conditions of market volatility in more detail on their Twitter. https://twitter.com/LFG_org/status/1523512196965167104

Maybe that's why with their bitcoin wallet https://bitinfocharts.com/bitcoin/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q all 42,530 BTC were moved to the following two addresses: 30,000 BTC to the Okex exchange wallet https://bitinfocharts.com/bitcoin/block/735653/1NYAd6fA2dc5xowuweFUSDRqRTEzDwk28 and 12,530 BTC to the address https://bitinfocharts.com/bitcoin/address/bc1qslcc7cjghgg7dkyzjaj3jn6l9z6wr0rj9zpwhd7prhc8z2hraafstvq6jn

[bbc.reporter]

@Daltonik. Is it a loan or have they dumped $750m of bitcoin to maintain the peg of 1 UST = 1 USD? Also, would that be enough? UST is presently $0.20 below the peg. It appears that Do Kwon will need to dump more.

https://coinmarketcap.com/currencies/terrausd/

It also appears that if Do Kwon can save UST and return the peg back to $1.00, will the cryptospace community still consider it a trustworthy stablecoin to hold?

[Wind_FURY]

@Daltonik. Is it a loan or have they dumped $750m of bitcoin to maintain the peg of 1 UST = 1 USD? Also, would that be enough? UST is presently $0.20 below the peg. It appears that Do Kwon will need to dump more.

https://coinmarketcap.com/currencies/terrausd/

It also appears that if Do Kwon can save UST and return the peg back to $1.00, will the cryptospace community still consider it a trustworthy stablecoin to hold?

Shower thought. Why didn't Do Kwon keep their reserves in the U.S. Dollar to maintain the peg? Use Bitcoin in their reserves they bought last month, to sell them less than the buying price to defend the peg this month doesn't make logical sense. They should keep their reserves in cash.

[bbc.reporter]

@Wind_FURY. Agreed. Do Kwon and Terra's decision to use bitcoin as the reserve gave the exploiting whales a reason to attack UST's peg. It is presently speculated that there was a whale that has shorted an amount of $4 billion at $42k and also has bought $1 billion in UST before beginning his attack.

The attacker began selling some UST in Binance that started it to depeg to $0.97 and Do Kwon reacted by selling bitcoin to defend the peg. It started a rumor and the whale used all his UST to cause the panic where it caused UST to depeg to a low of $0.65. Do Kwon was forced to dump more bitcoin to defend the peg.

[Wong Gendheng]

I'm curious about what happened to Terra to drop more than 90% this week, and for Terra USD why 1 Terra is only 50 cents? Is there a big negative news that happens with Terra? Or will they migrate to another network?

[Daltonik]

The price continues to decline LUNA on binance is already trading at less than $5, while UST has fallen to $0.27 and continues to decline, theblock reports that LFG is looking for investors to raise more than $ 1 billion for support, but it seems to me this amount will not be enough.

[Wind_FURY]

Another shower thought. Can this be considered what they call a "Black Swan" event? Or were there enough amount of people who saw this Ponzi to crash like this because they knew how it actually worked? I admit that I was wrong for having the opinion that HODLing Bitcoin in Terra's reserves would a benefit for Terra. What it actually did was be a dis-benefit for Bitcoin because they are required to sell to maintain the peg.

[stepwilli]

I mean they had a bit of a fall but they "basically" recovered from there haven't they? But, they are still not at 1 dollar, they are at above 90 cents which is a big achievement if we are considering how they were under 70 cents just today.

This should be an example of how to make money basically, just because many people lost hope and considered this a dead project and how it was gone, the owners took it higher again and if you did buy a lot, you would have profited a lot as well. I understand the logic of not being too much trusty with everyone in the crypto world considering how they constantly scam each other, but this wasn't one of them.

[bbc.reporter]

Much fud, speculations and other news being shared in social media and other information being published in bitcoin news media. The news is Do Kwon was behind another stablecoin project that failed according to Coindesk. There are some members of the Luna community who are beginning to speculate that this is another rugpull.



Do Kwon, the CEO of Terra creator Terraform Labs, was one of the pseudonymous co-founders behind the failed algorithmic stablecoin Basis Cash, CoinDesk has learned.

Basis Cash (BAC) was a closely watched revival in decentralized finance (DeFi) circles when it launched on Ethereum in late 2020, just before the launch of terraUSD (UST), Terra’s flagship stablecoin. Like UST, BAC sought to maintain a $1 peg through code, not collateral.

But it failed: The token of this long-abandoned project never achieved its target of dollar parity, sank below $1 in early 2021 and was trading well below 1 cent on Wednesday.

Source https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/



There are also some groups mentioned that this attack on UST was by Alameda Research, Citadel, 3 Arrows Capital and Justin Sun was also mentioned.

[Kemarit]

^^ Well if this is true then probably this is well planned by Do Kwon on whoever is behind Terra and it's stable coin.

They have a history already and it seems that they have a blue print so they just follow it to the T and make a perfect cover up in the beginning, let everyone know that they are going to pump BTC, giving false hope and now it is crumbling bring down bitcoin with them.

[Paul Pogba]

A few days Terra dropped more than 90% and now the price of Terra is only 33 cents, it seems that investors don't believe anything with the Terra project and create a big panic, is it because the Terra drop then has an impact on the market in general? I'm still wondering if Terra can get up again.

[STT]

Not a black swan, more like Murphy's Law where the nature of the market is to test everything to destruction something I would guess Satoshi kept in mind.
   Thats a heck of a drop, seems to be a bit of a mess.   Does this resemble the crypto equal to the LTCM blowup of the late nineties where some Noble prize winners trying to arbitrage the market with various trades that unfortunately unfolded dramatically.    I didnt realize the wider implications but some people rely on the stable coin thing way too much where as I always regarded it as a bit wobbly and opaque

Thats about a negative a headline as they can muster:
https://www.coindesk.com/layer2/2022/05/11/do-kwon-is-the-elizabeth-holmes-of-crypto/

[Don Pedro Dinero]

Shower thought. Why didn't Do Kwon keep their reserves in the U.S. Dollar to maintain the peg? Use Bitcoin in their reserves they bought last month, to sell them less than the buying price to defend the peg this month doesn't make logical sense. They should keep their reserves in cash.

I was thinking the same thing, but we realise it now. I saw the news a while ago and didn't think about it. But it is logical that in view of what has happened it would have been better to have had dollars.

I guess the underlying idea was that the dollar is devaluing, and by leaps and bounds lately, while bitcoin is a good hedge against inflation.

[bbc.reporter]

This might only be the beginning unless investors are given their money back. There is a report that 2 people have started going to Do Kwon's apartment to break in and to harrass his family. This is scary for Do Kwon, I only hope for the safety of his family and some compensation for the investors.



Police are investigating a report that an unknown person visited the home of Terraform Labs CEO Kwon Do-hyung and rang the doorbell. CEO Kwon's spouse requested the police to designate a person for emergency personal protection.

According to the police on the 13th, the Seongdong Police Station in Seoul received a report that an unidentified person broke into an apartment in Seongsu-dong, Seongdong-gu, and rang the doorbell at around 6:23 pm the day before.

Source https://m.mt.co.kr/renew/view.html?no=2022051308574726920&type=outlink&ref=%3A%2F%2F

[Kemarit]

^^ Sounds very familiar to me, I mean years ago, literally decades when we have a pyramiding scheme here in our country. So lots of people started to put their money on it including high ranking police officers. And when it the scheme was about to crumble, there were reports that this general is sending policemen to the house of the leader of the scheme and harassing the family.

Anyhow, this is scary for Do Kwon and his family but not sure if the police are going to investigate or protect him because a lot of people have lost money investing on Terra, just saying.

[bbc.reporter]

@Kemarit. This is much more different, however. Terra Luna and UST were supported as part of the cryptospace's bluechip ecosystem. The concept of algorithmic stablecoins was something that was going to bring everything more independent from fiat currencies. I reckon as an idea it is something the cryptospace very much needs, however, the implementation is clearly much harder to make.

In any case, the intruder who went to Do Kwon's home talked to news reporters and said that he lost $2.3 million in Luna and UST. This might be clickbait. The reporters should ask if $2.3 million is being valued when Luna was more than $100 per token or if is investment started with $2.3 million.



“I have lost about 2 to 3 billion won (US$2.3 million)
Suspect told reporters

He spoke to the reporters following the Seongdong police station investigation. The suspect also urged Kwon to take up full responsibility for the downfall. He used to operate an online broadcasting channel. The suspect claimed that many had taken their own lives amidst the fall of the stabelcoin.

Source https://watcher.guru/news/suspect-who-invaded-terra-founder-do-kwons-home-reveals-his-motive

[takuma sato]

I was never too convinced that this algorithmic approach to keep a stablecoin stable would work, not only because trusting some algorithm to buy and sell without human supervision involved can end up in a problem but the fact that all these tokens are based on centralized (non-Bitcoin) blockchains, in this case LUNA is an ERC20 token and you can't even sync a full ETH node, should be enough to not trust this.

[bbc.reporter]

From the founder who was pumping bitcoin to the scammer who has dumped everything he pumped hehe. Do Kwon will certainly go to prison for this. He is trying to fix the project by proposing a fork, however, the damage has been done. This cannot be fixed. It can only be fixed in the eyes for those investors who lost money if Do Kwon is convicted and to be banned from making new projects.



The collapse of the tokens linked to the Terra ecosystem, stablecoin terraUSD (UST) and Luna (LUNA), has led to some major investors coming clean and detailing their losses. Two more backers of Terra are disclosing exactly how their balance sheets have been affected.

Publicly, Hashed has said that it is “financially sound” and Hashed Ventures hasn't been affected by the crisis.

All in all, Hashed’s losses amount to over $3.5 billion using pricing data from early April.
Local media in South Korea report that more than 200,000 investors in the country hold Terra-related tokens.

Source https://www.coindesk.com/markets/2022/05/19/terra-backers-delphi-digital-and-hashed-lick-their-wounds-after-ust-and-luna-collapse/



There are also startups that have began scamming their own customers for UST yields in Anchor hehehe.

Yikes. @stablegains
 took USDC and USD via wire from customers promising them 15%, put it all into Anchor without telling them, and skimmed 4% off the top. They have now changed the denominations in their app from USD to UST and are nuking the landing page & old terms.

These guys are in deep trouble - they lost about $42m in funds from 4,878 customers and probably have no way to pay it back (they're a small startup) because they went all in on Anchor's invincibility. Conviction bets are great, but not when toying with people's savings.

Source https://mobile.twitter.com/fatmanterra/status/1527153694218797058?s=12&t=i0uLuE5dnP0wxx9wTxDuew




The government of South Korea has brought back their special financial crimes unit to investigate Terra. This financial crimes unit were also used to investigate IPO scams in the stock market.

A specialized financial crimes unit has been tasked with investigating last week’s collapse of the Terra blockchain’s main cryptocurrencies while founder Do Kwon faces hefty tax fines, according to South Korean media reports.

Source https://www.theblockcrypto.com/post/147606/south-korea-investigates-financial-crimes-crypto-terra-luna-kwon-crash



South Korean lawmakers want Do Kwon for questioning. It appears that the proposed Luna fork might only be something for Do Kwon to make it appear that he is trying to fix the damage.

Earlier today, the de-pegging of UST was taken all the way to the National Assembly’s Political Affairs Committee at a plenary meeting. During the meeting, discussing the damage the network had caused to several individuals, Rep. Yoon Chang-hyeon, a member of the ruling party urged the government to bring in Do Kwon for questioning.

Source https://watcher.guru/news/heres-how-much-trouble-terra-do-kwon-is-in-following-usts-demise

[tygeade]

@Kemarit. This is much more different, however. Terra Luna and UST were supported as part of the cryptospace's bluechip ecosystem. The concept of algorithmic stablecoins was something that was going to bring everything more independent from fiat currencies. I reckon as an idea it is something the cryptospace very much needs, however, the implementation is clearly much harder to make.

In any case, the intruder who went to Do Kwon's home talked to news reporters and said that he lost $2.3 million in Luna and UST. This might be clickbait. The reporters should ask if $2.3 million is being valued when Luna was more than $100 per token or if is investment started with $2.3 million.

Algorithmic Stablecoins were tried and tested way before UST and people decided to ignore all of them because they were low ranked. Just last year during spring months we had like 10 of them crashing all at the same times give or take. People ignored that about UST, why? Because, they were low ranked terrible projects that went down because they were terrible and low ranked and UST wasn't.

Now that we are looking at it, we know there is no difference. You need to realize that we should be focusing a bit more wards something that is a bit realistic and realize that if one thing is bad then the other one is bad as well and there is nothing we can do about that.

[fzkto]

LOL. It's very relevant to see this thread now, after scammer Do Kwon dropped the whole crypto market and stymied people's faith in the bright future of altcoins, which can turn to zero in a few days. What happens next is not quite clear either. It is possible that all stablecoins will start to be regulated and then bitcoin will be difficult to pump up again just by turning on the printing press.

[Wind_FURY]

Tin-foil hats on. Do Kwon was planted by the CIA to build/set up Luna/UST for a massive failure that will open an opportunity for the government to start FUD, immediate regulations on stablecoins, and make way for a fast release and execution of the Fed's CBDC.

[Daltonik]

Meanwhile, the vote on the Terra blockchain hard fork passed the quorum mark, although Do Kwon made changes to the distribution of tokens of the new network after the start of the vote, as he put it "taking into account the opinion of the community", which of course contradicts the principle of decentralization, let's see what they get in the end.

[Daltonik]

The list of CEX who supported airdrop Luna 2.0, as well as details about the distribution among holders before and after the attack can be read here: https://agora.terra.money/t/terra-ecosystem-revival-plan-2-passed-gov/18498

[bbc.reporter]

Meanwhile, the vote on the Terra blockchain hard fork passed the quorum mark, although Do Kwon made changes to the distribution of tokens of the new network after the start of the vote, as he put it "taking into account the opinion of the community", which of course contradicts the principle of decentralization, let's see what they get in the end.

I am not quite certain why many investors would go back there and invest in Luna again. It will be something similar to discovering being cheated by your girlfriend, you separate from her and go back to her again despite of the knowledge she cheated on you hehehe.

However, it cannot be underestimated how many projects in the cryptospace survive after a hack, a theft or an emergency fork because of an exploit. In any case, Do Kwon might buy bitcoin for Terra's treasury again. I will lock this if I have confirmation that he will not be buying.

[btc_angela]

I am not quite certain why many investors would go back there and invest in Luna again. It will be something similar to discovering being cheated by your girlfriend, you separate from her and go back to her again despite of the knowledge she cheated on you hehehe.

I mean we investors are not going to be fooled twice by Do Kwon, if we think rationally, yeah we shouldn't reinvest on this project.

However, it cannot be underestimated how many projects in the cryptospace survive after a hack, a theft or an emergency fork because of an exploit. In any case, Do Kwon might buy bitcoin for Terra's treasury again. I will lock this if I have confirmation that he will not be buying.

The only difference though is that we are in a bear market, and we have a lot of noise in the background like war and inflation. So now sure how new alt coin projects are going to survived in this scenario unless they are going to used the old but effective tactics "pump and dump" scheme.

[AmoreJaz]

I am not quite certain why many investors would go back there and invest in Luna again. It will be something similar to discovering being cheated by your girlfriend, you separate from her and go back to her again despite of the knowledge she cheated on you hehehe.

I mean we investors are not going to be fooled twice by Do Kwon, if we think rationally, yeah we shouldn't reinvest on this project.

However, it cannot be underestimated how many projects in the cryptospace survive after a hack, a theft or an emergency fork because of an exploit. In any case, Do Kwon might buy bitcoin for Terra's treasury again. I will lock this if I have confirmation that he will not be buying.

The only difference though is that we are in a bear market, and we have a lot of noise in the background like war and inflation. So now sure how new alt coin projects are going to survived in this scenario unless they are going to used the old but effective tactics "pump and dump" scheme.

maybe some of these investors are just hoping that they will get back their lost funds. now, i am thinking that do kwon's team knew that this crashed was coming as based from the OP's post last march, they were buying more btc, so they were just making their investors believe that there's bright future for terra. but at the back of their minds, they are about to cash out their bitcoin and now, crashing their UST stablecoin. and then, claiming that they did not benefit on this crash? i don't think so. they already secure their pockets before this crash.
you are right, i hope these investors are thinking smart, do kwon's team is here again for another scamming stunt.

[Frengki_cisco]

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe.

No Do Kwon, can't beat them, Do Kwon's wealth is not comparable to them, the founder of Terra Luna, now the trust of the crypto community has lost, it's all his own doing,

if Do Kwon is the newest celebrity, what's happening right now is the worst thing he's ever done.

[Quidat]

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe.

No Do Kwon, can't beat them, Do Kwon's wealth is not comparable to them, the founder of Terra Luna, now the trust of the crypto community has lost, it's all his own doing,

if Do Kwon is the newest celebrity, what's happening right now is the worst thing he's ever done.

Would really be his first and would really be his last because once the community had been fooled by someone or somebody then expect that you wont really be getting any attention or recognition on the next
time you would tend to advertise or recommend something even if he tries to revive that Luna which have now that fork which is lunac as i know which it do plummets its price before it would hit up
on binance this friday. Do the community would really be fooled twice? I dont think so thats why they should really be wise on what are the things that they've been doing.
Community is the main player of this market even though these big fellas could give out big effects on the market but doesnt mean that they could handle everything.

[bbc.reporter]

I am not quite certain why many investors would go back there and invest in Luna again. It will be something similar to discovering being cheated by your girlfriend, you separate from her and go back to her again despite of the knowledge she cheated on you hehehe.

I mean we investors are not going to be fooled twice by Do Kwon, if we think rationally, yeah we shouldn't reinvest on this project.

However, it cannot be underestimated how many projects in the cryptospace survive after a hack, a theft or an emergency fork because of an exploit. In any case, Do Kwon might buy bitcoin for Terra's treasury again. I will lock this if I have confirmation that he will not be buying.

The only difference though is that we are in a bear market, and we have a lot of noise in the background like war and inflation. So now sure how new alt coin projects are going to survived in this scenario unless they are going to used the old but effective tactics "pump and dump" scheme.

Agreed. There appears to be cryptofunds that continue to support it, however. There are also centralized exchanges that have listed the token of Luna's fork with the original chain being called Luna Classic. This sounds very familiar heheheheheee.

I disagree that many altcoin projects will be pump and dump schemes. They are only good for bull markets where they can make easy money. The bear market is a time for building and a time where only the best development teams will survive and enter the bull market. Will it be Luna? We cannot be certain.

[pooya87]

Do Kwon will certainly go to prison for this.

I don't think there is any law against creating shitcoins otherwise there would be thousands of shitcoin creators from ethereum founders to AKIHIKO (that's the shitcoin at the bottom of CMC list LOL) would have been in jail.
Basically they created a useless garbage, idiots who refused to listed to the rest of us bought it and they ended up losing money as we predicted.

[bbc.reporter]

Do Kwon will certainly go to prison for this.

I don't think there is any law against creating shitcoins otherwise there would be thousands of shitcoin creators from ethereum founders to AKIHIKO (that's the shitcoin at the bottom of CMC list LOL) would have been in jail.
Basically they created a useless garbage, idiots who refused to listed to the rest of us bought it and they ended up losing money as we predicted.

However, after what has occured where there was around $45 billion of value erased, the regulators might find a reason to begin investigating this. It might arguable to say if it was intended to be a scam but Luna can also be charged as a ponzi scheme and regulators will use all the powers they have to put anyone involved in creating this in prison.

Do Kwon is also being invited to attend a meeting of South Korea's national assembly for questioning.

[Daltonik]

Now Terraform Labs CEO Do Kwon is quite actively rejecting accusations that he cashed out $2.7 billion from LUNA and UST, according to rumors, he has been doing this for 3 years for $80 million monthly, according to @FatManTerra.
Do Kwon himself calls these accusations nothing more than rumors and urges to be restrained until the situation is fully clarified, I really would like the law enforcement agencies of South Korea to work hard on the investigation.

[Wilhelm]

Now Terraform Labs CEO Do Kwon is quite actively rejecting accusations that he cashed out $2.7 billion from LUNA and UST, according to rumors, he has been doing this for 3 years for $80 million monthly, according to @FatManTerra.
Do Kwon himself calls these accusations nothing more than rumors and urges to be restrained until the situation is fully clarified, I really would like the law enforcement agencies of South Korea to work hard on the investigation.

Or ask North Korea to help extract the info 

Anyway he's just as guilty as Bernie Madoff for projecting false profits and blowing up.

[buwaytress]

Man this did not age well, or shall we say, it aged terribly badly, terribly quickly!

Not laughing at your expense, bbc, I know I've stucky opinion into holes plenty so I am pot enough to not call out the kettle but yeah, he bought a lot, but it did not budge the market at the time.

Selling it shouldn't have either yet the BTC reserve selloff was roundly blamed or at least partially for the crash in BTC.

This. This is why all the Saylor and Bukele buys to me will never do much to lift prices.

That is the tough reality of markets. Few Fomo buy on the coattails of whale buys. But whale sells? Panic!!

[bbc.reporter]

@buwaytress. It is okay to laugh hehe. I admitted my mistake in this thread on page 6, however. It might be because the bear market was beginning and any good news was what hyped me without being my usual skeptical self hehehe.

You also want to laugh at something? Justin Sun has declared that he will buy bitcoin to use as the backing for his own stablecoin USDD.



To maintain the USDD algorithmic stablecoin, the TRON DAO Reserve continues to purchase BTC and TRX. The TRON DAO Reserve moved USDT via Binance Exchange to purchase more BTC and TRX as a reserve for USDD, according to Justin Sun.

Source https://coinquora.com/justin-sun-100m-usdt-was-used-to-buy-btc-and-trx-as-a-reserve/

@Daltonik. If there are institutional investors in America who lost their money in Anchor, I speculate that he will be exrtradited and he will be on trial in an American courthouse.

[buwaytress]

@buwaytress. It is okay to laugh hehe. I admitted my mistake in this thread on page 6, however. It might be because the bear market was beginning and any good news was what hyped me without being my usual skeptical self hehehe.

You also want to laugh at something? Justin Sun has declared that he will buy bitcoin to use as the backing for his own stablecoin USDD.

@bbc.reporter heh yeah, it's just so easy to shoot yourself in the foot when making predictions, analyses etc. Saw that Bitcoin dipped all the way to $21k earlier today, that was Saylor's margin call point, wasn't it? Know if he lost anything or did he dump in more collateral.

Bitcoin reserves to protect a stablecoin peg... hmm, where have I heard that debacle before? Funnier is probably that the model has been tried, tested and proven to fail many times!

[Daltonik]

<...>
Anyway he's just as guilty as Bernie Madoff for projecting false profits and blowing up.

I also think that this is so, especially since according to the investigation conducted by Uppsala Security, the wallet that caused the collapse of UST belonged to Terraform Labs, so investors suffered losses due to the actions of Terra.

https://sentinel-protocol.medium.com/part-1-debunking-the-lunatic-conspiracy-what-you-didnt-know-about-the-activities-behind-the-57227b75d5a6

[bbc.reporter]

@buwaytress. It is okay to laugh hehe. I admitted my mistake in this thread on page 6, however. It might be because the bear market was beginning and any good news was what hyped me without being my usual skeptical self hehehe.

You also want to laugh at something? Justin Sun has declared that he will buy bitcoin to use as the backing for his own stablecoin USDD.

@bbc.reporter heh yeah, it's just so easy to shoot yourself in the foot when making predictions, analyses etc. Saw that Bitcoin dipped all the way to $21k earlier today, that was Saylor's margin call point, wasn't it? Know if he lost anything or did he dump in more collateral.

Bitcoin reserves to protect a stablecoin peg... hmm, where have I heard that debacle before? Funnier is probably that the model has been tried, tested and proven to fail many times!

He might not have been margin called yet, however, if an investor begins to put more collateral to maintain a leveraged position, this is a warning sign. We should not forget that he used his company to issue debt to fund the bitcoin investment. He pays monthly interests for this debt.

I am not worred about Michael Saylor, however. Elon might be quicker to decide if he wants Tesla to begin selling their investment in bitcoin on a loss.



Tesla and MicroStrategy lost a lump sum amount during the current bear market. Both companies are prominent investors in the crypto market, with billions invested in bitcoin and other cryptocurrencies.

The two massive bitcoin and crypto holders are down by nearly $1.5 billion in combined losses. According to the data by Bitcointreasuries, Microstrategy’s, and Tesla’s bitcoin holdings, 130,000 and 43,000 are worth way below the initial purchase amount.

Source https://watcher.guru/news/heres-how-many-billions-elon-musk-and-michael-saylor-are-down-from-the-current-crypto-crash

[buwaytress]

^ Combined 1.5B losses doesn't sound as bad as how much the last big stablecoin lost in pure BTC reserves.

Definitely more hurt for Saylor and far, far less for Elon ... when considering how much Tesla/MicroStrategy stocks themselves lost in the same period MS lost over $4B (still can't believe this guy put so much in BTC), Tesla over $500B, in just 2 months! Too lazy to look up how much shares of own company each personally has.

They definitely got tears in multiple buckets, not just BTC.

[bbc.reporter]

@buwaytress. Agreed. I speculate that each of their company's' performance during the bear market, a coming economic crisis, Ukraine invasion and there is the risk of China's invasion of Taiwan might not be very good. There is also China's defense ministry. He has already warned that America and their allies should avoid the Taiwan Strait or there will be war.

I predict Saylor liquidation fud to begin if bitcoin dumps under $20k and cause more panic.

[buwaytress]

@buwaytress. Agreed. I speculate that each of their company's' performance during the bear market, a coming economic crisis, Ukraine invasion and there is the risk of China's invasion of Taiwan might not be very good. There is also China's defense ministry. He has already warned that America and their allies should avoid the Taiwan Strait or there will be war.

I predict Saylor liquidation fud to begin if bitcoin dumps under $20k and cause more panic.

Except that now he seems to have backtracked somewhat and said that the danger is really not as significant as -- think 3 days ago, I saw the full transcript on phone and he said a lot of things that didn't seem to add up

Takeaways: plenty of assets left to collateralise, margin call wouldn't happen below 21k, and he's leveraged 1.04, so would need 95% drop of purchase price (so that's $2000) to get in trouble.

But I don't know, was a rough interview and vague as hell.

[TheGreatPython]

<...>
Anyway he's just as guilty as Bernie Madoff for projecting false profits and blowing up.

I also think that this is so, especially since according to the investigation conducted by Uppsala Security, the wallet that caused the collapse of UST belonged to Terraform Labs, so investors suffered losses due to the actions of Terra.

https://sentinel-protocol.medium.com/part-1-debunking-the-lunatic-conspiracy-what-you-didnt-know-about-the-activities-behind-the-57227b75d5a6

I did not know that the actions taken were by Tera itself, I always assumed that it was mainly by some other attacker that came in and found a way to make more profit as it got lower and lower, so I was assuming that there was a hacker that took care of this. Maybe I was wrong, and I understand that now, and the research is very precious since it is showing what we didn't know.

But at the same time, I have to say that there is a good case to be made about the fact that these were just some project owners that we invested our money to. Which means that, there are hundreds of these type of projects out there, even if Do Kwon is guilty, we are still doing it to other projects.

[bbc.reporter]

@buwaytress. Agreed. I speculate that each of their company's' performance during the bear market, a coming economic crisis, Ukraine invasion and there is the risk of China's invasion of Taiwan might not be very good. There is also China's defense ministry. He has already warned that America and their allies should avoid the Taiwan Strait or there will be war.

I predict Saylor liquidation fud to begin if bitcoin dumps under $20k and cause more panic.

Except that now he seems to have backtracked somewhat and said that the danger is really not as significant as -- think 3 days ago, I saw the full transcript on phone and he said a lot of things that didn't seem to add up

Takeaways: plenty of assets left to collateralise, margin call wouldn't happen below 21k, and he's leveraged 1.04, so would need 95% drop of purchase price (so that's $2000) to get in trouble.

But I don't know, was a rough interview and vague as hell.

What he said is true. They have the assets to add more to their leveraged position if bitcoin dumps further, however, assuming that the asset is also bitcoin or stocks of Microstrategy would this really be the best decision as an investor? Everyone else is beginning to deleverage and Saylor will add more leverage? This is head shaking.

[Zaun]

@buwaytress. Agreed. I speculate that each of their company's' performance during the bear market, a coming economic crisis, Ukraine invasion and there is the risk of China's invasion of Taiwan might not be very good. There is also China's defense ministry. He has already warned that America and their allies should avoid the Taiwan Strait or there will be war.

I predict Saylor liquidation fud to begin if bitcoin dumps under $20k and cause more panic.

Except that now he seems to have backtracked somewhat and said that the danger is really not as significant as -- think 3 days ago, I saw the full transcript on phone and he said a lot of things that didn't seem to add up

Takeaways: plenty of assets left to collateralise, margin call wouldn't happen below 21k, and he's leveraged 1.04, so would need 95% drop of purchase price (so that's $2000) to get in trouble.

But I don't know, was a rough interview and vague as hell.

What he said is true. They have the assets to add more to their leveraged position if bitcoin dumps further, however, assuming that the asset is also bitcoin or stocks of Microstrategy would this really be the best decision as an investor? Everyone else is beginning to deleverage and Saylor will add more leverage? This is head shaking.

I expect crypto, like stocks to retract. But for some reason i hope Saylor will survive this bear market.
We've had so many idiots associated with crypto; Mcafee, Musk, Garza, Da Kown, it's good to have a normal person, a business person, being associated with crypto right?

[buwaytress]

What he said is true. They have the assets to add more to their leveraged position if bitcoin dumps further, however, assuming that the asset is also bitcoin or stocks of Microstrategy would this really be the best decision as an investor? Everyone else is beginning to deleverage and Saylor will add more leverage? This is head shaking.

Well if he didn't margin call today, I'd say he'd be bullshitting though. But yeah, supposedly the balance sheet was mostly BTC already so he's going to be puffing heavy at his board to convince them to further shore up the bet with even more Bitcoin. It was a risky gamble already and while I'm firmly a Bitcoin hold kind of guy, I'm really not sure it's wise to chase with even more Bitcoin...

We've had so many idiots associated with crypto; Mcafee, Musk, Garza, Da Kown, it's good to have a normal person, a business person, being associated with crypto right?

Not sure I'd classify Saylor as normal... but aren't all us forum folks a collective representative of regular people? I've been doing so many Bitcoin-related small businesses/organisations, all Bitcoin-run and salaried. Granted, mostly have failed (commercially haha) but I'm still a freelancer earning in Bitcoin, and still enjoy trying out and self-funding new projects, again exclusively with Bitcoin.

[Wilhelm]

<...>
Anyway he's just as guilty as Bernie Madoff for projecting false profits and blowing up.

I also think that this is so, especially since according to the investigation conducted by Uppsala Security, the wallet that caused the collapse of UST belonged to Terraform Labs, so investors suffered losses due to the actions of Terra.

https://sentinel-protocol.medium.com/part-1-debunking-the-lunatic-conspiracy-what-you-didnt-know-about-the-activities-behind-the-57227b75d5a6

I did not know that the actions taken were by Tera itself, I always assumed that it was mainly by some other attacker that came in and found a way to make more profit as it got lower and lower, so I was assuming that there was a hacker that took care of this. Maybe I was wrong, and I understand that now, and the research is very precious since it is showing what we didn't know.

But at the same time, I have to say that there is a good case to be made about the fact that these were just some project owners that we invested our money to. Which means that, there are hundreds of these type of projects out there, even if Do Kwon is guilty, we are still doing it to other projects.

I hope that some of these people get harsh punishments just to set an example for others attempting to con others by not having enough collateral.

[barbara44]

@buwaytress. Agreed. I speculate that each of their company's' performance during the bear market, a coming economic crisis, Ukraine invasion and there is the risk of China's invasion of Taiwan might not be very good. There is also China's defense ministry. He has already warned that America and their allies should avoid the Taiwan Strait or there will be war.

I predict Saylor liquidation fud to begin if bitcoin dumps under $20k and cause more panic.

Except that now he seems to have backtracked somewhat and said that the danger is really not as significant as -- think 3 days ago, I saw the full transcript on phone and he said a lot of things that didn't seem to add up

Takeaways: plenty of assets left to collateralise, margin call wouldn't happen below 21k, and he's leveraged 1.04, so would need 95% drop of purchase price (so that's $2000) to get in trouble.

But I don't know, was a rough interview and vague as hell.

Another thing about him is that whenever he says something, we doubt him, he could be saying the truth or he could be telling a lie and we wouldn't know. This is why it's hard for Luna to comeback, not because it is a bad coin or a project or anything like that, at the hands of someone everyone trusts it could recover even after all of what has happened.

But as we all know, nobody really trusts Do Kwon after what happened, and that is why it's clear to me that Luna will never recover, because people do not want to invest into something he is involved with anymore. Leverage or not, truth or not, if we doubt what he is saying, then what he does doesn't matter anymore.

[ScamViruS]

I expect crypto, like stocks to retract. But for some reason i hope Saylor will survive this bear market.
We've had so many idiots associated with crypto; Mcafee, Musk, Garza, Da Kown, it's good to have a normal person, a business person, being associated with crypto right?

New faces come to the crypto market every time and they try many things but fail. Elon Musk is another name that has tried to make a lot of impact in the crypto market and he has taken advantage of it. Such people will keep coming as time goes on and we have to see their nonsense activities. Micro strategy took entry into the market at a time when the bull market, I do not know if it was the decision of their financial advisor or the decision of the CEO to take entry at a high price!

[Wilhelm]

I expect crypto, like stocks to retract. But for some reason i hope Saylor will survive this bear market.
We've had so many idiots associated with crypto; Mcafee, Musk, Garza, Da Kown, it's good to have a normal person, a business person, being associated with crypto right?

New faces come to the crypto market every time and they try many things but fail. Elon Musk is another name that has tried to make a lot of impact in the crypto market and he has taken advantage of it. Such people will keep coming as time goes on and we have to see their nonsense activities. Micro strategy took entry into the market at a time when the bull market, I do not know if it was the decision of their financial advisor or the decision of the CEO to take entry at a high price!

Just an idea based on what I think I know about the american system....

Buy high with a long term horizon
Get a tax deduction on the losses you can spread over the years to come
It goes back up an you have profit and low taxes

[bbc.reporter]

@buwaytress. Agreed. I speculate that each of their company's' performance during the bear market, a coming economic crisis, Ukraine invasion and there is the risk of China's invasion of Taiwan might not be very good. There is also China's defense ministry. He has already warned that America and their allies should avoid the Taiwan Strait or there will be war.

I predict Saylor liquidation fud to begin if bitcoin dumps under $20k and cause more panic.

Except that now he seems to have backtracked somewhat and said that the danger is really not as significant as -- think 3 days ago, I saw the full transcript on phone and he said a lot of things that didn't seem to add up

Takeaways: plenty of assets left to collateralise, margin call wouldn't happen below 21k, and he's leveraged 1.04, so would need 95% drop of purchase price (so that's $2000) to get in trouble.

But I don't know, was a rough interview and vague as hell.

What he said is true. They have the assets to add more to their leveraged position if bitcoin dumps further, however, assuming that the asset is also bitcoin or stocks of Microstrategy would this really be the best decision as an investor? Everyone else is beginning to deleverage and Saylor will add more leverage? This is head shaking.

I expect crypto, like stocks to retract. But for some reason i hope Saylor will survive this bear market.
We've had so many idiots associated with crypto; Mcafee, Musk, Garza, Da Kown, it's good to have a normal person, a business person, being associated with crypto right?

I also hope Saylor survives this bear market. If he was liquidated this will certainly cause a dump lower than $5000 if some articles from mainstream news media are correct in their reports that his liquidation price is around $3000. This will also be very bad for business in the cryptospace.

[bbc.reporter]

<...>
Anyway he's just as guilty as Bernie Madoff for projecting false profits and blowing up.

I also think that this is so, especially since according to the investigation conducted by Uppsala Security, the wallet that caused the collapse of UST belonged to Terraform Labs, so investors suffered losses due to the actions of Terra.

https://sentinel-protocol.medium.com/part-1-debunking-the-lunatic-conspiracy-what-you-didnt-know-about-the-activities-behind-the-57227b75d5a6

I do not know where to find Binance's analysis, however, it appears that CZ is telling everyone that Uppsala Security's assumption that the address or some of those addresses mentioned in their analysis is wrong and they do not belong to Terraform Labs.



Based on our analysis, this report is wrong. Not defending Terra, I have criticized them heavily. Just pointing out a mistake. Cunningham's law. The address in the article does not seem to belong to Terra.

Source https://mobile.twitter.com/cz_binance/status/1537930945981841415?s=12&t=swxOClSHPwlqYmhE99_e1w


Also, according to this article, Luna's whistleblower has also mentioned that the address is Kucoin's hot wallet.



The report caused further panic in the Terra community after it went viral. Interestingly, popular Terra whistleblower FatMan slammed the report as false on the grounds that the address does not belong to Terra developers, as claimed by Coindesk and Uppsala Security.

FatMan said the address belongs to a KuCoin hot wallet as opposed to being owned by the TFL team.

“I am disappointed that an outlet as prestigious as CoinDesk Korea would publish this without running basic checks,” FatMan said. 

Source https://cryptonews.net/news/altcoins/8418303/

[Daltonik]

Whatever it was, in fact, Do Kwon should be responsible for what happened to Luna by the way, a class action lawsuit was filed against Terraform Labs and its head Do Kwon in the court of the Northern District of California from Terra investors demanding to reimburse them the purchase price of Luna tokens. https://www.docdroid.net/fAFxC9p/terra-lawsuit-pdf

https://twitter.com/tier10k/status/1538151023692374016?ref_src=twsrc%5Etfw

[bbc.reporter]

@Daltonik. He should be very responsible and it will not be very shocking if he will go to prison for this. However, these onchain analyst and security organization should rescan and confirm everything before publishing their findings. This is their responsibility.

In any case, what appears to be the bigger problem is Celsius and 3 Arrows Capital's collapse. It is speculated that Celsius holds billions in institutional investors' money which is also speculated that it has deployed and worth half of the whole TVL of defispace. The other problem is 3 Arrows Capital. They have billions of undercollaterized loans from the biggest cryptolenders, Nexo, Blockfi, Celsius, Genesis.

[Daltonik]

In any case, what appears to be the bigger problem is Celsius and 3 Arrows Capital's collapse. It is speculated that Celsius holds billions in institutional investors' money which is also speculated that it has deployed and worth half of the whole TVL of defispace. The other problem is 3 Arrows Capital. They have billions of undercollaterized loans from the biggest cryptolenders, Nexo, Blockfi, Celsius, Genesis.

Celsius thoughtlessly invested users' funds in experimental DeFi protocols that had significant security gaps, for example, in December 2021, the BadgerDAO protocol was hacked by hackers, where Celsius lost $50 million, in February 2022, when the developers of the Stakehound protocol lost users' private keys, the losses of Celsius were estimated at 35,000 Eth ($70 million at that time), and the loss of $500 million during the collapse of Luna/UST, and I think this is only what is known at the moment.

[bbc.reporter]

@Daltonik. What is also head shaking is Su Zhu and 3 Arrows. They have already made their profit from the bull market, however, they took loans and traded on leverage. If they only waited for the bubble pop and if they have bought bitcoin, ethereum, also bluechip coins and tokens they would be richer than Bill Gates in 8 years hehehee.

[bbc.reporter]

News update.

It appears that there are 2 government regulators that have an arrest warrant for Do Kwon hehehe. Terra Luna might also be recorded in the crypto history books as the biggest ponzi schemes of the cryptospace. This is much bigger than Bitconnect.

How much was Bitconnect's highest market capitalization? Luna might have been more than 50 times bigger, I reckon.



South Korean court issued an arrest warrant for Do Kwon, CEO of Terraform Labs, four months after the collapse of the Terra ecosystem, its native luna token and its TerraUSD algorithmic stablecoin — which together wiped out some $40 billion in value.

Chosun Ilbo, a South Korean newspaper, was first to report the news. The warrant was issued by the Seoul Southern District Prosecutors' Office's Joint Investigation Team on Financial Securities Crimes (led by director Dan Sung-han) and 2nd Division of Financial Investigation (led by chief prosecutor Chae Hee-man), according to the report.

Kwon is currently believed to reside in Singapore, per the report, which stated that there have also been warrants issued for the arrest of Nicholas Platias, another of Terraform Labs’ founders, and Han Mo, another employee. They are charged with violating the Capital Markets Act.

Source https://www.theblock.co/post/169825/south-korean-court-issues-warrant-for-do-kwons-arrest

[OgNasty]

News update.

It appears that there are 2 government regulators that have an arrest warrant for Do Kwon hehehe. Terra Luna might also be recorded in the crypto history books as the biggest ponzi schemes of the cryptospace. This is much bigger than Bitconnect.

How much was Bitconnect's highest market capitalization? Luna might have been more than 50 times bigger, I reckon.



South Korean court issued an arrest warrant for Do Kwon, CEO of Terraform Labs, four months after the collapse of the Terra ecosystem, its native luna token and its TerraUSD algorithmic stablecoin — which together wiped out some $40 billion in value.

Chosun Ilbo, a South Korean newspaper, was first to report the news. The warrant was issued by the Seoul Southern District Prosecutors' Office's Joint Investigation Team on Financial Securities Crimes (led by director Dan Sung-han) and 2nd Division of Financial Investigation (led by chief prosecutor Chae Hee-man), according to the report.

Kwon is currently believed to reside in Singapore, per the report, which stated that there have also been warrants issued for the arrest of Nicholas Platias, another of Terraform Labs’ founders, and Han Mo, another employee. They are charged with violating the Capital Markets Act.

Source https://www.theblock.co/post/169825/south-korean-court-issues-warrant-for-do-kwons-arrest

I'm very curious how this will turn out.  I'm not sure there's evidence this was an actual Ponzi from the start, but I haven't cared much about the saga other than that I was saying how stupid it was for him to telegraph his buys like that, but now I see that he was doing it on purpose to pump Bitcoin for himself to get rich and then dump on everyone.  I'm not sure that's illegal though, but maybe we'll find out why soon enough.  It looks like they've taken his passport now to try and stop him from fleeing the country.  I'm sort of surprised he isn't already on a beach somewhere getting plastic surgery and a new identity, but maybe he is.  This is the most interesting case since Razzlekhan. 

[AmoreJaz]

I'm very curious how this will turn out.  I'm not sure there's evidence this was an actual Ponzi from the start, but I haven't cared much about the saga other than that I was saying how stupid it was for him to telegraph his buys like that, but now I see that he was doing it on purpose to pump Bitcoin for himself to get rich and then dump on everyone.  I'm not sure that's illegal though, but maybe we'll find out why soon enough.  It looks like they've taken his passport now to try and stop him from fleeing the country.  I'm sort of surprised he isn't already on a beach somewhere getting plastic surgery and a new identity, but maybe he is.  This is the most interesting case since Razzlekhan.  

i agree with you here, he should have disappeared by now. but maybe, he was not expecting that the authorities will indeed arrest him. or maybe, he has confidence that they can't detain him because there are no solid evidences for him. in this market, it is indeed hard to prove if the project is a ponzi or not. i guess, authorities will find another case against him so they can keep do kwon in jail.

[bbc.reporter]

News update.

It appears that there are 2 government regulators that have an arrest warrant for Do Kwon hehehe. Terra Luna might also be recorded in the crypto history books as the biggest ponzi schemes of the cryptospace. This is much bigger than Bitconnect.

How much was Bitconnect's highest market capitalization? Luna might have been more than 50 times bigger, I reckon.



South Korean court issued an arrest warrant for Do Kwon, CEO of Terraform Labs, four months after the collapse of the Terra ecosystem, its native luna token and its TerraUSD algorithmic stablecoin — which together wiped out some $40 billion in value.

Chosun Ilbo, a South Korean newspaper, was first to report the news. The warrant was issued by the Seoul Southern District Prosecutors' Office's Joint Investigation Team on Financial Securities Crimes (led by director Dan Sung-han) and 2nd Division of Financial Investigation (led by chief prosecutor Chae Hee-man), according to the report.

Kwon is currently believed to reside in Singapore, per the report, which stated that there have also been warrants issued for the arrest of Nicholas Platias, another of Terraform Labs’ founders, and Han Mo, another employee. They are charged with violating the Capital Markets Act.

Source https://www.theblock.co/post/169825/south-korean-court-issues-warrant-for-do-kwons-arrest

I'm very curious how this will turn out.  I'm not sure there's evidence this was an actual Ponzi from the start, but I haven't cared much about the saga other than that I was saying how stupid it was for him to telegraph his buys like that, but now I see that he was doing it on purpose to pump Bitcoin for himself to get rich and then dump on everyone.  I'm not sure that's illegal though, but maybe we'll find out why soon enough.  It looks like they've taken his passport now to try and stop him from fleeing the country.  I'm sort of surprised he isn't already on a beach somewhere getting plastic surgery and a new identity, but maybe he is.  This is the most interesting case since Razzlekhan.  

There might be arguments for both it is a ponzi and it is not a ponzi. If argued as a ponzi, the Lunatics can also argue that much of the coins in the cryptospace is a ponzi because to get value from your coins, you should sell it to someone who is willing to buy it from you with a higher price.

However, the other platform those Luna developers created was the ponzi. It was called Anchor and it offered 20% yield.

[Daltonik]

Anyway, apparently the prosecutor's office in South Korea has sufficient grounds to arrest Do Kwon, because before the collapse of Luna, someone threw off a bag for several hundred million dollars and it could well have been him, but it could also have been someone else, nevertheless binance is still not making bad money on Terra.

[bbc.reporter]

@Daltonik. Agreed and it appears that Do Kwon is on the run according to South Korea's prosecutors. He will become the honorary third arrow in 3 Arrows Capital hehehe. The founders Su Zhu and Kyle Davies are also on the run hehehe.



South Korean prosecutors have refuted Do Kwon's claim from over the weekend that he is not on the run and asked Interpol to issue a red notice against the Terraform Labs' co-founder, escalating the public drama playing following the $40 billion wipeout on his cryptocurrency startup in May this year.

Source https://finance.yahoo.com/news/south-korean-prosecutors-kwon-obviously-081340428.html



This is Do Kwon's tweet before he accused of being on the run.



I am not “on the run” or anything similar - for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide

Source https://twitter.com/stablekwon/status/1571197156907679745

[OgNasty]

Looks like Interpol has put out a Red Notice for Do Kwon. Not good. Unless he’s on an island somewhere getting plastic surgery, I have a feeling he’s going to be seeing the inside of a jail cell before long. Crazy that he did have bad intentions with this, probably from the beginning. I think the banks that helped orchestrate the fall should be looked at as well.

[Daltonik]

Looks like Interpol has put out a Red Notice for Do Kwon. Not good. Unless he’s on an island somewhere getting plastic surgery, I have a feeling he’s going to be seeing the inside of a jail cell before long. Crazy that he did have bad intentions with this, probably from the beginning. I think the banks that helped orchestrate the fall should be looked at as well.

Yes, the South Korean authorities report that the co-founder of Terraform Labs Do Kwon has been issued a red notice by Interpol (now law enforcement agencies of 165 countries must detain and arrest Do Kwon), as reported by Bloomberg, but so far the Do Kwon card is not on the Interpol website.

Source: https://www.bloomberg.com/news/articles/2022-09-26/south-korea-says-interpol-issued-red-notice-for-terra-s-do-kwon?leadSource=uverify%20wall
Archive: https://archive.ph/Yn74b#selection-3743.0-3745.19

[bbc.reporter]

Is Do Kwon really in hiding? I checked his twitter account and it appears that he has made some replies 8 hours ago unless he has a friend who is tweeting these replies for him hehehe.

https://twitter.com/stablekwon/with_replies

In any case, after the collapse and the dump, I am not quite certain why LUNA remains to be listed in the biggest and most trusted exchanges in the cryptospace.

[$anounimus$]

According to 3 Arrows Capital's cofounder Kyle Davis, Terra is using $125 million a day to buy bitcoin. I am not certain if this is the real buy strategy or if this is only his assumption.

Yes, it looks like Do Kwon also has a hand in this, but It may not be the ultimate investment, but in my view, investing in bitcoin is a great way to diversify your portfolio. While this digital coin is notoriously volatile, BTC has several unique characteristics that make it potentially profitable for savvy investors and is considered a new asset class, along with stocks, bonds, commodities, and all other investment classes. This means bitcoin can be used to diversify investments in traditional portfolios.

[Daltonik]

It is reported that 3313 BTC that are associated with LFG started moving immediately after the request of the South Korean authorities made through Interpol for the arrest of Do Kwon, with Binance they were moved to KuCoin and OKX, writes coindesk Korea.

https://www.coindeskkorea.com/news/articleView.html?idxno=81514

[laurenB7742]

It is reported that 3313 BTC that are associated with LFG started moving immediately after the request of the South Korean authorities made through Interpol for the arrest of Do Kwon, with Binance they were moved to KuCoin and OKX, writes coindesk Korea.

https://www.coindeskkorea.com/news/articleView.html?idxno=81514

Dokwon repeatedly insists he is not guilty, he is also a victim of Luna's downfall, he is willing to cooperate with the police to investigate the cause of Luna's death. But since the Korean government announced to summon him and until they issued an arrest warrant, he remained tight-lipped, refused to reveal his whereabouts and did not want to go back to Korea to confront him. Until today finally received a red notice for him, to see how long he can hide, he still uses Twitter to joke with people.

[savetheFORUM]

Looks like Interpol has put out a Red Notice for Do Kwon. Not good. Unless he’s on an island somewhere getting plastic surgery, I have a feeling he’s going to be seeing the inside of a jail cell before long. Crazy that he did have bad intentions with this, probably from the beginning. I think the banks that helped orchestrate the fall should be looked at as well.

It's crazy if he will undergo a plastic surgery only to escape this issue he have been involved at but with all of the money he stole I think that is possible although authorities aren't going to stop as long as they hunt him down. They will do anything they can as long as they can serve justice to those who got scammed big time.

Before kwon begins this project, he already have a bad intention because he is also involved on another scam project on the past but I don't know why he isn't arrested? Maybe the scammed amount isn't that huge as what they got in their luna project but despite of that, they are still not contented but they also create a second version of luna to scam more money.

[OgNasty]

It is reported that 3313 BTC that are associated with LFG started moving immediately after the request of the South Korean authorities made through Interpol for the arrest of Do Kwon, with Binance they were moved to KuCoin and OKX, writes coindesk Korea.

https://www.coindeskkorea.com/news/articleView.html?idxno=81514

Crazy that he's still moving so much money even while the law closes in on him.  You'd think the nearly billion dollars he already shwindled would be enough for him.  This can't make regulators or the police happy that he's seemingly giving them the finger while they try their best to track him down.  When they finally do catch up with him, it's not going to be fun for him.  I imagine there will be consequences for avoiding arrest that he's not going to like.  It will be somewhat interesting to see if they're able to recover any of this BTC and if anything will ever end up going to his victims.  I suspet not.

[bbc.reporter]

It is reported that 3313 BTC that are associated with LFG started moving immediately after the request of the South Korean authorities made through Interpol for the arrest of Do Kwon, with Binance they were moved to KuCoin and OKX, writes coindesk Korea.

https://www.coindeskkorea.com/news/articleView.html?idxno=81514

They have 3313 coins after the failure of Luna? Why did they not use this to defend the peg? CZ tweeted that if Do Kwon and his team sold some of their bitcoins from the treasury and defended the peg much earlier when UST began falling to $0.97 or $0.98, the failure would not have occured and they would have saved the project. We can only speculate on his argument if it is right, however.

[Daltonik]

The South Korean authorities have already appealed to the Kucoin and OKX exchanges with a request to freeze 3313 BTC, which, according to their information, may be associated with the co-founder of LFG Do Kwon. It remains to wait for the reaction of the Kucoin and OKX exchanges to this appeal, I think it will be satisfied.

Source: https://cointelegraph.com/news/report-korean-authorities-orders-freeze-of-67m-of-bitcoin-tied-to-do-kwon

[bbc.reporter]

I do not know how Do Kwon can make these types of replies in social media if he is in a red notice list by interpol and if the government is really looking for him. Him being in hiding and not cooperating might only be another exaggeration from mainstream media, Do Kwon has become crazy or he hired someone to use his social media accounts hehe.

[TravelMug]

^^ I might be wrong, but I thought that he is on the custody of the South Korean regulator? If not then clearly he is on the run already and we don't know if he is going to surface and face everything in the court.

And him answering his social media could be taunting the government and everyone doing the investigation. Unless the authorities goes to the media and present him again so that we will get some assurance or at least his victim will not feel that they have been abandoned or something.

[Daltonik]

Terraform Labs believes that the South Korean prosecutor's office exceeded the limits of its authority in relation to issuing an arrest warrant for the co-founder of the firm Do Kwon. The representative of the company also refused to name the location of Do Kwon, citing the ever-present constant danger to him and his family.

Source: https://www.coindesk.com/business/2022/09/28/terraform-labs-calls-korean-authorities-arrest-warrant-for-do-kwon-overreach-report/
Archive wsj: https://archive.ph/MFJlS

As they say, the defendant has money and apparently not small money, so it remains only to monitor the development of events.

[stompix]

I do not know how Do Kwon can make these types of replies in social media if he is in a red notice list by interpol and if the government is really looking for him.

There is no Interpol red notice for him:
https://www.interpol.int/How-we-work/Notices/View-Red-Notices

It's either that the SK police haven't issued an international arrest but a local one or they haven't yet notified Interpol about this, after all the proof about the notice is from journalist claiming this has happened without any link to an official source.

[erep]

I do not know how Do Kwon can make these types of replies in social media if he is in a red notice list by interpol and if the government is really looking for him. Him being in hiding and not cooperating might only be another exaggeration from mainstream media, Do Kwon has become crazy or he hired someone to use his social media accounts hehe.

I am also surprised that he is not in a state of distress with interpol red notices that will arrest him anytime in any country, even though he is only actively commenting and not updating his latest tweets, but I believe he is still managing his own account and will not allow anyone to use his account. I believe he is hiding to cover up his true condition under pressure to be arrested and will be tried in court.

[bbc.reporter]

I do not know how Do Kwon can make these types of replies in social media if he is in a red notice list by interpol and if the government is really looking for him.

There is no Interpol red notice for him:
https://www.interpol.int/How-we-work/Notices/View-Red-Notices

It's either that the SK police haven't issued an international arrest but a local one or they haven't yet notified Interpol about this, after all the proof about the notice is from journalist claiming this has happened without any link to an official source.

Yes it is beginning to appear that everything in the news that was published recently were exaggerations of the truth and it appears Do Kwon is laughing at everything with this comedy show from the Korean government. Do Kwon is also presently in Singapore. I am not certain if there extradition agreements between South Korea and Singapore. There might not be anything. This is why Do Kwon is walking in the mall to have lunch with Eric Wall hehehehehe.

[stompix]

Do Kwon is also presently in Singapore. I am not certain if there extradition agreements between South Korea and Singapore. There might not be anything.

There is no direct extradition treaty between the two countries but that just means that there is no automatic process, any country will extradite someone if it feels like doing so even if they don't have a treaty.
Probably that's what the SK government is doing rather than placing him on the Interpol list for real, but if negotiations fell they can cancel his passport and from there either Singapore will shield him based on ... god knows what or they will kick him out of the country. And that's the moment he will have to choose a destination where the police won't arrest him at the checking out based on the Interpol warrant.

From my point of view he is just stupid, he could have gotten away with a few months in prison and a fine and some assets gone but doing this he risks up to 10 years in prison and no judge will show clemency with that much media pressure. Plus, once on the Interpol list good luck trying to keep your assets, and good luck with corrupt officials that will shield you not to grab everything you have.
He should have learned from Mark Karpeles how it's done.

[CryptoBuds]

I do not know how Do Kwon can make these types of replies in social media if he is in a red notice list by interpol and if the government is really looking for him.

There is no Interpol red notice for him:
https://www.interpol.int/How-we-work/Notices/View-Red-Notices

It's either that the SK police haven't issued an international arrest but a local one or they haven't yet notified Interpol about this, after all the proof about the notice is from journalist claiming this has happened without any link to an official source.

Yes it is beginning to appear that everything in the news that was published recently were exaggerations of the truth and it appears Do Kwon is laughing at everything with this comedy show from the Korean government. Do Kwon is also presently in Singapore. I am not certain if there extradition agreements between South Korea and Singapore. There might not be anything. This is why Do Kwon is walking in the mall to have lunch with Eric Wall hehehehehe.

If that's the case, isn't all the news published by the major newspapers fake? but there seems to be a rather calm move from Dokwon, he still uses twitter to reply to everyone and doesn't seem too scared by this red notice. If all the news in recent days is exaggeration, then the previous information about him is also not true. I don't think he is hiding in Singapore, he won't reveal his hiding place so easily. If Dokwon is not properly punished for his deceitful behavior, the market will increasingly appear 2nd and 3rd Dokwon...Scams will become more and more public in the market as there is no tie or penalty to them.

[serjent05]

If that's the case, isn't all the news published by the major newspapers fake? but there seems to be a rather calm move from Dokwon, he still uses twitter to reply to everyone and doesn't seem too scared by this red notice. If all the news in recent days is exaggeration, then the previous information about him is also not true. I don't think he is hiding in Singapore, he won't reveal his hiding place so easily. If Dokwon is not properly punished for his deceitful behavior, the market will increasingly appear 2nd and 3rd Dokwon...Scams will become more and more public in the market as there is no tie or penalty to them.

I think Do Kwon is only pretending to be unaffected.  Something like a psy war.  He needs to pretend because his projects is depending on his action.  If Do Kwon show a little bit of worry, then all his project will surely take a hit from it.  I think Do Kwon is scared and avoids the S. Korean authority.  If he is confident enough that he is innocent, he can always face the trial head on and won't be hiding somewhere relying on social media.

[posi]

If that's the case, isn't all the news published by the major newspapers fake? but there seems to be a rather calm move from Dokwon, he still uses twitter to reply to everyone and doesn't seem too scared by this red notice. If all the news in recent days is exaggeration, then the previous information about him is also not true. I don't think he is hiding in Singapore, he won't reveal his hiding place so easily. If Dokwon is not properly punished for his deceitful behavior, the market will increasingly appear 2nd and 3rd Dokwon...Scams will become more and more public in the market as there is no tie or penalty to them.

I think Do Kwon is only pretending to be unaffected.  Something like a psy war.  He needs to pretend because his projects is depending on his action.  If Do Kwon show a little bit of worry, then all his project will surely take a hit from it.  I think Do Kwon is scared and avoids the S. Korean authority.  If he is confident enough that he is innocent, he can always face the trial head on and won't be hiding somewhere relying on social media.

I don't think he's involved in any projects, he ran away means he no longer has the right to run them. I read a lot of news regarding Luna's death, including that he and Luna's old team cleaned out their office and sold their property 2 days before luna started to fall, if that news is true then he is the mastermind behind it all. Recently there was also news that he transferred 3,300 BTC to 2 exchanges to continue dispersing assets. When luna crashed, they announced that they used all the btc they had to save UST and now where do they get 3,300btc to sell. What a surprise.

[Rikafip]

I don't think he's involved in any projects, he ran away means he no longer has the right to run them.

Since when moving to other country means that you no longer have the right to run a project/company? AFAIK, Do Kwon hasn't resigned yet (unlike Mashinsky who resigned a few days ago) and is still CEO of Terraform Labs, meaning he is still running Terra. Since an average crypto investor has memory of a gold fish, I wouldn't be surprised if he doesn't reemerges with something new in the future.

I read a lot of news regarding Luna's death, including that he and Luna's old team cleaned out their office and sold their property 2 days before luna started to fall, if that news is true then he is the mastermind behind it all. Recently there was also news that he transferred 3,300 BTC to 2 exchanges to continue dispersing assets. When luna crashed, they announced that they used all the btc they had to save UST and now where do they get 3,300btc to sell. What a surprise.

I didn't hear about that rumor, but of course people at the top knew what is eventually going to happen and that they are not able to "repeg" their failed stablecoin once shit hit the fan.

[lionheart78]

I read a lot of news regarding Luna's death, including that he and Luna's old team cleaned out their office and sold their property 2 days before luna started to fall, if that news is true then he is the mastermind behind it all. Recently there was also news that he transferred 3,300 BTC to 2 exchanges to continue dispersing assets. When luna crashed, they announced that they used all the btc they had to save UST and now where do they get 3,300btc to sell. What a surprise.

If this rumor is true then the crash of UST is intentional.  No wonder the information of one of the Terra Labs wallet is involved in UST crashes.  And I do not think that the moving out of Do Kwon from South Korea to Singapore days before the UST crash and LUNA crash is just a coincident.  I think it was a move to evade the authority because they will know that after those incident they will be sanction or questioned by the South Korean authority.

[Vinaa77]

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.

They run away from responsibility by making the price of Terra to zero, they can still sit back like in the photo at that time? If they're big investors, why are they acting like freaks?
Maybe many investors feel disappointed with what they do on a project. Not only investors, but their team who are really serious in developing the project also feel disappointed with them.

[Daltonik]

However, Do Kwon denies that the funds frozen on the accounts of Kucoin and OKEx belong to him, I wonder what he does if he doesn't even have time to trade, and he doesn't have accounts on these exchanges, it would be surprising if he recognized these funds as his own.

https://twitter.com/stablekwon/status/1577639160692854784

[OgNasty]

However, Do Kwon denies that the funds frozen on the accounts of Kucoin and OKEx belong to him, I wonder what he does if he doesn't even have time to trade, and he doesn't have accounts on these exchanges, it would be surprising if he recognized these funds as his own.

Of course he's going to say that...  I'm sure the funds belonged to whatever bad guy was helping him launder his money and now that their funds are frozen they're probably searching for Do Kwon along with the rest of the world.  If he doesn't turn himself in sometime in the next two weeks, the charges against him will start to build up and he'll find himself getting forcefully arrested at gunpoint.  I think it's safe to say that by Halloween he will either be in jail, or no longer able to claim that he isn't a criminal on the run from the law.

[Daltonik]

The "bounty hunters" decided to find Do Kwon, 4400 investors who lost funds in Luna created the UST Restoration Group (URG) group in order to find the founder of Terraform Labs, for which they are actively looking for his traces on the Internet.
I wonder if it was really impossible to just find a private detective in order for him to carry out the necessary work professionally.

Source: https://www.ft.com/content/1a7d82ff-9986-4890-99e8-048940ce8553
Archive: https://archive.ph/lUc7q

[OgNasty]

The "bounty hunters" decided to find Do Kwon, 4400 investors who lost funds in Luna created the UST Restoration Group (URG) group in order to find the founder of Terraform Labs, for which they are actively looking for his traces on the Internet.
I wonder if it was really impossible to just find a private detective in order for him to carry out the necessary work professionally.

Source: https://www.ft.com/content/1a7d82ff-9986-4890-99e8-048940ce8553
Archive: https://archive.ph/lUc7q

It seems like you aren’t hearing much about Do Kwon lately since he officially went in the run. Crazy that people are starting to take matters into their own hands. This situation quickly turned into fuel for a Hollywood movie. Now that Do Kwon is running, he better hope he doesn’t ever get caught. It seems like he took a defensible position for himself and turned it into something that’s going to definitely ruin the rest of his life. When this is all over, I’m sure he’ll have a lot of regrets.

[Daltonik]

The South Korean prosecutor's office says that the prosecution has evidence that TFL CEO Do Kwon manipulated the price of LUNA, they also reported that they allegedly have correspondence between Kwon and a certain employee in which Do Kwon gives orders about such manipulations. The Korean edition of KBS reports (everything is in Korean by the link, but the meaning is clear with the translation) https://n.news.naver.com/article/056/0011367873

[OgNasty]

Did I see that he was tweeting the other day? I for one didn’t think he would really go in the run like this. Is he the new John McAfee? I can’t think of another example of someone running from authorities and keeping up public posts. Maybe Snowden but that seems a little far from what Do Kwon is doing. Do people think he will be caught? If so, what time frame?

[Lucius]

~snip~

He is not some new JM, but a spoiled kid who has a lot of money and for now successfully avoids being arrested, while at the same time he has a direct influence on the witnesses and can try to destroy as much evidence as possible if they manage to catch him at some point. Besides, the last time I looked at his arrest warrant at Interpol, he wasn't there, so I wonder who is looking for him besides the South Korean authorities?

If by any chance one of the big ones (the US) wanted to catch him, he would already be in prison, so I wonder why he is still free.

[OgNasty]

I can’t believe Do Kwon is still publicly participating in video chats while on the run. He must think he’s bulletproof. The authorities can’t be happy about it. Martin Shkreli telling Do Kwon that jail isn’t that bad made for a good video clip, but it’s still crazy to see Do Kwon out and about knowing that he destroyed so many people in order to stash massive amount of money for himself.

[Daltonik]

The South Korean Prosecutor's Office is not only searching for Do Kwon, but also actively continues to work on the case of Terraform Labs, which is accused of violating the law in the field of capital markets and this time searches were conducted in the payment company Chai Corporation, founded by the co-founder of Terraform Labs Daniel Shin, he is accused of illegal earnings on LUNA. In particular, he received the coins on a premine without notifying ordinary investors and sold them at the peak, earning 140 billion won ~$106 million.

https://forkast.news/terra-daniel-shin-chai-raided-by-korean-authorities/

[Daltonik]

Another statement from law enforcement agencies, which now concerns the arrest warrant for the co-founder of Terraform Labs Daniel Shin, previously the same warrant was issued for the arrest of Do Kwon. In this case, the warrant concerns Daniel Shin and three other Terraform Labs investors and four developers who are suspected of receiving illegal profits in the amount of ~$105 million from the sale of the LUNA premine.

Source: https://en.yna.co.kr/view/AEN20221130001600315

[bbc.reporter]

Another statement from law enforcement agencies, which now concerns the arrest warrant for the co-founder of Terraform Labs Daniel Shin, previously the same warrant was issued for the arrest of Do Kwon. In this case, the warrant concerns Daniel Shin and three other Terraform Labs investors and four developers who are suspected of receiving illegal profits in the amount of ~$105 million from the sale of the LUNA premine.

Source: https://en.yna.co.kr/view/AEN20221130001600315

Are these arrest warrants real or will they be enforced? This is very head shaking because Do Kwon appeared in a cryptopodcast called Uponly with Cobie and Ledgerstatus. Martin Shkreli was also there and told Do Kwon that prison is not that bad hehehe. Do Kwon responded with good to know.

In any case, something that should also make everyone very skeptical is the government arrested Tornado Cash developer Alex Pertsev without any charges for developing opensource software for an onchain mixer to help the community have more privacy while scammers and criminals like Sam Bankrupt-Fried and Do Kwon are free.

[Daltonik]

Another statement from law enforcement agencies, which now concerns the arrest warrant for the co-founder of Terraform Labs Daniel Shin, previously the same warrant was issued for the arrest of Do Kwon. In this case, the warrant concerns Daniel Shin and three other Terraform Labs investors and four developers who are suspected of receiving illegal profits in the amount of ~$105 million from the sale of the LUNA premine.

Source: https://en.yna.co.kr/view/AEN20221130001600315

Are these arrest warrants real or will they be enforced? This is very head shaking because Do Kwon appeared in a cryptopodcast called Uponly with Cobie and Ledgerstatus. Martin Shkreli was also there and told Do Kwon that prison is not that bad hehehe. Do Kwon responded with good to know.

In any case, something that should also make everyone very skeptical is the government arrested Tornado Cash developer Alex Pertsev without any charges for developing opensource software for an onchain mixer to help the community have more privacy while scammers and criminals like Sam Bankrupt-Fried and Do Kwon are free.

The Do Kwon warrants remain real, but how they will be executed remains an open question, but for the detention of Terraform Labs co-founder Daniel Shin, three investors and four developers of the company. It was rejected by the Seoul Southern District Court on December 3.

Source: https://en.yna.co.kr/view/AEN20221202004551315

[Daltonik]

We continue to monitor the efforts of the South Korean Prosecutor General's Office to search for and arrest Do Kwon, so according to their information, a month ago he flew to Serbia and the South Korean authorities turned to the Serbian authorities for help in the investigation, just some kind of spy detective.

Source: https://forkast.news/headlines/terra-do-kwon-serbia-skorean-prosecutor/

[bbc.reporter]

News update.

Do Kwon's arrest was done 3 days ago in Montenegro and according to other sources, he had fake passports and other fake identification cards with him when he was boarding a private jet. It appears he was playing a role very much similar to Jason Bourne hehehe.



Do Kwon, the South Korean entrepreneur behind the $40bn collapse of the cryptocurrencies terraUSD and Luna, has been charged with fraud in the United States following his arrest in Montenegro.

US prosecutors on Thursday announced eight charges against Kwon, including securities fraud, wire fraud, commodities fraud and conspiracy.

Source https://www.aljazeera.com/economy/2023/3/24/crypto-founder-do-kwon-indicted-after-montenegro-arrest

[bbigtart]

News update.

Do Kwon's arrest was done 3 days ago in Montenegro and according to other sources, he had fake passports and other fake identification cards with him when he was boarding a private jet. It appears he was playing a role very much similar to Jason Bourne hehehe.



Do Kwon, the South Korean entrepreneur behind the $40bn collapse of the cryptocurrencies terraUSD and Luna, has been charged with fraud in the United States following his arrest in Montenegro.

US prosecutors on Thursday announced eight charges against Kwon, including securities fraud, wire fraud, commodities fraud and conspiracy.

Source https://www.aljazeera.com/economy/2023/3/24/crypto-founder-do-kwon-indicted-after-montenegro-arrest

Do Kwon has been a fugitive for several months, South Korean authorities issued an arrest warrant for him in September on US Securities and Exchange Commission fraud charges also have eight civil charges against him including fraud and market manipulation.

Finally after months on the run they got him, Hoping he didn't bail and ended up under house arrest at the crazy haired FTX guy's house. Give Do Kwon a longer sentence for trying to escape from the authorities.

[mich]

Do Kwon has been released on bail in Montenegro. His bail amount is $436,000 and this is 2 months after being arrested trying to fly to UAE with a fake passport.

If we are being honest this does not surprise me. He is so rich and he has so many connections. https://thenewscrypto.com/do-kwon-to-be-released-following-436000-bail-approval/

[Hamphser]

Do Kwon has been released on bail in Montenegro. His bail amount is $436,000 and this is 2 months after being arrested trying to fly to UAE with a fake passport.

If we are being honest this does not surprise me. He is so rich and he has so many connections. https://thenewscrypto.com/do-kwon-to-be-released-following-436000-bail-approval/

^
Trying out to elaborate

Terraform founder Do Kwon will be released from jail but placed under police surveillance at a local residence, a Montenegrin court has decided. The trial against him and another Korean, on charges of travelling on false documents, opened on Thursday with both pleading not guilty.

Source: https://news.bitcoin.com/do-kwon-to-be-released-on-e400000-bail-pleads-not-guilty-in-montenegro/

Not even guilty? How about having some charges about faking out those documents? Its an another violation or criminal act which they should at least
put up some charges with that and not would really be just going along to be wiped out at least on the current case that he had.
$436k? Its just a peanut on all the possible money that he had. lol

[mich]

Well some bad news for Jump Trading. It is a trading exchange that focuses on algorithms. It is now going to face lawsuit for violating United States regulations from earnings of $1.3 Billion profit from TerraUSD.

https://www.investing.com/news/cryptocurrency-news/jump-trading-faces-lawsuit-over-alleged-13b-profit-from-terrausd-3081762

[mich]

Now some good news for Do Kwon. He is out on bail after he won his court appeal in Montenegro. They are going to keep close eye on him until his next court date. But he is a free man for the time being.

And there is speculation his bail has a connection to SEC and Binance case. https://beincrypto.com/do-kwon-bail-crypto-react/

[mich]

Well, now Do Kwon has admitted to doing fraud in collapse of Luna. His conversations with a other founder Daniel Shin says Kwon will collect fees from fake blockchain transactions.

And that people will not know it is fake. https://en.bitcoinsistemi.com/do-kwons-secret-messages-exposed-before-terra-luna-collapsed-was-this-the-cause-of-the-breakdown/

[mich]

Well now it does looks like Do Kwon will be extradited from Montenegro. Last week the The High Court in Podgorica said the legal requirements for extradition have been met.
It is still not certain to which country he will go to. He might go to South Korea or the US.  
https://www.theregister.com/2023/11/27/do_kwon_extradition_approved/

[Yaunfitda]

Well now it does looks like Do Kwon will be extradited from Montenegro. Last week the The High Court in Podgorica said the legal requirements for extradition have been met.
It is still not certain to which country he will go to. He might go to South Korea or the US.  
https://www.theregister.com/2023/11/27/do_kwon_extradition_approved/

Worst case scenario will be Do Kwon going in the US and facing the US court of law as we all know that they love to put people behind bars specially if it is about crypto exchanges, but we will see.

However, if he goes to South Korea and then penalized and found guilty and put to jail, I think he doesn't need to go to US anymore, I reckon.

So we will have to wait, this drama has been dragging more at least a year now.

[mich]

Well some bad news for Terra labs but I think we knew this was happening. Now less then 2 years after the Singapore crypto firm collapse it has filed for Chapter 11 bankruptcy. It did say it will fulfill all financial obligations to employees and vendors at the time.

https://apnews.com/article/do-kwon-crypto-terraform-bankruptcy-7b3838d583c2b8100b9ed46e43cba4c0

[Mahanton]

Aside from that bankruptcy news above.^

Do Kwon Appeals New Montenegro High Court Decision Upholding Extradition Requests, Lawyer Says
https://www.coindesk.com/policy/2024/01/15/do-kwon-appeals-new-montenegro-high-court-decision-upholding-extradition-requests-lawyer-says/

Honestly, im a USTC and LUNC holder but it seems these things or updates isnt really that good for my investment. 
I dont know if that topic title is really that having serious on it but i dont see this type of thing.
Problems comes again with another problem. There's no such thing about recovery.

[mich]

Well Do Kwon now is still in the custody of Montenegro. But now has extradited his business partner named Han Chang-joon back to S. Korea after 1 year in custody.

Montenegro still is deciding if it will extradite Do Kwon  back. https://www.reuters.com/technology/montenegro-extradites-ex-terraform-labs-financial-executive-south-korea-2024-02-05/

[mich]

Well it does not get so much better for this man. The sec now is seeking $5 Billion penalty in fines and interest against Do Kwon and Terraform Labs.

https://cryptorank.io/news/feed/c801d-sec-5b-penalty-against-do-kwon-terraform