Crypto crasher Do Kwon admits guilt over failed stablecoin • The Register
Terraform Labs founder Do Kwon has pled guilty to committing fraud when promoting the so-called “stablecoin” Terra USD and now faces time in jail.
Kwon was a pioneer of “stablecoins” – cryptocurrencies tied to the value of a fiat currency. In theory, one of Kwon’s “UST” tokens would always be worth US$1. Stablecoins are a useful idea because current tools for moving money can be slow and expensive. Backers of stablecoins imagined greasing the wheels of commerce by using blockchains to enable faster money transfers. The concept of tokenized assets stored on blockchains is now generally accepted in financial services circles, which no longer consider them terrifying so long as they’re properly operated, governed, and…
