Jump to content

Interpol issues red notice for Terraform Labs founder Do Kwon


HAL1000
 Share

Recommended Posts

https://www.engadget.com/interpol-red-notice-terraform-founder-do-kwon-104327535.html

Following a request by South Korean prosecutors, Interpol has placed Terraform Labs founder Do Kwon on a "red notice" list, TechCrunch has reported. That will create a request for law enforcement agencies around the world to arrest Kwon following his blockchain company's collapse that took $40 billion from investors with it. 

Link to comment
Share on other sites

Binance loves his coin

22 minutes ago, VanHasen said:

How nice from binance, isnt it? 

Binance us delisted xrp because of being accused of what 90% of all cryptos are while the founder of luna gets flagged by interpol and accused of fraud but his coin is free to buy and sell on the worlds biggest exchange

https://beincrypto.com/terra-luna-classic-lunc-price-jumps-60-as-binance-launches-trading-fee-burn-mechanism/

 

Link to comment
Share on other sites

Unfortunately, yes. Also the average SGB/FLR holder is unware of the fact the Ripple quietly divested from the project.

Imagine thinking Flare is still backed by Ripple when in fact it is backed by Do Kwan from the Terra-Luna fiasco?

Anyway whales seem to be well aware of the fact and it is reflected on SGB's price: $ 0.019 

Also if Do Kwan's assets are subject to some sort of legal embargo or if a judge decides that they should divest and convert to cash, Flare could be forced to sell a large chunk of SGB/FLR to repay that investment.

Link to comment
Share on other sites

6 minutes ago, ****** said:

Imagine thinking Flare is still backed by Ripple when in fact it is backed by Do Kwan from the Terra-Luna fiasco?

Anyway whales seem to be well aware of the fact and it is reflected on SGB's price: $ 0.019 

No. The reason why the token has a low value is because there is nothing of value on the network. There is no reason for anyone to pay $$$ to own SGB since there's very little they can do with the token once they have it.

The same will be true of flare unless some projects that actually have useful value make use of the blockchain. The recent proposal to change the distribution is a reflection of this - the need to encourage users to lock their tokens is a way of reducing sell pressure until the network has some value - and this is also indicative of a deeper question: Why does the network need any value at all? why not let the FLR token fall to $0.000001 and have a total capitalization of a few million $. If nobody uses or needs the network for any real world uses, then it's fine to let it have a low value. Unfortunately, the founders need it to have a high value so that they can sell FLR into the market to fund their own developments and the incubation projects they want created for it - hence the change in distribution policy.

Having read the full proposal, there is one item in it that is of significance and that is the change in total distribution over time, to reduce overall the number of FLR that will ever exist. IMHO this change should be separated out into its own proposal since it is involves the generation of new tokens and not the distribution of the original airdrop. Then the original airdrop can be honoured, but the generation of new tokens be modified.

Link to comment
Share on other sites

Quote

The reason why the token has a low value is because there is nothing of value on the network.

In my opinion the main value proposition is on the S-Assets (or F-Assets), but are still not implemented. They focused on the NFT craze and wanted to capture some of that action but entered a bit late to the party.

Back to the S-Asset/F-Asset thing, having Do Kwan onboard instead of Ripple may not change the value perception of "average Joe", but I am sure a whale thinks twice before trusting their XRP (or LTC's or any other crypto) to Flare Network for some APY if Do Kwan is involved after the Terra-Luna fiasco.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.