The Week in Crypto – Do Kwon, Greenpeace, and the SEC

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This week in the crypto world we’ve seen high profile arrests, 11-foot Bitcoin skulls, Bitcoin ATMs hacked, the SEC continuing its rampage, and more. But what bugs bit us the hardest this week?

Grab your bite cream and follow us once more into the crypto jungle.

Do Kwon Arrested

Do Kwon was finally in police custody this week, much to the delight of Terra victims, having been detained by police at Podgorica Airport in Montenegro trying to board a plane to Dubai. Police found forged Costa Rican and Belgian passports in Kwon’s possessions and arrested him, with the U.S. immediately filing fraud charges against him.

The U.S. will face an extradition battle with South Korea however, which has filed its own charges against Kwon, and it will be up to the courts to decide where he goes first. Wherever he does go, it’s pretty clear where he’ll end up.

Greenpeace Commissions Stunning Bitcoin Artwork

Greenpeace made an absolute balls up this week in its attempt to raise awareness of Bitcoin’s energy consumption (which, for the record, is about 0.25% of the world’s waste energy). The charity funded an 11-foot sculpture by Canadian artist Von Wong made of electronic waste in an attempt to reinforce Bitcoin’s wasteful nature, but what resulted was a piece or art so stunning that not only has its meaning been totally lost, the Bitcoin community loves it!

Just as well, seeing as its ‘change the code, not the climate’ movement is trash itself.

SEC Has Another Busy Week

The Securities and Exchange Commission (SEC) has had another busy week this week, doing what it can to crush the crypto space under its hefty foot after first inviting it there for cordial discussions. In fact, all its activities seemed to arrive on the same day, Thursday, with the agency:

  • Sending a Wells Notice to Coinbase saying that the exchange had run afoul of several rules regarding multiple areas of its business
  • Charging Justin Sun with wash trading, an unregistered sale of securities, and improper promotion of Tron and BitTorrent
  • Charging several celebrities with promotion of Tron-related cryptocurrencies without divulging that they were paid promotions
  • Warning the public over the dangers of investing in cryptocurrencies

Well, yeah, but if you go crushing the industry at every opportunity you get, then who’s to blame for that one?