The Big Tech Show: Crypto CEO arrested and celebrities being fined: is the currency in chaos?

Do Kwon, the founder of Terraform Labs was charged in the US with fraud, after his arrested in Montenegro last week. Now legal action is being taken against Binance, with US regulators accusing the company of operating illegally in the country. What is happening in crypto and we going to see more scandals coming from the industry? Host: Adrian Weckler. Guest: FT’s Scott Chipolina

Thu 30 Mar 2023 at 03:00

Last week, the founder of crypto company Terraform Labs, Do Kwon was charged with fraud in the US after he was arrested in Montenegro.

The CEO who faces eight criminal charges is accused of defrauding customers. His company, which saw the collapse of its cryptocurrency terraUSD coin kicked off the wider cryptocurrency collapse in 2022.

Meanwhile, the CFTC, one of America's biggest regulators, filed a lawsuit against Binance, arguably the biggest exchange in the world. The company is alleged to have illegally accessed US customers and breaking numerous US financial laws.

If that wasn’t enough crypto news, celebrities including Jake Paul and Lindsay Lohan were hit with SEC charges for allegedly promoting crypto tokens on their social platforms without disclosing they were being paid to do so.