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Trash-Talking Crypto ‘Whiz’ Created a $40bn Crash – NYT

Do Kwon, the young Korean who created the Luna token, built a huge house of cards thanks to millions ploughed in by investment firms, despite the coin’s very unstable foundations

Crypto has enjoyed a seasonal change in outlook, with a US judge saying Ripple can be soldo on public exchanges.
The Ripple ruling came together with fraud charges against the former boss of bankrupt crypto lender Celsius, which are contested, and on the heels of moves into the market by finance firms BlackRock and Fidelity. File photo: Reuters.


Do Kwon, the young, outspoken Korean entrepreneur who founded Terraform Labs and the now notorious Luna token, created a giant house of cards thanks to hundreds of millions of dollars ploughed into his crypto creation by investment firms, despite foundations now seen as “risky even by the standards of experimental crypto technology,” a report by the New York Times says.

TerraUSD – unlike Tether and other stablecoins backed by cash or traditional assets – “derived its supposed stability from algorithms that linked its value to Luna,” its sister currency. So when the price of crypto fell last week, it was no surprise to critics who had feared a crash was inevitable, the report says.

Read the full report: The New York Times.



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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


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