Main differences between Do Kwon Luna and FTX Sam Bankman

Element

Do Kwon (Terraform Labs)

SBF (FTX)

šŸ§± Business model

Terraform Labs Algorithmic stablecoin (UST)

SBF (FTX) Exchange with real customer funds

šŸ”„ Main cause of collapse

Terraform Labs Depeg of UST and death spiral

SBF (FTX) Misappropriation and redirection of funds

šŸ“Š Were there customer funds?

Terraform Labs Not directly (more of a DeFi system and smart contracts)

SBF (FTX) Yes, FTX customer funds went to Alameda

šŸ§¾ Documented fraud?

Terraform Labs Difficult to prove ā€“ the model collapsed, but was it a fraud?

SBF (FTX) Yes ā€“ emails, accounts, transfers, testimonies

šŸ§‘ā€āš–ļø Direct evidence

Terraform Labs Mainly technical + marketing

SBF (FTX) Hundreds of emails, witnesses, collaborators