Friday, March 29, 2024
HomeAltcoinsNassim Taleb finds Terra’s Do Kwon more dangerous than Bernie Madoff

Nassim Taleb finds Terra’s Do Kwon more dangerous than Bernie Madoff

On May 30, Nassim Taleb, a former options trader and risk analyst, believes that imprisoning Terra founder Do Kwon would have prevented him from creating Luna 2.0, which he describes as “the exact same blatant Ponzi scheme.”

Nassim Taleb tweeted the following:

According to the author of “The Black Swan,” open Ponzi schemes like Terra’s are more risky than Bernie Madoff-style opaque schemes.
For nearly 17 years, Madoff, a former Nasdaq chairman, orchestrated a Ponzi scheme that scammed his victims of billions of dollars. After pleading guilty to 11 felony charges in 2009, the disgraced banker was sentenced to 150 years in prison. Last year, at the age of 82, Madoff died in prison.
Kwon is also dealing with legal issues. Local authorities have initiated an investigation into the Terra crash, according to JTBC, a South Korean media network. Despite this, Kwon continues to be arrogant on Twitter despite defrauding tens of thousands of investors (which apparently has not humbled him).
On the first day of its launch, the price of the new Luna token plummeted by more than 70%. According to Taleb, Kwon is allegedly waiting for another Bitcoin boom to inflate the price of LUNA.
The Lebanese-American philosopher, who had previously expressed cautious optimism about Bitcoin, has now changed his mind. Taleb wrote a paper last year in which he explains why the world’s largest cryptocurrency is worth nothing. He also referred to Bitcoin as a “gimmick.”

Read more: Terra demise results massive crypto and protocol migration on Polygon

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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