Do Kwon, co-founder of Terraform Labs, has been detained in Montenegro for over 30 days after being caught with forged documents at the Podgorica airport while trying to travel to Dubai.

According to authorities, Kwon is suspected of being involved in the collapse of the Terra ecosystem in May 2022, which caused billions of dollars in losses for users.

@azcoinnews

Kwon’s legal representative has confirmed that they will be appealing the court’s decision to extend his detention beyond the usual 72 hours for violating the law in Montenegro. The decision was made after authorities assessed that Kwon posed a high risk of fleeing.

The situation has escalated as US prosecutors in New York have also charged Kwon with fraud, as well as eight other charges including commodity fraud, securities fraud, wire fraud, conspiracy to commit fraud, and market manipulation.

Kwon’s arrest in Montenegro comes after suspicions that he was using fake documents to move between Singapore, Dubai, and Serbia, leading to investigations by Korean authorities. Kwon went on the run after the collapse of Terra’s ecosystem, which has affected tens of billions of dollars in the cryptocurrency market.

The news of Kwon’s arrest and the subsequent charges have caused shockwaves in the cryptocurrency community, as Terraform Labs is a major player in the industry. The situation has also raised questions about the effectiveness of regulations in the cryptocurrency market and the need for stronger measures to prevent fraud.

As the legal battle unfolds, it remains to be seen what the implications of Kwon’s arrest and charges will be for the wider cryptocurrency market and its stakeholders. Nevertheless, this latest development underscores the importance of adhering to strict regulatory frameworks and ethical practices in the cryptocurrency industry.

#Dokwon #Terra #LUNA #Montenegro #azcoinnews

This article was republished from azcoinnews.com

Terraform Labs CEO Do Kwon has been charged with eight separate counts, including securities fraud, commodities fraud, and wire fraud by United States prosecutors in New York, according to a March 24 report from Bloomberg.

This news comes just hours after Kwon was reportedly arrested in Montenegro with a companion while trying to fly to Dubai. According to the minister of interior of Montenegro, Kwon was detained at the Podgorica airport with “falsified documents.”

Kwon was charged with conspiracy to defraud and engage in market manipulation. The Southern District of New York claims jurisdiction over Kwon as he made a series of false and misleading statements during a TV interview that was transmitted to the Southern District of New York about the extent to which the Terra blockchain had been adopted by users. While the indictment was signed by United States Attorney Damian Williams, no date is mentioned.

Twitter: @azcoinnews

Kwon is just 32 years old and is a well-known entrepreneur in the cryptocurrency industry. He is the founder of Terraform Labs, a blockchain technology company that has developed several innovative projects in the decentralized finance sector. Kwon’s arrest and indictment have sent shockwaves through the cryptocurrency community, as he was once considered a rising star in the industry.

According to reports, Kwon and his companion Hon Chang Joon were trying to flee to Dubai before they were detained in Montenegro. The minister of interior of Montenegro stated that they are awaiting official confirmation of Kwon’s identity.

The charges against Kwon are serious and carry significant penalties if he is found guilty. Securities fraud, commodities fraud, and wire fraud are all federal crimes that can result in prison time and significant fines. The charges of conspiracy to defraud and engage in market manipulation are also serious, as they suggest that Kwon may have been involved in a larger scheme to deceive investors and manipulate the market.

The arrest and indictment of Do Kwon are just the latest in a series of high-profile cases involving fraud and other criminal activities in the cryptocurrency industry. As the industry continues to grow and attract more investors, regulators and law enforcement agencies are stepping up their efforts to combat fraud and other illegal activities. It remains to be seen how Kwon’s case will play out, but one thing is certain: the cryptocurrency industry is facing increased scrutiny, and those who engage in illegal activities will be held accountable.

#Dokown #Terra #LUNA #Montenegro #azcoinnews

This article was republished from azcoinnews.com

#crypto news update:

⚠️ Breaking News:

Do Kwon Sentenced to 4 Months Jail in #Montenegro Document Forgery Case! ⚖️

We regret to inform you that Do Kwon, a prominent figure in the #cryptocommunity , has been sentenced to 4 months in jail in connection with a document forgery case in Montenegro. This shocking development has sent shockwaves through the industry. 😮

The case revolves around allegations of falsifying official documents, leading to legal consequences for Do Kwon. As a respected member of the crypto community, this news has taken many by surprise.

We understand the concern and uncertainty this brings, and we urge everyone to await further details and updates on the situation. It's important to let the legal process unfold and respect the outcome.

We hope this incident serves as a reminder of the importance of transparency, accountability, and upholding the highest ethical standards within the cryptocurrency industry.

Stay tuned for more information as the story develops. Let us come together as a community to support integrity and responsible practices in the crypto space.

#zackxbt #SEC

$BTC $ETH $BNB