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GM, GM, GM — and welcome to a brand-new edition of Tokengraph, the newsletter that brings you crypto current events faster than the Lightning Network. We’ve got a great lineup of stories today, so let’s jump right in.
On today’s agenda:
Warren Buffet’s Real Opinion of Crypto
Do Kwon’s Current Situation
Tether Is Posting Huge Profits
Gala to Create Web3 Anime
Binance Resumes BTC Withdrawals
And more…

In a recent Berkshire Hathaway meeting in Omaha, Nebraska, CEO Warren Buffett and Vice Chair Charlie Munger expressed their apprehensions about the increasing reliance on artificial intelligence (AI) and reiterated their criticism of Bitcoin.
Warren Buffet on #btc:
“Bitcoin has no unique value at all.
It doesn’t produce anything. You can stare at it all day, and no little Bitcoins come out or anything like that. It’s a delusion.
The asset itself is creating nothing.
I think that it’s a gambling device. There’s been a… https://t.co/gk7CEMN6Cd— Gary Black (@garyblack00)
May 4, 2023
Buffett compared AI's potential harm to humanity to the impact of the atom bomb, emphasizing his concern about society's over-reliance on this technology. Echoing these sentiments, Munger also expressed skepticism towards the hype surrounding AI and vouched for the efficacy of "old-fashioned intelligence."
Warren Buffet was right after all. #Bitcoin is rat poison. https://t.co/3XrurgSWPi
— Oliver L. Velez ⚡️ 13% Bitcoiner (@olvelez007)
Feb 2, 2023
On the topic of Bitcoin, Buffett stood firm in his previous criticisms, maintaining his view that the cryptocurrency lacks intrinsic value and doesn't produce anything. He’s gone on record directly comparing the cryptocurrency to rat poison, and this was no different.
Warren Buffet said that crypto is rat poison squared, which seems awesome because it kills rats. Nobody likes rats.
So it was a compliment.
— The Wolf Of All Streets (@scottmelker)
Feb 2, 2022
He reaffirmed that he wouldn't invest in crypto, regardless of the price. Munger supported Buffett's views on Bitcoin, and the duo remained unenthusiastic about the wider cryptocurrency industry.
“Warren Buffet famously called Bitcoin ‘rat poison.’ He may well be right. Bitcoin could be rat poison, and the rat could be cash.”
- Bill Miller, legendary value investor
— Ellie Frost ❄️ (@EllieFrost)
Feb 6, 2021
The pair also spoke about geopolitics, urging for stronger friendship ties with China and the need for increased free trade, deeming anything that escalates tension between nations as "stupid."
Finally, Buffett and Munger also reassured their faith in the American economy and reported a 13% increase in their investment portfolio over the past year.
Clearly, these two (and likely Berkshire Hathaway as a whole) share very different views on cryptocurrency than we do here at Tokengraph. How much success will Bitcoin have to garner before it’s publicly respected by financial giants like Berkshire Hathaway?

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Do Kwon, the infamous co-founder and former CEO of the now-dissolved Terraform Labs, is entangled in a jurisdictional dispute between South Korean and US authorities following his arrest in Montenegro for use of a false passport.
If convicted, Do Kwon would likely face the most extended jail term for a financial crime in South Korean history, more than 40 years.
— whalechart (@WhaleChart)
May 6, 2023
Kwon is facing extradition to both South Korea and the US due to his alleged involvement in the dramatic collapse of Terra's algorithmic stablecoin TerraUSD (UST) and the platform's native asset Luna. This event led to nearly $40 billion disappearing from the cryptocurrency market, triggering widespread industry concern.
South Korean prosecutors insist Kwon should face criminal charges in his home country, asserting this would be in the best interest of victims. This comes despite US authorities' calls for Kwon to be extradited to the United States.
One year ago ❗️
We were stunned by #DoKwon's announcement of deploying more capital, but what came next was the legendary #LUNA crash that shook the market.📉
This event highlights the unpredictable nature of #crypto and reminds us to always approach it with caution.💡 https://t.co/ZPh9UPjslh
— Whale Coin Talk (@WhaleCoinTalk)
May 9, 2023
Dan Sung-han, leading the South Korean investigation team, believes that handling the case in South Korea would be the most efficient way to achieve justice for investors, given that most key evidence and accomplices are based there. He described the launch and subsequent failure of both cryptocurrencies as a "systemic crime."
Kwon is accused of various financial crimes, including fraud, violating capital-market laws, employing "trader bots" to manipulate transaction volumes, and bribery. If convicted, he could face the most extended jail term for a financial crime in South Korean history.
One year ago today:
- LUNA & UST were spiraling to zero, shedding a combined $50B in mcap
- Do Kwon was deploying more capital
- Bitcoin crashed from $35K to $30K
- FTX was still solvent (on paper)
- SBF was sending your $$ to Alameda so they wouldn't go under (yet)
- 3AC was… https://t.co/fwfiGi7Bec— K A L E O (@CryptoKaleo)
May 9, 2023
Simultaneously, Kwon is facing criminal fraud charges in the US from federal prosecutors in New York and a civil lawsuit by the Securities and Exchange Commission (SEC). Kwon's legal team disputes the US's jurisdiction, arguing the company didn't market directly to Americans, and neither cryptocurrency was subject to SEC regulation.
Do Kwon pleads not guilty to fake passport charges in Montenegro court. https://t.co/D6FzcCJ1iU
— Crypto Crib (@Crypto_Crib_)
May 11, 2023
The decision on whether Kwon will be extradited to South Korea or the US awaits the conclusion of the Montenegro authorities' case against him for passport fraud, which he is now pleading “not guilty” for. We’re eager to see justice served in the most efficient way possible and investors given what they are owed, regardless of which path that requires.


How much lower is Do Kwon’s estimated net worth currently in the wake of the Terra collapse?
A. 10x lower
B. 56x lower
C. 32x lower
B. 74x lower
Scroll down to the bottom to see if you're right!

⚡ Lightning Round: Weekly Updates
Tether, the company behind the world's largest stablecoin USDT, has reported a Q1 net profit of $1.48 billion, a year-over-year increase of the same amount. Its reserves reached a record high of $2.44 billion, with most held in cash equivalents and US Treasury Bills. However, the company is facing criticism over its lack of transparency.
Binance, the world's largest crypto exchange, has resumed Bitcoin withdrawals after a temporary halt due to network congestion. The platform has also announced plans to implement the use of Bitcoin's Lightning Network for faster withdrawal times. Despite this, Bitcoin's price fell to a weekly low of $27,790 amid concerns over the exchange.
Rosario Dawson and Tony Revolori are confirmed to star in "Ghosts of Ruin," an NFT-backed Western anime series by Gala Film. The series, set in a dystopian San Francisco, will initially be exclusive to NFT holders who funded its production. After its Gala platform debut in August, the pilot episode will be pitched to major streaming services.

❓ Trivia Answer
Answer: D.
Do Kwon’s net worth plummeted from $10B at LUNA’s highest price last summer to an estimated $135M (at the low end) now, which is 74x less.

Web3 Resource of the Day
How Are Bitcoin NFTs POSSIBLE? Ordinals Explained | Video from CoinGecko
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.