The Terra Luna collapse was the single Event that really put crypto on the Downside for 2022. investors remember it For losing 60 billion dollars the UST on Pegging and what seemed to set the Crypto markets on fire the bad kind of Fire no Quan's been on the run for nine Months now because he was first wanted Up for a rest and yet he continued to go Free the question is why now is the SEC Choosing to go after dokwan and Terra Luna when they had plenty of time to do It before The SEC in love with power grabs well Seems like they're trying to get another One will do Quan get caught or will he Remain free and on the loose Let's get it What a bit more crypto my name is Ben Today we're going to take a look at the SEC going after joquan and what that Means for crypto going forward stable Coins watch out all right well let's Rehash the events here uh let's take a Look the fall of Terra Luna a timeline Of the meteoric rise and crash on Luna Terra Network and its leader dokwan Rose To the highest tier of the crypto World Thanks to Big Shot investors only to Fall apart within a few days in May 2022 On May 7th the price of the then 18 Billion dollar algorithmic stable coin Tara USD or UST which is supposed to Maintain a one dollar Peg started to
Wobble and fell to 35 cents on May 9th Its companion token Luna which was meant To stabilize ust's price fell from Eighty dollars to a few Cents by May 12th so let's talk about what actually Happened here because it's kind of a Complicated situation really to Understand algorithmic stable coins you Have to understand kind of elasticity When it comes to supplies and burning And minting and how all those things Work together to create a stable price So what really happened to Tara Luna What really happened to this crypto when The Luna Network collapsed it's Estimated that 60 billion dollars got Wiped out of the digital currency space Now how did this occur so the way UST Worked is it was based off of how much Luno was kind of in the supply so when The price of Luna pumped out of control In the Bull Run Tara Luna had to burn Part of its Supply and so what happened Is later on when all of the liquidity Got pulled out of Luna by some major Players they had to now mint more Terra Luna to match that to keep the price Stable it was constantly a game of Balancing burning or mint the supply of Terra to match UST being able to be Equal to a dollar so that's the way Algorithmic stable coins work they're Not the same as tether or USD that are Backed by actual dollars or assets
They're based on the supply of the asset In the liquidity and by burning of Course burning means removing from the Supply minting means adding more to the Supply so the supply of Terra Luna was Elastic it would go up or down based on What they had to do in order to keep UST At a dollar I hope that makes sense it Is quite confusing and I'll be honest With you algorithmic stable coins are Not my cup of tea they're not something I've ever really liked I never invested In UST earlier on in my career we would Try to look at it bibli crypto some of These algorithmic stable coins and I Just never trusted them I never trusted The mechanisms and at least in this one Regard we were correct but what happens So when it absolutely goes to basically Zero because they had to Mint out of Control and then it messed up the supply Court issued an arrest warrant against Tara's dokwon as the price of Luna Nosedives 40 percent in two hours Indeed a court in the South Korean Capital has issued a warrant for dokwon And five additional persons citing the Violations of the country's capital Markets act so later date here September 14th that means since this warrant was Issued he's been on the run for about Six months now but of course that was Four months after everything fell and he Was already starting to get the gist
Here that he was going to be in trouble And had to start moving so this is when The plot really starts to thicken though I want you guys to watch uh this video Right here South Korean officials Reportedly froze millions in crypto Belonging to terraform Labs CEO dokwan According to news one Korea prosecutors Froze about 40 million dollars worth of Crypto assets that's just a portion of The 62 million dollars in Bitcoin that South Korean officials claim belonged to Dokwon now last week they requested Crypto exchanges who coin and okx to Freeze his assets in response to the Report dokuan tweeted that he didn't Understand the falsehoods saying quote Once again I don't even use kucoin or Okx have no time to trade no funds have Been frozen last month Interpol Reportedly issued a red notice for Dokwon as Korean officials claimed he Was on the run but dokwon denies he is In hiding now notice they said they Didn't freeze all of his money he still Definitely had some we'll get to that Here in just a little bit but they said He could no longer travel and he said That he was cooperating fully with all Investigators is that true we're going To find out a little bit he's still on The run so that seems to be false dokwon Sorry for arrogant tweets takes full Responsibility for terrorist collapse
Now this is a point in time where he was Getting highly criticized for a lot of The tweets that he had so if you Remember back during this time if you Were in crypto before Tara collapsed Docomo was becoming a bit of a folk hero With his uh funny and sarcastic tweets Ranging from creating the lfg fund the Let's can go fund also known as the I Think Luna Foundation fund I can't Remember what it was called but just Turning everything into a joke a lot of Memes at the time making fun of a lot of Other people in crypto he even said in One tweet that he doesn't discuss poor People well he's going to be pretty poor Himself when he's in a jail cell before You know it but he just doesn't do Himself any favors if he would have just Owned what happened in the beginning and Said you know what this happened it Collapsed these are the reasons why it Wasn't necessarily my fault I should Have taken better responsibility and Just been accountable for his actions he May not be where he is right now today Which is in Serbia which we'll see During this time we had an anonymous Valley to bring dokwan's crimes to life There is no doubt there are many more Crimes to be discovered in your trail of Destruction hacktivist group Anonymous Said on its YouTube channel activist Group you gotta love that name please
Don't hack me Anonymous I'm nice to you Uh active is group Anonymous pledge to Make sure Tara co-founder doquan is Brought to justice as soon as possible This would have been 2022 so they've Obviously done a great job as uh dokwan Uh is in wait actually he's not in Custody never mind all right moving on Uh SEC dokwon cashed out massive Bitcoin Stockpile via Swiss bank remember when They said they didn't freeze all of his Money well They definitely didn't because he Definitely still has plenty of money the United States SEC alleged Joe Quan has Tapped into some massive reserves of Bitcoin That is today February 17th in addition To accusing him of misleading investors U.S Regulators also state that do Quan Has transferred over 10 000 Bitcoin out Of the field blockchain project and Turned some of it into Cash via a Swiss Bank this is right here between June 2022 and the date of this complaint over 100 million dollars in fiat currency has Been withdrawn from that Swiss bank the SEC specified a hundred million dollars In fiat currency it's interesting Because then they say he only had 62 Million they froze 40 million of it left Him with 22. where is this money coming From where is this 100 million dollars Coming from seems like he has an endless
Funnel of cash almost like he cashed out Money During the bull run and spread it all Over the world like any good scammer Would do so then we have this the SEC Here allegations against dokwon and Terraform Labs the SEC also claimed that Despite dokwan's claim that the May 2021 Restoration of the peg was a result of The Terra algorithm the company was Actually entering into an agreement with A third party to purchase large Quantities of UST in an attempt to Restore the peg this unnamed party was Able to receive Luna at the price of 40 cents per token despite the fact it Was traded for over 90 dollars during This time and who is it nobody knows This mysterious actor well check this Out this just came out I believe today Jump trading allegedly received Luna Tokens at 40 cents when the market was At 90 bucks a 99.5 discount if this is True you're being dumped on folks past Present and future and I believe that That looks like that came directly from The SEC uh indictment against him Unbelievable that this was allowed to go On and these are the types of things Guys These are the types of things that are Criminal activities but yet in the Traditional Finance World they do these Things all the freaking time
Because it's in crypto we look at this And we go I cannot believe they did this Gasp sorry Thanks do this all the time they're Always giving discounts to their buddies And their cronies and screwing the Retail investors and thank God for Crypto finally having a place where this Is exposed and we can see what they're Doing now let's hold these other people Accountable as well what about jump Trading where is Jump trading's uh Responsibility in this uh jump trading By the way heavily involved with tether Heavily involved with Del Tech Bank Heavily involved with Sam bingman freed Heavily involved with Alameda heavily Involved with FTX Another Bad Company When you hear jump trading you should Might as well hear FTX or Alameda Because they're all the same where's the Responsibility for jump trading they Should be taken down for this this this Should be a crime for them to be able to Come and get this token at a discount of 99.5 percent and to dump it on the Market and to dump it on you jump Trading you're on the fu list all right Let's keep going before I lose it green Authorities confirmed search for dokwon Korean authorities confirm traveling to Serbia in search of dokon last week but Did not comment further so did they find Him did he pay them off and there's a
Problem with these people that have a Lot of money they can pay off the people That are looking for them and get them To go the other way but the question is Is dokwon was he ever trying to do Anything for anyone or were all of his Actions self-serving Self serving he's in sir sir okay all Right I'll move create officials Traveled to Serbia last week in order to Search for dokwon speaking of the Unchained podcast in October 2022 uh Cryptocurrencies are not Securities and Fall outside of authorities jurisdiction Thank God Joe Quan speaking for us thank God he says what he did is not a Security should really take that to Heart November 3rd 2022 Quan shot down Talk of hiding by tweeting about an Up-and-coming Meetup he signed off by Inviting cops to join in a follow-up Tweet no one said he would pay for Attendees playing tickets show up if you Dare he wrote then he said all right I'll throw a meet-up conference soon get Over this in hiding BS cops from the World are welcome to attend South Korea And Serbia do not have an extradition Treaty however two countries have Cooperate in the past under the European Convention on extradition Dokwan's rumored location in Serbia has Been public knowledge since December 2022. questions arise as to why the
Korean delegation made the trip last Week I really confirming that a party Arrived in Serbia officials declined to Comment further you can expect the Argument for UST being a security to be A road map for the SEC goes after other Stable coins the allege integration Promotion marketing commercial deals Etc Building the stable coins ecosystems are Efforts of others that are reasonably Expected and can lead to profits in Connection with the Stables this is why I've been saying the Stables might even Pass the Howie test despite them being Stable here's the fact guys We haven't seen one that's worked over The long term has been really successful Hasn't been hacked hasn't lost its Peg They need a lot more work But they're probably also not Securities But that hasn't stopped the SEC from Calling things securities In the past present and probably in the Future Right now the SEC is trying to power Grab that is what this is all about why Are they choosing now to go after Dokwon if you listen to what we've been Saying for the last several weeks this Is about a stable coin War who did Gary Ginzer work for who did you work for do You work for you does it work for me do You work for the investor Here where's your Goldman Sachs where
Did he work before he was at the SEC Goldman Sachs think about it use two and Two and get four The man is a pure Lackey for the banks What are the banks concerned about the Banks are concerned about stable coins Algorithmic stable coins they're an easy Target we've already got dokwan here That's demonstrated the dangers of Algorithmic stable coins they're going After busd we've already seen that as Circle snitched to the government about Some things that paxos had done and then They were able to go after busd through Paxos we already know FTX now is their Stablecoin in August guess what they go Down to November which who snitched them Out that would be Barry Silver CEO of Digital currency group also gigantic Investment in circle you can watch the Videos we've made in that before Guys we're primed up to see usdc become The stable coin in the United States of America the cbdc is coming it is already Here Every move that you're watching the SEC Make Is all about making that a reality Clearing the way for Goldman Sachs Clearing the way for Circle clearing the Way for usdc The government really wanted to go after Dokwon He had already been in custody remember
That there's a reason why he's still Free Gary Kinsler doesn't care about new corn He doesn't care about getting your money Back he cares about knocking out Algorithmic stable coins But the main question is how can Gary Ginsler knock out anybody when it looks Like he has two wet noodles for arms That's all I got to be blessed big boy Out Foreign
