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March 14, 2023 46 mins

This week we delve into the underlying mechanisms of terraUSD and how they incentivized experienced investors to drive the stablecoin into a death spiral.

"Crypto Crooks" is sponsored by Chainalysis.

Do Kwon wasn’t creating a new grift. His coin was history, repeated. Financial experts foretold the failure of Do Kwon’s empire from the beginning – because they’d seen it all happen before, at the Bank of England no less. 

In our deep dive into terraUSD, we examine how the death spiral that ate the stablecoin alive was knit into the very fabric of the project. It was no accident, fluke or unexpected occurrence: It was inevitable. 

Next up, our season finale – and then, a bonus episode on the bombshell revelations of an SEC investment suit against Do Kwon, filed this February.


Episode transcripts are available at


Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, web3 companies, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit


“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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