The web3/crypto community seems to select for individuals with an almost proud ignorance of the law and state power. The same personality that can make a 21st-century gold bug pitch (e.g. a world on crypto is one without wars, Bitcoin is impossible to ban, or Luna is magically stable et cetera) is one that reacts to an arrest warrant by no showing and tweeting.
And the problem with that is what? State power and law failed us.
[0] https://msccsp.org/nasc/downloads/HyungkwanPark_supplemental...
[1] https://www.nytimes.com/2020/07/06/world/asia/south-korea-ch...
There is zero chance they’re falling for crypto. This is a problem for the gambling masses. To the degree it harms any elite, it’s by introducing political instability in Korea and reducing Singapore’s standing as a stable financial centre.
The recovery project is only for direct investors with Madoff. Those who bought into "feeder funds" which fed into Madoff's fund don't get anything directly. There's other litigation involving feeder funds, which can recover something from the Madoff recovery and pay it out to their holders.
The recovery initiative got back billions of dollars through clawback lawsuits, where they went after people who'd cashed out of Madoff's scheme before the crash. Those people were effectively participants in the scam, and they profited from it, so they don't get away free.
If you can track the money, you can un-do a Ponzi. The amount of legal effort is huge, though.
Madoff's core operation was based on scamming rich Jews in New York City, Palm Beach, Florida, and Hollywood. In each location, he had a prominent Jewish leader steering investors to his fund. Ezra Merkin handled New York, Stanley Chais handled Hollywood, and Madoff himself worked the Palm Beach Country Club. This was very much an in-person scam. A long list of celebrities lost big.
That's why the recovery operation was so long, so extensive and so successful. The major victims were well connected, could afford expensive lawyers, and collectively, they had a lot of clout.
The crypto world tends to have less well connected suckers.
- https://www.youtube.com/watch?v=ZvzwpbFSi44
- https://www.youtube.com/results?search_query=coffeezilla+do+...
That being said it seems like there is more to his story than buggy code.
Take Martin Shkreli, for instance. I don't doubt that he was probably guilty of what he was charged with (unrelated to his price hikes of drugs), but I doubt he would have been charged if not for his infamy otherwise. I suspect what he was charged with would also encompass many other business people in the US who are less infamous.
- "none of us were notified of this at all; when i found out about this, the south korean prosecution told me they usually don't notify people of this because they might destroy evidence and/or leave the country beforehand"
- "tbh people being treated as potential criminals like this is absolutely outrageous and unacceptable"
https://web.archive.org/web/20220622034155/https://twitter.c...
(To be clear, this is a different Terra person; not Do Kwon).
Hmm, wonder if Do Kwon is reading this :)
He has a young family (with a child less than a year old) as far as I know, where are they?
[1] https://www.businesstimes.com.sg/government-economy/police-s...
