Crypto Bros Need to Stop Proving Jamie Dimon Right
There’s plenty of naysayers ready to pounce on failures. Industry leaders needn’t make it so easy for the critics.
Do Kwon in Seoul in April.
Photographer: Woohae Cho/BloombergDo Kwon is not on the run. We know that because the cryptocurrency founder said so. Singapore authorities announced that he’s no longer in their country, a South Korean court issued a warrant for his arrest, and Interpol put out a Red Notice. But that doesn’t mean he’s ready to reveal his whereabouts, or his legal strategy to fight the charges.
Kwon’s outfit is called Terraform Labs. It’s one of dozens of blockchain startups built to reinvent the global financial system and challenge the fiat-based structure which has central banks at its core. Its spin on the theme was to build a stablecoin on top of its Terra blockchain.