Do Kwon's sentencing memorandum dropped last night. Here are some of the most interesting nuggets. Remember, all this is in service to the aim of getting him a 5-year sentence and painting the $40bn crash of UST in May 2022 in the best possible light... a thread (1/x) Do is sorry about bashing critics who warned about UST depeg risk: "In my insane arrogance, all I felt then was annoyance at the naysayers who seemed only interested in slowing me down... I resorted to childish memes and made fun of my online opponents to silence them." (2/x)

What we learned about Jump in the Terraform Labs trial

1/ Secretive HFT giant Jump Trading was a big backer of Do Kwon’s Terra/Luna project. Exhibits released by @SECGov show that Kwon formed a tight relationship with this guy: Jump Crypto president Kanav Kariya 2/ In chats with Do Kwon made public by @SECGov, Kanav insisted they communicate via Signal, saying Jump was pushing for it. “Compliance feels much mor comfortable here with the disappearing chats,” Kanav said. (BTW it doesn’t seem he actually set his chats to disappear)

In honor of the one-year anniversary of the UST depeg, this paper from NBER is worth a read. A thread (1/9) nber.org/papers/w31160 One key insight is that in a crypto bank run (like with Anchor Protocol) on-chain transparency offers real-time transparency into other people's withdrawals, creating a self-perpetuating cycle. Imagine if you banked at SVB and got alerts when other clients yanked their cash (2/9)