FatMan

While there was some genuine Chai usage, the vast majority of it was simply TFL cashing out tens of millions of dollars through the SDT/KRT scheme, hoping nobody would notice. It was a way of turning their printed internet money into real money - retail demand. (10/17)

As we have discovered, this scheme requires constant demand to stay afloat, and at some point, it falters. Estimates suggest over $150m was unaccounted for from the SDT stabilization pool, and it was operating on a fractional reserve. LUNA was on a path to collapse... (10/17)

...But their next trick turned out to be far more powerful, and it saved the day. More demand. Better ways to launder (print LUNA and don't explain where it's going). A smarter way to shill, defraud, and deceive, all with big partners and investors helping you out. (11/17)

When a scam is exposed but you want to continue defrauding people, there are three things to do. First - you need to misdirect - create a new project, promise it will be more successful, get people hyped up. Second - you need to hide evidence. Third - do it a lot smarter. (12/17)

So, this is what they did after the Chai premine event. The first step was to dissociate from Chai, severing ties on their website. The next step? Delete the evidence. Chai's blockchain explorer with all of their transactions was taken down. https://www.chaiscan.com/  (13/17)

The last, most important step - refine your technique. Instead of cashing out in such an obvious way, do it using protocol-level deception. Clever lies. Secret allocations and shadow wallets. Have arbitrary amounts allocated for 'team expenses' and 'infrastructure'. (14/17)

Create a better, more robust structure to bring in a tidal wave of retail demand - not just from Korea, but from the whole world. Market it as a savings account, so people throw in not just a small investment but their life savings. Generate as much volume as possible. (15/17)

I could go on - but the point is, if this was a middle school awards ceremony, Do Kwon wins the award for 'most improved'. Most improved scammer. The UST scheme robbed people of billions and was far more elegant & deceptive than the Chai premine scam. (16/17)