{"id":501062,"date":"2022-10-14T22:46:49","date_gmt":"2022-10-14T19:46:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/the-sec-should-be-aiming-at-do-kwon-but-its-getting-distracted-by-kim-kardashian\/"},"modified":"2022-10-14T22:46:49","modified_gmt":"2022-10-14T19:46:49","slug":"the-sec-should-be-aiming-at-do-kwon-but-its-getting-distracted-by-kim-kardashian","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/the-sec-should-be-aiming-at-do-kwon-but-its-getting-distracted-by-kim-kardashian\/","title":{"rendered":"# The SEC should be aiming at Do Kwon \u2014 But it\u2019s getting distracted by Kim Kardashian"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4096e38a05f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4096e38a05f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/the-sec-should-be-aiming-at-do-kwon-but-its-getting-distracted-by-kim-kardashian\/#%E2%80%9D_The_SEC_should_be_aiming_at_Do_Kwon_%E2%80%94_But_its_getting_distracted_by_Kim_Kardashian_%E2%80%9C\" >&#8221; The SEC should be aiming at Do Kwon \u2014 But it\u2019s getting distracted by Kim Kardashian &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/the-sec-should-be-aiming-at-do-kwon-but-its-getting-distracted-by-kim-kardashian\/#Kim_Kardashian_shilling_crypto_is_the_tip_of_the_iceberg\" >Kim Kardashian shilling crypto is the tip of the iceberg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/the-sec-should-be-aiming-at-do-kwon-but-its-getting-distracted-by-kim-kardashian\/#The_damage_caused_by_Do_Kwon\" >The damage caused by Do Kwon<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_The_SEC_should_be_aiming_at_Do_Kwon_%E2%80%94_But_its_getting_distracted_by_Kim_Kardashian_%E2%80%9C\"><\/span>&#8221; The SEC should be aiming at Do Kwon \u2014 But it\u2019s getting distracted by Kim Kardashian &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvZDE0NDhiZmMtYzUzNy00NTkwLTk2MzctYzI5NzdkODFiNTNhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>In less than a week, Terraform Labs founder Do Kwon\u2019s passport will expire. Interpol issued a red notice for Kwon last month, and this month, his assets were reportedly frozen by the South Korean government.\u00a0<\/p>\n<p>Kwon has been tweeting freely in response \u2014 and almost always denies the reports. \u201cI don\u2019t know whose funds they\u2019ve frozen, but good for them, hope they use it for good,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/stablekwon\/status\/1577639160692854784\">wrote<\/a> in one message. Playing a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> of cat and mouse with both the authorities and the public, Kwon seems to be living a life of freedom while enjoying his internet access. <\/p>\n<p>Meanwhile, regulators with the United States Securities and Exchange Commission have been highly vocal in reprimanding Kim Kardashian and other celebrities for shilling assorted cryptocurrency projects. Although they deserve to be rebuked, bad actors like Kwon continue to elude the long arm of regulatory bodies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Kim_Kardashian_shilling_crypto_is_the_tip_of_the_iceberg\"><\/span>Kim Kardashian shilling crypto is the tip of the iceberg<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Kardashian promised the SEC she\u2019d pay a $1.26-million settlement after promoting EthereumMax (EMAX) on her Instagram account. Rightfully, the reality star was penalized because she failed to disclose the $250,000 she was paid to shill the shitcoin, which plummeted 98% shortly after her endorsement. (She disclosed that she was paid but not the exact amount.)<\/p>\n<p>Following the court ruling, SEC Chairman Gary Gensler proclaimed, \u201cThis case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn\u2019t mean that those investment products are right for all investors.\u201d He added that the case was \u201ca reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Kim Kardashian\u2019s Ethereum Max ad violated the SEC\u2019s anti-touting provision<\/em><\/strong><\/p>\n<p>Fine words indeed. But Gensler\u2019s grandstanding with celebrity wrist-sl<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing is a case of style over substance. Clear pump-and-dump schemes shouldn\u2019t go unpunished, but the priorities of regulatory bodies are clearly skewed. There are far bigger fish in the crypto pond that should be incurring the SEC\u2019s wrath.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_damage_caused_by_Do_Kwon\"><\/span>The damage caused by Do Kwon<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Kardashian touting EMAX isn\u2019t a great look for crypto, and the SEC was right to charge her. But it\u2019s not a patch on the damage done by Kwon, which the SEC failed to avert. The May collapse of Terraform\u2019s stablecoin and its cryptocurrency, LUNA, wiped roughly $50 billion in value out of the market over the course of a week. Before its crash, LUNA was one of the top 10 largest cryptocurrencies on the market.<\/p>\n<p>The SEC first issued a subpoena to Kwon and his company in 2021. Kwon, ever the anti-authoritarian, responded by saying he wouldn\u2019t comply with the demands and would instead sue the SEC. Although little came of his countersuit, it clearly demonstrated his disregard for the agency.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Federal regulators are preparing to pass judgment on Ethereum<\/em><\/strong><\/p>\n<p>Today, it seems the SEC has forgotten about Kwon. It was South Korea \u2014 not the U.S. \u2014 that prompted Interpol to issue a red notice for Kwon, an official order to law enforcement across the globe to locate and arrest the wanted person.<\/p>\n<p>Apparently, the SEC has passed the buck to South Korea and Interpol. Instead, the agency is going after the likes of Ripple and Coinbase \u2014 despite the fact that legislators in the U.S. and beyond still haven\u2019t even defined digital assets.<\/p>\n<p>The damage done by Kwon goes far beyond simple numbers. In some cases, it cost victims their lives. <\/p>\n<p>The last thing we need in this time of turbulence for global markets is uncertainty driven by shady and (allegedly) criminal actors. Kwon has invited regulation from authorities, so perhaps that\u2019s part of the reason the SEC has been slow to follow South Korea\u2019s lead in issuing a strong rebuke.<\/p>\n<p>Proper regulations wouldn\u2019t necessarily be bad, but it\u2019s hard to judge what \u201cproper\u201d looks like before regulators have enforced the laws that already exist.<\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Zac Colbert<\/strong> is a digital marketer by day and a freelance writer by night. He\u2019s been covering digital culture since 2007.<\/div>\n<\/div>\n<p><em>This article is for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/the-sec-should-be-aiming-at-do-kwon-but-it-s-getting-distracted-by-kim-kardashian\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; The SEC should be aiming at Do Kwon \u2014 But it\u2019s getting distracted by Kim Kardashian &#8220; In less than a week, Terraform Labs founder Do Kwon\u2019s passport will expire. Interpol issued a red notice for Kwon last month, and this month, his assets were reportedly frozen by the South Korean government.\u00a0 Kwon has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":501063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvZDE0NDhiZmMtYzUzNy00NTkwLTk2MzctYzI5NzdkODFiNTNhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,74898,75269,71511,70934,72420,67874,8575],"class_list":["post-501062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-sec","tag-us-government","tag-government","tag-regulation","tag-south-korea","tag-united-states","tag-usa"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=501062"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/501063"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=501062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=501062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=501062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}