The Arrest of a Crypto Fugitive

The Journal.

The Wall Street Journal

News, Daily News, Business News

4.2 • 5.8K Ratings

🗓️ 27 March 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

After his TerraUSD cryptocurrency imploded, Do Kwon became one of the most wanted men in crypto. Last week, after a global manhunt, he was arrested at an airport in Montenegro. WSJ’s Alexander Osipovich tells the story of how Kwon went from being a major crypto player to facing fraud charges in several countries. Further Reading: - Do Kwon Arrested in Montenegro as U.S. Charges Crypto Fugitive With Fraud - Cutting-Edge Crypto Coins Tout Stability. Critics Call Them Dangerous. - Do Kwon’s Crypto Empire Fell in a $40 Billion Crash. He’s Got a New Coin For You. Further Listening: - The ‘Death Spiral’ of a Stablecoin Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	In the crypto world, there are a lot of wild characters.
0:09.6	Still, a man named Do Kwan stands out.
0:14.9	Is it fair to call Do Kwan crypto's most famous fugitive?
0:19.9	Yes, absolutely.
0:21.5	That's our call a Alexander Asapovic.
0:24.8	He's been writing about Do Kwan, a crypto entrepreneur known for his cryptocurrency called
0:29.4	Terra.
0:30.7	Do Kwan was a very high profile figure in crypto just one year ago.
0:36.1	He had very high profile venture capitalists backing him.
0:40.6	He was a social media presence.
0:42.8	Then he had this massive downfall in May of last year.
0:47.0	Kwan's cryptocurrency, Terra USD suddenly collapsed.
0:52.0	Terra continuing to fall.
0:54.2	Dropping dramatically is just seen a complete collapse.
0:56.8	Those investors are comparing this to a run on the bank.
0:59.6	People are losing confidence and in a lot of cases heading for the door.
1:03.4	Some 40 billion dollars worth of value were wiped out of the markets.
1:07.5	His reputation was shredded and then he disappeared.
1:12.7	Kwan disappeared in September and then last week he resurfaced in dramatic fashion.
1:19.5	Interpol says that a man arrested in Montenegro is Do Kwan.
1:23.9	He didn't need has been a long hunt.
1:26.3	We've been following this closely from May last year.
	...

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