This week, we dig into the rise of Do Kwon, the enormous appeal of his almost magical algorithmic stablecoin – and the far less charmed reality underlying his machinations from the very start.

"Crypto Crooks" is sponsored by Chainalysis.

Do Kwon said he could print money out of thin air. Who could resist a sell like that? 

Welcome back to “Crypto Crooks.” This season, over the course of four episodes plus a bonus fifth on recent developments, we tackle Do Kwon and his so-called algorithmic stablecoin. We’re starting with the seductive appeal of the concept. Everyone, from crypto’s bigwig financiers to hundreds of thousands of retail depositors, was buying into the dream. 

But the fatal flaws of this collective fantasy were evident from the very start. It was only a matter of time before the death spiral began. 

Clip:

• Pomp & Mike Novogratz Bitcoin Fireside Bitcoin 2022 Conference 

Episode transcripts are available at coindesk.com/podcasts/crypto-crooks. 

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“Crypto Crooks” is a CoinDesk Podcast Production. The executive producer is Jared Schwartz, with additional production by Eleanor Pahl, Nora Battelle, Jonas Huck, and Moon Beast. Fact-checking is by Amber Von Schassen, and sound design and music are by Altus Noumena. This show is written and voiced by David Z. Morris.

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