Do Kwon's dynamic rise to stardom in the VC world has not been without its tricks & shortcuts. Let's have a look at Anify, Do Kwon's first startup - and his first taste of both money and nepotism. (1/8)
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In 2016, Do Kwon and his friend from Stanford, Jang Ki-seok, created Anify, a scalable P2P communications solution. As many in the tech world know, it's not easy to get accelerators to incubate you and throw hundreds of thousands at any old buzzword-filled idea. (2/8)pic.twitter.com/Iru5nf6NcU
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So when Anify was sent out as a prospective investment to various companies through the Korean government TIPS incubation program, how did Do Kwon manage to get a $550,000 grant from Infobank, a big communications corporation in Korea, despite never putting out a product? (3/8)
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As it happened, Do Kwon had a trick up his sleeve. Infobank's CEO turned out to be Jang Jun-ho, the father of Jang Ki-seok. Thanks to the wonders of nepotism, Ki-seok had his father recommend the project to the TIPS board, and received a large investment into Anify's bank. (4/8)
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It turns out that Ki-seok was an Infobank shareholder, and Infobank is refusing to comment on this. The TIPS board has stated that they will work harder on rooting out instances of nepotism. This is all thanks to amazing research work done by SBS. (5/8)https://news.sbs.co.kr/news/endPage.do?news_id=N1006773545&plink=COPYPASTE&cooper=SBSNEWSEND …
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I opine that after this little venture, Do Kwon started becoming greedy for more. More money, more investor funding, more fame, more connections - more power. He started dreaming bigger. "A million dollars isn't cool. You know what's cool? A billion dollars." (6/8)
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Do Kwon's new baby, Terra, was created alongside Daniel Shin - a man with family connections to Samsung and the Korean CIA - many describe him as 'untouchable'. Daniel Shin's dark history is a story for another time, but it's important to know that his power shielded Do. (7/8)
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And after years of fraud & deception, Do Kwon in 2022 managed to get to a place in life where he could execute an OTC deal receiving $1b in Bitcoin in exchange for 1B of his own UST tokens, which he knew would most likely collapse in a spectacular fashion given enough time. (8/8)
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