As another month came to a close, we are now approaching the halfway point of 2022. Can you believe it?
The running themes of inflation and central banks continue to dominate markets, with sellers still very much in control of risk assets.
Today’s letter takes a slight twist by focusing specifically on some interesting characters at the centre of conversation right now, for similar(ish) reasons.
Bernie Madoff, Do Kwon, Alex Saunders and Boris Johnson.
But before you read this, please be advised that this is about the facts and not a witch hunt, which could be the case for any followers of these people who don’t/ can’t admit that something is fundamentally wrong, therefore they will blame the messenger.
The stage is set, let’s get to it!
Bernie Madoff and Do Kwon
What do these two characters have in common?
Think $60bn ish of investors’ funds, unrealistic, promised returns and titanic collapses.
In last month’s letter, we detailed the collapse in TerraUSD / Luna and how this ‘Stablecoin’ became ‘unstable’.
Bernie Madoff lost upwards of $60bn in investors’ money when in 2009 it was discovered that he was running a Ponzi scheme.
After being humbled, Madoff was arrested and imprisoned for 150 years. His son, Mark, couldn’t deal with the intense heat on him following the scandal – tragically, he killed himself in 2010.
It is arguably the largest and most famous scandal / Ponzi scheme to hit the industry.
Fast forward to 2022 and we have a laughing Kwon, whose ‘Stablecoin’ invention lost a similar amount of investors’ money, who thinks what he did was ok (probably as there’s zero regulation), so much so that he even launched ‘Luna 2.0’ days later.
Incidentally, at the time of writing, ‘Luna 2.0’ is down 85% in the past 14 days.
To continue reading this article…
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