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Intro

Welcome to I, Degen - A podcast about crypto technology, security, and culture. With a healthy balance of enthusiasm and skepticism, we dig into a weekly look at crypto, cutting through the misinformation and hype in search of signal in the noise.

Episode Summary

In this episode, we hunt for Do Kwon and look at the White House’s comprehensive framework for the responsible development of digital assets. Then we look into Wintermute’s 119M key generation issue. We discuss emerging post-merge Ethereum narratives and the Omni bridge replay attack. We also get into an IRL customs scam for our hack attempt of the week.

I,Degen - Weekly

1. 9/14/22 - South Korean Court Issues Arrest Warrant for Terra Luna founder Do Kwon [2]

The wanted crypto developer Do Kwon, who is accused of fraud by investors following the $45 billion (€45 billion) collapse of his cryptocurrencies Luna and TerraUSD, is reportedly trying to evade South Korean authorities.Prosecutors have accused Kwon of financial fraud, arguing that his terraUSD stablecoin was a kind of investment security under South Korea’s capital markets act [2]Kwon moved from South Korea to Singapore, where the now defunct stablecoin issuer Terraform Labs, which he co-founded, has a base. However, Singapore Police Force said on Saturday he is currently not in the city-state.South Korean prosecutors told Bloomberg in a text message on Monday that there has been “circumstantial evidence of escape” since he left Singapore. The media outlet said prosecutors declined to comment on whether the office knows of Kwon’s whereabouts or if it will contact the international police agency Interpol.Last week, Kwon was charged with violating the Capital Markets Act, and an arrest warrant was issued for him and five allegedly connected to the case who were believed to be in Singapore.
 –EuroNews

1. White House Releases Comprehensive Framework for Responsible Development of Digital Assets

Over the past six months, agencies across the government have worked together to develop frameworks and policy recommendations that advance the six key priorities identified in the EO: consumer and investor protection; promoting financial stability; countering illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.The nine reports submitted to the President to date, consistent with the EO’s deadlines, reflect the input and expertise of diverse stakeholders across government, industry, academia, and civil society. Together, they articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad.

Protecting Consumers

Still sellers commonly mislead consumers about digital assets’ features and expected returns, and non-compliance with applicable laws and regulations remains widespread. One study found that almost a quarter of digital coin offerings had disclosure or transparency problems—like plagiarized documents or false promises of guaranteed returns.The reports encourage regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Com