"frank chaparro" Discussed on The Breakdown
"Welcome back to The Breakdown with me, N .L .W. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Tuesday, June 20th, and today we are doing a bad guy round up. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. All right, friends, happy Tuesday. If you've been on Twitter today, you've probably noticed that there is a lot of chatter about institutional engagement. Frank Chaparro from The Block wrote, BlackRock, Fidelity, Citadel, they're all making big moves into crypto despite the Gensler crackdown. Interesting, dot, dot, dot. Now, the specific context for this is a new exchange backed by Schwab and Citadel that's just come online. More broadly, I think that we are returning to this post -narrative institutionalization that was a big theme for the show in 2022, pre -FTX, and I'm not sure how post -narrative it is anymore. However, I've been working on a larger piece about that institutional trend, so we'll circle back to that in a full episode soon. Today, as I said, we have some updates on 2022 cleanup and general bad behavior, and we start with an update on disgraced Terra founder Do Kwan. Do has been found guilty of document forgery and sentenced to four months in jail by a court in Montenegro. The Terraform Labs founder was arrested in the Balkan nation in March alongside fellow Terraform Labs executive Han Changjun when the pair were caught traveling using fake passports. Authorities found on the two a pair of Costa Rican passports as well as two Belgian passports and two identity cards. Kwan said during the trial that they obtained the documents in Singapore through a service that sells citizenships to various countries and believe that the documents were genuine. Now, time already served since the pair's arrest is included in the prison term and an appeal is also possible.
