He “Legally” Scammed Crypto Investors to Live His Lavish Life

Are these crypto CEOs a few of the worst individuals? Discover more in this video!

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Do Kwon
Possibly he had a method with computer systems, however with his words…not a lot. CEO Do Kwon ended up being understood for the method he performed himself in interviews. He stated such things like “I don’t argue with the poor” after getting criticism on his cryptocurrencies.

Korean Musk
However prior to he was called the South Korean Elizabeth Holmes, he was the South Korean Elon Musk. In April 2022, the cost of Luna reached a massive $119, and ended up being the very first Korean currency to make it into the leading 10 crypto markets worldwide.

Terra
A couple of days later on, TerraUSD fell from its one to one U.S dollar ratio to 0.26 Terra USD to one U.S. dollar. The falling apart crypto market advised investors to transform their TerraUSD to Kwon’s other coin, Luna, which in turn fell 97% that day to a market price of almost $0.

Claims
After the crash of TerraUSD and Luna, some individuals called it a Ponzi plan comparable to what took place to the Lehman Brothers prior to the 2008 economic crisis. The United States Securities and Exchange Commission released a subpoena to Terraform Labs and Kwon in 2021, with an unique interest in the business’s mirror procedure, which declared to be developed to mirror real stocks.

3 Arrows Capital
The result of Do Kwon’s business impacted more than simply independent investors. It impacted hedge funds like 3 Arrows Capital, a Singaporean cryptocurrency hedge fund established in 2012 by Kyle Davies and Su Zhu.

Su Zhu
Zhu, cofounder, director, CEO, and CIO of 3AC was living the jet set while 3AC rode the wave of success. He utilized his incomes to purchase homes all over the world consisting of 3 cottages in Singapore from 2019 to 2021.

Crashing Down
In the very first half of 2022, cryptocurrencies experienced significant decrease. Many tokens lost over 50% of their initial worth. After TerraUSD and Luna crashed to a worth of near absolutely no, 3AC owed financial obligations nearing $3 billion.

Private Yacht Life
Regrettably for creators Su Zhu and Kyle Davies, this was really bad timing. Rather of paying financial institutions back, Zhu and Davies simply put a deposit down on a $50 million private yacht. It weighed 500 loads and was 171 feet long with 5 decks and a glass bottom swimming pool.