CoinMarketCap News, Mar 27: Do Kwon Behind Bars Amid Fears He's a Flight Risk
Crypto News

CoinMarketCap News, Mar 27: Do Kwon Behind Bars Amid Fears He's a Flight Risk

Also today, Nvidia — which makes graphics cards used for mining — says crypto adds nothing useful to society.

CoinMarketCap News, Mar 27: Do Kwon Behind Bars Amid Fears He's a Flight Risk

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Do Kwon to spend 30 days in detention 📰

A court in Montenegro has ordered Do Kwon to spend the next 30 days in detention. But local media reports suggest the Terra co-founder is planning to appeal this decision. The judge concluded that there are "concrete circumstances" indicating that Kwon could be a flight risk — especially considering he is a foreign citizen. Several travel documents have been seized, some of which bore different names to their actual identities. Another factor is the fact that Interpol had issued a red notice for his arrest. Kwon was arrested at the airport alongside Han Chang Joon, who had served as Terraform's chief financial officer. It's believed they were attempting to board a flight to Dubai using falsified Costa Rican travel documents — and they were initially arrested after a border official became suspicious.

Fallen 'Crypto King' was kidnapped 🚨

A self-styled "Crypto King" who allegedly fleeced investors out of millions was kidnapped and tortured, according to explosive court documents. It's believed Aiden Pleterski, who was 23 when his company went under, was abducted by disgruntled creditors. His father said he was held for three days, beaten, and was only allowed to call specific people. Pleterski contacted the landlord of his $45,000-a-month apartment and asked him to pay a $3 million ransom. He was later released on the understanding that he would get the cash to his kidnappers as soon as possible — and was warned that interacting with law enforcement would make his situation much, much worse.

A terrible, fat-fingered mistake 😑

An NFT trader has accidentally burned a CryptoPunk. Brandon Riley had paid the princely sum of 77 ETH for the rare collectible just two weeks ago — a sum that's worth $135,000 at the time of writing. But Riley accidentally sent the coveted piece of digital art to a burn address, meaning that it is now impossible to recover it. He was trying to wrap the CryptoPunk so he could take out a loan against it. "I was so focused on following the instructions exactly, that I slipped up, destroying a third of my net worth in a single transaction," he tweeted. The unlucky trader said it was a "devastating mistake," adding: "It is no one’s fault but my own. Both the beauty and the curse of self-custody."

Crypto 'adds nothing useful' to society 👀

Nvidia has declared that cryptocurrencies add nothing useful to society — despite the fact that its graphic cards play a key role in mining. Chief technology officer Michael Kagan told The Guardian that artificial intelligence is a much more valuable use of processing power. The tech giant has long had a difficult relationship with miners. Back in 2021, heightened demand from crypto miners led to a shortage of graphic cards designed for gamers. That prompted Nvidia to limit the hash rate on some models, meaning it would be less attractive for minting new Ether. "I never believed that [crypto] is something that will do something good for humanity," he said. Thousands of Nvidia graphic cards were used in the supercomputer that trained ChatGPT.
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