Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Tuesday, June 20th, and today we are doing a bad guy roundup.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,

give it a rating, give it a review, or if you want to dive deeper into the conversation,

come join us on the breakers discord. You can find a link in the show notes or go to

bit.ly slash breakdown pod. All right, friends, happy Tuesday. If you've been on Twitter today,

you've probably noticed that there is a lot of chatter about institutional engagement. Frank Chaparro

from the block wrote, BlackRock, Fidelity, Citadel, they're all making big moves into

crypto despite the Gensler crackdown. Interesting. Dot, dot, dot. Now, the specific context for this

is a new exchange backed by Schwab and Citadel that's just come online. More broadly, I think

that we are returning to this post-narrative institutionalization

that was a big theme for the show in 2022, pre-FTX, and I'm not sure how post-narrative

it is anymore.

However, I've been working on a larger piece about that institutional trend, so we'll

circle back to that in a full episode soon.

Today, as I said, we have some updates on 2022 cleanup and general

bad behavior, and we start with an update on disgraced terra founder, Doe Kwan. Doe has been found

guilty of document forgery and sentenced to four months in jail by a court in Montenegro.

The Terraform Labs founder was arrested in the Balkan Nation in

March, alongside fellow Terraform Labs executive Han Chang-June when the pair were caught traveling

using fake passports. Authorities found on the two a pair of Costa Rican passports, as well as two

...