According to a report published by AFP, Do Kwon, CEO of Terraform Labs, has been charged with document forgery in Montenegro. Kwon was arrested at the Podgorica airport while traveling with fake documentation. South Korean prosecutors have said the Terra co-founder faces extradition to South Korea.

Montenegro Police’s Account of the Falsified Travel Documents Found in Kwon’s Possession

Terraform Labs co-founder and CEO Do Kwon, also known as Kwon Do-hyung, was arrested on Thursday in Montenegro, a mountainous country located in South Eastern Europe on the Balkan Peninsula. The news was first disclosed on March 23 by Montenegro’s interior minister Filip Adzic who explained Kwon was apprehended at the Podgorica airport bearing phony identification documents.

Terraform Labs CEO Do Kwon Faces Extradition to South Korea

According to a report published by the AFP on Friday, Kwon is now being charged with forgery in Montenegro. Kwon was also traveling with an unknown companion who was also taken into custody. “A criminal complaint was filed against both persons for the criminal offense of document forgery,” Montenegro’s police detailed. In addition to forgery charges, prosecutors want to detain Kwon for 30 days as he ostensibly denied his identification documents were forged.

Further, Kim Hee-kyung, a spokeswoman for the Seoul Southern District Prosecutors’ Office told AFP that the government would like to see Kwon extradited back to South Korea. “South Korean prosecutors will take steps to repatriate Kwon Do-hyung. We are working on the process,” the spokeswoman explained. Kwon also faces a number of lawsuits in the United States including a recent lawsuit that was initiated by the U.S. Securities and Exchange Commission.

Montenegro police noted that Kwon and his companion had “falsified travel” documents that derived from Costa Rica and the duo was looking to fly out to Dubai. The police also said that upon a luggage inspection, there were also travel documents from South Korea and Belgium. Montenegro’s interior ministry said that Kwon’s Belgium identification was also forged documents. The name of Kwon’s traveling companion has not yet been disclosed.

#dokwon #terra #luna #BTC

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Do Kwon, one of the co-founders of Terraform Labs, has challenged the significance of leaked Slack conversations presented as evidence.
The discussions in question, involving co-founder Daniel Shin and Do Kwon, revolved around the idea of attracting investors through transaction manipulation.
In a court filing by the U.S. SEC, a Slack conversation from September 2019 between the co-founders of the company was introduced. According to this chat log, Kwon and Shin were deliberating on strategies to draw additional investors to Chai Corporation, a payment company situated in Seoul. Kwon and Shin established Chai in the middle of 2019, and the company collaborated, including sharing resources like employees, with Terraform until 2020, at which point they pursued separate paths.
Fabricating False Transactions
As revealed in the leaked conversation, Kwon had contemplated enhancing the project’s attractiveness to investors by fabricating fictitious transactions. Additionally, Kwon went on to provide more details, outlining that the fees generated from these transactions could potentially be utilized to gradually dismantle the system as Chai continued to grow.
Subsequently, Kwon proposed a confidentiality agreement to Shin, expressing his intent with the words, “I won’t tell if you won’t.” Furthermore, he asserted that it would pose challenges for investors to uncover the manipulation tactics. In contrast, Kwon refutes the allegations against him and contends that the evidence has been misconstrued.
Kwon and Shin, as per the information provided by his legal representatives, deliberated the option of staking LUNA tokens with validators as an alternative to orchestrating Chai transactions. The U.S. SEC has formally requested the extradition of Kwon to address charges linked to the Terra ecosystem’s downturn. Nevertheless, Kwon’s legal team is actively contesting this extradition request.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #dokwon #TerraClassic #LUNC #USTC

Do Kwon, the founder of Terraform Labs, may soon return to South Korea from Montenegro due to a crucial court decision expected on March 23. This information was conveyed by Kwon's lawyer in an interview with journalists.

Kwon's escape journey resembles the plot of a spy novel. For months, he managed to evade pursuit from South Korea, traveling from one country to another until he was eventually apprehended in Montenegro. The reason for his arrest was an attempt to cross borders with forged documents, along with Han Chang-joon, a key member of Terra, who was returned to South Korea in February.
Kwon's stay in Montenegro isn't just about its beautiful scenery. He spent four months in prison there for using counterfeit documents. According to his lawyer Goran Rodic, Kwon's likely next destination is South Korea. Rodic stated that the whole process is in accordance with the law and the evidence gathered. Whether Kwon will attempt any legal maneuver against this decision remains Rodic's secret.
The situation is complicated by the fact that Kwon is wanted not only in South Korea but also in the USA for securities fraud charges. Nevertheless, courts in Montenegro have indicated that Kwon's future lies in South Korea, not the USA. This decision is the result of protracted legal disputes and courtroom dramas.
Local media in Montenegro announced this decision on March 7, suggesting that it could be the final chapters of Kwon's saga. The exact plan for his extradition has not yet been announced as no new official documents have been filed. Kwon continues to serve his sentence for document forgery until March 23, indicating that likely nothing will change until then.
South Korea has actively engaged in this case and utilized Interpol to secure Kwon's extradition. Kwon is not alone under pressure; Terra co-founder Daniel Shin faces his own legal issues in South Korea, including fraud allegations.
Kwon's legal battle in Montenegro began over the incident with a forged passport. Han Chang-Joon, former CFO of Terra, has already been extradited. Initially, it appeared that Montenegro was inclined to send Kwon to the USA, but the appellate court subsequently ordered a review of the entire case.
The appellate court's decision on March 5 may have offered Kwon a chance to avoid extradition to the USA. However, the issue is not just about his destination but about accountability for his actions. The USA and South Korea share a goal – to prosecute Kwon for his role in the collapse of the UST Terra stablecoin, which led to a loss of over $40 billion.
#dokwon #crypto

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Terra co-founder, Do Kwon, currently embroiled in a passport forgery case in Montenegro, had his bail revoked by the court following objections from prosecutors who cited concerns about flight risk and the bail amount.

In the midst of growing discussions surrounding his potential extradition, Do Kwon has enlisted the services of Dentons, the renowned law firm, to handle his legal affairs pertaining to lawsuits and investigations in the United States. Digital Asset reported on May 29 that Dentons, ranking sixth among global law firms in 2023, holds the distinction of being the largest law firm worldwide based on its number of lawyers.

The legal woes for Do Kwon commenced earlier this year when the US Securities and Exchange Commission (SEC) filed a lawsuit against both Do Kwon and Terraform Labs, accusing them of fraud and the sale of unregistered securities. Subsequently, in March, the US District Attorney's Office for the Southern District of New York indicted Do Kwon on eight charges, encompassing securities fraud, wire fraud, commodities fraud, and conspiracy.

Dentons had previously represented Do Kwon in challenging a subpoena from the US SEC during its investigation into the Mirror Protocol in 2021, as well as in a class action lawsuit in the Singapore High Court in 2022. Furthermore, the law firm has been serving as legal counsel for Terra in various other legal disputes.

Increasing Legal Scrutiny Targets Terra Executives

South Korean authorities gear up for Do Kwon's potential extradition as prosecutors assert that they possess additional evidence and cases against him. Notably, Terraform Labs and Do Kwon made substantial cryptocurrency withdrawals in May, amounting to millions.

Simultaneously, Terra co-founder Daniel Shin is set to face his initial trial at the Seoul Southern District Court. In preparation for his defense, Shin has assembled a formidable team of 30 lawyers, including a prosecutor with prior experience investigating the Terra-LUNA crises.

#coingabbar #terra #dokwon #luna #crypto2023

Terra Luna Classic Announces Q2 Plan and Budget for Network Upgrade and Joint L1 Task Force

Terra Luna Classic (LUNC) core developer group, Joint L1 Task Force, has submitted its plan and budget for Q2. The group has completed several crucial blockchain upgrades, such as the v1.0.5 hotfix and v1.1.0, bringing back the Binance LUNC burn mechanism. Now, the group has scheduled another major blockchain upgrade, v2.0.0, for March 31, which will bring AI capabilities to the Terra Classic chain.

The Q2 plan includes testing for the v2.0.0 upgrade, providing technical advice and development support for Ziggy USTC repeg and deploy v2.1.0, and parity with Cosmos blockchain. The developer group will work with an L2 team to develop Classic Station to introduce on-ramp capability and help in testing and scheduling upgrades while reducing the burden on third parties.

The Q2 budget for the Joint L1 Task Force development team is $139.5k, similar to Q1. The distribution of payments will happen monthly after approval from the Oversight Committee and Terra Grants Foundation signers of the multisig. The community has expressed support for the Q2 plan of the Joint L1 Task Force group.

However, some popular members of the community suggested discussing tasks accomplished by the developer group in Q1 before proceeding to approve the Q2 budget. The LUNC price is currently trading at $0.00012, down 2% in the last 24 hours, while the USTC price also fell 2%, with the price currently trading at $0.021.

Takeaways:

Terra Luna Classic (LUNC) core developer group Joint L1 Task Force has submitted its plan and budget for Q2.

The group has completed several crucial blockchain upgrades and is scheduled to release v2.0.0 on March 31, which will bring AI capabilities to the Terra Classic chain.

The Q2 plan includes testing for the v2.0.0 upgrade, providing technical advice and development support for Ziggy USTC repeg and deploy v2.1.0, and parity with Cosmos blockchain.

The Q2 budget for the Joint L1 Task Force development team is $139.5k, similar to Q1, and the distribution of payments will happen monthly after approval from the Oversight Committee and Terra Grants Foundation signers of the multisig.

Conclusion:

Terra Luna Classic's Joint L1 Task Force has announced its Q2 plan and budget, which includes several crucial blockchain upgrades and the development of Classic Station to introduce on-ramp capability. The community has expressed its support for the plan, and the budget will be distributed monthly after approval from the Oversight Committee and Terra Grants Foundation signers of the multisig. As Terra Luna Classic moves forward with its Q2 plan, it will be interesting to see how the project progresses in the coming months.

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South Korean prosecutors have announced the identification of criminal proceeds totaling at least 410 billion won, while the amount of reimbursement reached 300 billion won. This revelation highlights the extent of criminal activity and the need for strong measures to combat it.

The prosecutors’ investigations have focused on a variety of criminal activities, including embezzlement, fraud, and money laundering. The funds that have been identified are believed to have been obtained through a range of illicit activities, such as the misappropriation of company funds or the sale of counterfeit goods.

The scale of the criminal activity uncovered by prosecutors is significant, with hundreds of billions of won being identified as criminal proceeds. This indicates the seriousness of the problem of financial crime in South Korea, and highlights the need for measures to combat it.

In addition to identifying the criminal proceeds, prosecutors have also been working to recover these funds. The amount of reimbursement reached 300 billion won, demonstrating the success of these efforts.

The recovery of these funds is a crucial step in combating financial crime, as it not only deprives criminals of their ill-gotten gains but also serves as a deterrent to others who may be tempted to engage in similar activities.

Overall, the identification of criminal proceeds totaling at least 410 billion won and the recovery of 300 billion won in reimbursement is a significant development in the fight against financial crime in South Korea. The efforts of prosecutors to identify and recover these funds serve as an important reminder of the need for continued vigilance in the fight against financial crime.

#terra #luna #fraud #crime #dokwon

Do Kwon, co-founder of Terraform Labs, has been released from prison in Montenegro while the extradition proceedings regarding his request to be extradited to the USA and South Korea are still ongoing, according to a report by Bloomberg citing officials from the prison system.
Doubts Surrounding Kwon's Extradition Decision:
His recent decision to be extradited to South Korea has been challenged by the top prosecutor of Montenegro. Recently, it has come to light that the highest prosecutor's office in Montenegro has transferred this case for review to the Supreme Court, citing irregularities.
Arrest of Do Kwon and the Collapse of the Terra Project:
Do Kwon was arrested in Montenegro in March 2023 when he was caught with a fake Costa Rican passport while attempting to travel to Dubai in the United Arab Emirates. Kwon was the architect of the failed crypto project TerraUSD stablecoin, which experienced a collapse along with LUNA, another token from the Terra project.
Extradition Decision and Investigation:
Both the USA and South Korea have requested Kwon's extradition, but the Minister of Justice of Montenegro favors extradition to South Korea. This decision has been contested by the top prosecutor of Montenegro. South Korean authorities are now actively seeking to prosecute Do Kwon for his alleged frauds and tax evasion.
Do Kwon has denied the accusations, claiming that the $40 billion collapse of the Terra ecosystem was a result of market forces and does not indicate any criminal activity.
#dokwon #terraformLabs

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“