The drama unfolding in the crypto industry has lured two downtrodden scions back into the limelight.
(Bloomberg) — The drama unfolding in the crypto industry has lured two downtrodden scions back into the limelight.
Do Kwon, the founder of collapsed stablecoin project Terra, and Su Zhu, the co-founder of bankrupt hedge fund Three Arrows Capital, made online appearances as news of the deal between crypto exchanges FTX.com and Binance broke on Tuesday.
Both executives have kept a low profile since their crypto projects crashed, and have been evasive about their whereabouts. Kwon is the subject of an Interpol red notice, and the liquidators of Three Arrows have accused the firm’s founders of failing to cooperate with their efforts.
Do Kwon was a guest on the “Up Only” podcast to discuss the FTX developments, admitting he was not “the best person” for advice on crisis management. The Terra founder, who presided over its $60 billion crash in May, is wanted by South Korean authorities on allegations including breaches of capital-markets law.
He did not share his location during the podcast, but prosecutors have indicated that he may be in Europe. In the past, he has denied any wrongdoing and tweeted that he isn’t “on the run.”
How Onetime Crypto Titan Do Kwon Became a Fugitive: QuickTake
Meanwhile, Zhu took to Twitter to share details about how is life has been going since Three Arrows, which he ran with partner Kyle Davies, filed for bankruptcy in July. He wrote that he’s surfing, learning languages and praying.
Three Arrows’ Zhu Worries About Jail Time in Liquidator Spat
The crypto industry is reeling in the wake of Binance’s proposed takeover of Sam Bankman-Fried’s FTX. The exchange suffered a liquidity crunch after Zhao announced that he was selling a $530 million holding of FTX’s native token.
Zhu’s Twitter profile has Dubai listed as the location, but he declined to comment on it when asked by Bloomberg News. He delivered an affidavit in person in Bangkok on Aug. 19 and said that he had been in “constant contact and cooperation with the liquidators.”
On the “Up Only” podcast, Kwon was joined by Martin Shkreli, the infamous “Pharma Bro” who as spent time in jail for securities fraud.
“Hey Do, I just wanted to let you know, jail is not that bad,” Shkreli told Kwon.
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