[HN Gopher] S Korean crypto-boss Do Kwon to be extradited to US
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S Korean crypto-boss Do Kwon to be extradited to US
Author : ceejayoz
Score : 69 points
Date : 2024-12-27 17:33 UTC (5 hours ago)
(HTM) web link (www.bbc.com)
(TXT) w3m dump (www.bbc.com)
| itake wrote:
| It would be nice if everyone that held him up (YouTubers and
| influencers) also saw similar legal actions
| sfmike wrote:
| i actually disagree with this philosophy. If you are a small
| business and you co market or collaborate with another and have
| no idea about their ethics should you see legal action for them
| being illicit in any way? How would a youtuber be able to audit
| and actually get enough information to determine a massive
| company wasn't above board.
| tekno45 wrote:
| if you're going to tell people to buy stuff, make sure its
| legit stuff before advertising it.
|
| Youtubers aren't indie anymore, they're businesses.
| dewey wrote:
| They are YouTubers not auditors, even auditors have a hard
| time figuring out if companies are legit or not (Wirecard).
| Why would a YouTuber or influencer be able to do that task
| as a side thing when getting advertising deals?
| taormina wrote:
| Maybe they should take advertising deals from reputable
| companies? And skip the scam coins? And here's a hint,
| they are all scam coins. Promoting a crypto project is
| just a bad idea.
| dgfitz wrote:
| There's no way the hawk tuah girl was running an
| illegitimate coin scam. The premise was so solid!
| uniclaude wrote:
| In this specific case it was obvious that Luna was based
| on dubious economics. It didn't require auditor skills.
| Barely high school economics. If YouTubers are not blamed
| for promoting scams without appropriate disclaimers, the
| crypto industry will grow the wrong way. Making the
| promoters responsible for this would help legitimate
| projects.
| dylan604 wrote:
| Please don't hold me liable for spreading misinformation
| that I have no ability to verify but just trust me
| mkay!!!
|
| Those poor little YouTubers get no sympathy from me.
| Smithalicious wrote:
| I understand your point, but I still don't think "I
| couldn't tell whether this was bullshit or not but I got
| paid a lot to say it" should be a viable defence.
| Everything with a healthy dose of nuance in the real
| world though of course.
| itake wrote:
| Imagine if the YouTuber was advertising a blandly illegal
| product, should the be immune too?
|
| I hate it when one person in organization gets in trouble,
| and everyone else gets away Scott free
| tremarley wrote:
| This would be reasonable if Terra was a clear scam. But it
| wasn't.
|
| Terra was a successful blockchain.
|
| Investors lost money and they had to blame the leader.
| itake wrote:
| how is what do did different from what marketers did?
|
| I think building something interesting, but not marketing it
| to investors, should be legal/ok, but the moment you start
| telling the story of this product being a safe 20% return
| investment is when you need to get in trouble.
| thot_experiment wrote:
| "successful blockchain"
|
| Ponzi schemes are often successful until they aren't.
| caminante wrote:
| The parent also claimed a false premise: Do Kwon wasn't
| running a "clear" scam.
|
| PAYING* 4.5 billion in SEC fines for FRAUD and running
| around with forged passports check that box for me.
|
| *edit: AFAIK, the firm is going through bankruptcy and
| hasn't necessarily paid anything yet.
| grecy wrote:
| The NY stock exchange will be successful right up until it
| isn't, the only difference is that it's backed by a very
| powerful military.
| teractiveodular wrote:
| "Successful" seems a rather generous description. If an
| apartment building is built on quicksand and collapses
| overnight, are the people who bought apartments the ones to
| blame?
| stouset wrote:
| At some point if you're buying your apartment in a vast
| field of quicksand surrounded by hundreds of other sinking
| and sunk buildings... yes?
| neilv wrote:
| I think "successful blockchain" means like "successful
| crime".
| rafaelmn wrote:
| If you are buying in a region entirely located on
| quicksand, with the intent of selling it off for more
| before it sinks - yes.
| dylan604 wrote:
| What happens if the developer has built a fake level that
| hides the quicksand so that you don't find out about
| until later?
| paxys wrote:
| Let's not pretend that people who put money into such
| crypto "investments" don't know exactly what is going on.
| The goal is always to pull money out before the inevitable
| collapse and leave some other sucker holding the bag. And
| if you get too greedy and don't manage to do it in time
| just cry fraud and turn to the government for help. After
| hundreds of such high profile incidents this is still
| regularly happening today (see the "Hawk Tuah coin" for
| example). I have no sympathy for anyone involved in these
| scams, whether perpetrator or victim.
| Mistletoe wrote:
| I specifically remember that time and anyone that believed
| 20% APY could go on forever was either stupid or fooling
| themselves. And when you said this you were attacked so I've
| never had a bit of sympathy for them.
| blackeyeblitzar wrote:
| I wonder what the legal line is that makes speech or
| affiliation into aiding and abetting?
| caminante wrote:
| Bar is low, but somewhat vague. One example is anti-touting
| law [0] where you can't pimp a security and not disclose
| incentives.
|
| [0] https://www.afslaw.com/perspectives/alerts/crypto-anti-
| touti....
| yongjik wrote:
| ...and there was much rejoicing in South Korea.
|
| (Actually kidding. South Korea is going through too much shit
| right now to care about Do Kwon. But if times were simpler, there
| definitely would have been much rejoicing. We don't trust our own
| court much, when it comes to white-collar crimes.)
|
| I hope he enjoys his long, long stay in America's prison system.
| tremarley wrote:
| Do Kwon was accused of misleading investors.
|
| Has anyone been able to work out how he misled people yet?
| saxonww wrote:
| Presumably, we'll find out now that he's being extradited to
| stand trial here in the US.
|
| The complaint is here: https://www.sec.gov/enforcement-
| litigation/distributions-har...
| caminante wrote:
| His stablecoin claims failed. He lied about other firms (Chai)
| using his tech.
|
| NY is hunting him for wire fraud and a few other criminal
| charges.
| lazzlazzlazz wrote:
| Yes, even a cursory review of the evidence is pretty clear.
| dylan604 wrote:
| His problem is that he's one person instead of being an
| institution that mislead people about mortgages
| guybedo wrote:
| Third episode in the trilogy "The Lord of the Rugs".
|
| Episode III: The Return of the Kwon
| miki123211 wrote:
| Why is it that the founders of these global companies seem to be
| extradited to the US so often, but almost never to other
| countries?
|
| Let' say you make a huge pirate site (like Kim Dotcom's
| Megaupload), serving copyright-infringing content from many
| different countries around the world. Why is the US more entitled
| to having you in their prisons than, let's say, Czechia, Ecuador
| or Malaysia?
|
| Is it just imperialism, or is there a more sensible explanation
| for it?
| Scoundreller wrote:
| Most extradition agreements are bidirectional, so it's really a
| question of why Czechia, Ecuador or Malaysia aren't asking
| courts to extradite someone as much.
|
| My understanding is that these agreements basically require the
| other country to put the case to court (as long as the act was
| illegal in both places).
|
| But a solid question of how to handle multiple requestors but
| there's only one body to go around.
| gexla wrote:
| Maybe because the other countries haven't created the same
| regulation regime for the things they have been picked up on?
| The US just puts together the cases and the other countries
| comply?
| snakeyjake wrote:
| When it comes to international crime, nations may only have a
| fraction the resources for their justice systems and will
| explicitly defer to the US because not only will the US often
| prosecute more aggressively, the Department of Justice has the
| money to outlast wealthy defendants' delay tactics.
|
| For example, UK's Ministry of Justice has 1/6th the financial
| resources of the US's Department of Justice.
|
| One notable example of this is with child pornography
| prosecutions. Many countries do not have a dedicated child
| pornography specialist units capable of digital forensics and
| analysis where the US does. So various international ministries
| and departments of justice will team up with the US, feeding
| info back to Virginia and even permanently stationing personnel
| there to act as liaisons, during very complex child pornography
| investigations.
|
| Additionally, many countries will threaten extradition to the
| US to gain plea deals.
|
| Finally, you may have missed the final paragraph:
|
| >The former finance officer of Terraform Labs, Hon Chang-joon,
| was extradited to South Korea in February, after serving four
| months in prison in Montenegro over fraud charges.
|
| South Korean imperialism?
| xg15 wrote:
| I guess it's Don't Kwon then...
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