On March 23, Do Kwon, the founder of Terraform Labs, was arrested at Podgorica Airport in Montenegro after being sought by South Korea and international authorities for several months.

Kwon and Terraform’s CFO Han Mo were detained while attempting to board a flight to Dubai with fake Costa Rican passports, and a fake Belgian passport was also found in their luggage. Interpol had conducted an investigation and determined that passport fraud is a serious offense that could carry up to a five-year prison sentence in Montenegro.

Haris Shabotich, the prosecutor in charge of Kwon’s case, has initiated criminal proceedings in Montenegro’s financial district. However, the local government has stated that they cannot confirm Kwon’s immigration records, and he may face additional penalties if it is discovered that he entered the country illegally.

If Kwon is only arrested and not connected to other legal issues, such as the use of a South Korean passport, he will be directly escorted. However, if the situation is more complicated, the Terraform Labs founder may face criminal charges. Shabotich emphasized that the first step is to file charges against Kwon for passport fraud, and then proceed from there.

Two high-ranking officials from the District Prosecutor’s Office in Podgorica were also present during the interview with Shabotich and Yonhap News. On March 24, the local court in Montenegro ordered an extension of Kwon and his assistant’s detention for 30 days, citing concerns that they may flee the country. They are both foreign residents in Singapore, and their identities have yet to be clearly established.

Kwon’s representative lawyer, Branko Angelich, expressed his intention to appeal the decision. However, he was stripped of his right to defend his client during the trial. If Kwon appeals to the extension of his detention, the outcome may need to be further considered.

#Dokwon #Terra #LUNA #LUNC #azcoinnews

This article was republished from azcoinnews.com

In a shocking turn of events, Do Kwon, the former CEO of Terraform Labs, has been arrested for his alleged involvement in the collapse of Terra and Luna in May of last year. The news was first shared by a former researcher of the company, known as FatMan, on his Twitter account on the 24th of March.

FatMan, who has been tracking Do Kwon since the collapse of the companies, shared his response to the news of Kwon’s arrest, stating “It’s a beautiful day for justice.” He went on to call Kwon “spineless, despicable, and soulless” for stealing money he did not need and for giving up time with his family for the sake of greed.

According to FatMan’s tweets, Kwon attempted to evade the authorities by illegally forging several travel documents. FatMan also revealed that Kwon had the opportunity to do the right thing and honor the Luna Foundation Guard (LFG) refund when the victims appealed in May of last year. He could have admitted everything when insiders came forward, or he could have turned himself in after a warrant was issued. However, Kwon chose to run and evade responsibility.

Twitter: @azcoinnews

The scale of Kwon’s alleged crimes is staggering. FatMan noted that stealing hundreds of millions of dollars requires a special and almost diabolical level of greed. In Kwon’s insatiable quest for wealth, he gave up years with his family that will never return. This is a tragic consequence of greed that has devastated countless individuals and families.

The arrest of Do Kwon is a significant development in the ongoing investigation into the collapse of Terra and Luna. It remains to be seen what charges Kwon will face and what the ultimate outcome of this case will be. However, it is clear that the actions of Kwon and others involved in the collapse of these companies have had far-reaching consequences that will be felt for years to come.

#Dokwon #Terra #TerraformLabs #LUNA #azcoinnews

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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

In a major development in the Terra Luna coin crisis, a person presumed to be the CEO of Terraform Labs, Kwon Do-hyung (32), has been arrested in Montenegro.

According to Yonhap News Agency (YNA), the South Korean police have confirmed the age, nationality, photo, and name through the person’s ID cards, and have requested Montenegro to provide fingerprint information to confirm whether he is actually Do Kwon.

The National Police Agency has announced that the person presumed to be CEO Kwon and an aide named Han were arrested by the Montenegrin authorities and are currently being identified. The police are waiting for a reply from Montenegro to confirm whether this person is actually CEO Kwon.

An official from the National Police Agency stated that they had checked the person’s age, nationality, and name with the identification card he had, and confirmed that he was the same person as CEO Kwon with photo data. The police are now waiting for the fingerprint information to further confirm his identity.

The Terra Luna coin crisis, which erupted last year, involved a massive price drop in the cryptocurrency, causing huge losses for investors. Terraform Labs, which is behind the Terra project, has been accused of manipulating the coin’s price to benefit insiders. The arrest of the person presumed to be Do Kwon is seen as a major development in the ongoing investigation into the crisis.

The South Korean police have been investigating the case for several months and have already arrested several executives of Terraform Labs, including the head of the company’s Seoul office. The arrest of the person presumed to be Do Kwon is expected to provide further clues into the Terra Luna coin crisis and shed more light on the alleged price manipulation by the company.

The arrest of the person presumed to be Do Kwon in Montenegro is a significant development in the ongoing investigation into the Terra Luna coin crisis. The South Korean police are expected to continue their investigation and bring those responsible for the alleged price manipulation to justice.

#Dokwon #LUNA #Terra #Terraform #azcoinnews

This article was republished from azcoinnews.com

The crypto community on Twitter is buzzing with rumors that the focal point of the LUNA-UST crash, Do Kwon, has been arrested. On March 23, while the crypto community was scrambling to claim the Arbitrum airdrop, another noteworthy piece of information surfaced, that Terraform Labs CEO Do Kwon had been arrested.

Specifically, the Twitter account of the Minister of Interior of Montenegro stated that the government had arrested Do Kwon for using fake documents at Podgorica airport. However, Montenegro is still waiting to verify the specific identity. If true, this would be a new turning point in the long story of one of the most serious crashes in the cryptocurrency market.

Twitter: @azcoinnews

In May 2022, the cryptocurrency LUNA and the stablecoin UST evaporated $60 billion in market capitalization in just a few days, causing the entire crypto industry to experience a strong dump. Do Kwon, as CEO of Terraform Labs, the company behind LUNA and UST, was seen by the crypto community as the person responsible. However, he repeatedly evaded summonses from the South Korean government, fled Singapore, and was believed to be hiding in Serbia, a country bordering Montenegro.

The South Korean government then issued an arrest warrant and canceled Do Kwon’s passport, forcing him to possibly use fake documents to leave the country, leading to his arrest by Montenegrin authorities.

In February, the US Securities and Exchange Commission (SEC) filed charges against Do Kwon, and also declared LUNA-UST to be securities.

This latest development will undoubtedly have significant implications for the cryptocurrency industry as a whole, and it remains to be seen what the specific consequences will be for Terraform Labs and LUNA-UST. For now, the crypto community will have to wait and see how this story unfolds.

#Dokwon #Terra #LUNA #USTC #azcoinnews

This article was republished from azcoinnews.com

Exactly one year ago, on March 14, 2022, LUNA was the hottest cryptocurrency in the market, with daily token prices breaking new records. During that time, Terraform Labs founder Kwon Do-Hyung (Do Kwon) made a bet with cryptocurrency influencer Sensei Algod on Twitter, wagering that the price of LUNA would exceed the current price of $88 in a year. The two agreed to put up $1 million each, and another influencer, Cobie, acted as a witness and held the funds in a managed account.

However, just two months later, in May of 2022, Terra’s stablecoin UST collapsed, causing global investors to lose an estimated $40 billion. The Terra ecosystem had provided 20% interest when depositing UST through Anchor Protocol, which had lured in users’ funds. As a result, LUNA’s price plummeted, falling to $0.

Do Kwon, who had made the bet with Algod, collapsed soon after the bet was made, and is now on the red wanted list of the Korean prosecution and indicted by the US. SEC.

The fate of the $2 million that had been put up for the bet remained uncertain for some time. According to Kobe, on April 4, 2022, he transferred the $2 million from Do Kwon and Al-God to FTX. It was not confirmed if Algod had received the money before the FTX bankruptcy.

In a recent tweet, Algod wrote, “A one year anniversary since my $1mn dollar bet with @stablekwon while it’s in hindsight easy to say Luna would collapse as you can see in the comments I was ridiculed as redacted the masses are often wrong, was a great lesson. But the result is as everyone knows.”

This serves as a cautionary tale about the risks involved in investing in cryptocurrencies and the importance of conducting thorough research before making any investments. While the cryptocurrency market has the potential for significant gains, it also carries the risk of significant losses.

#LUNA #Terra #Dokwon

This article was republished from azcoinnews.com

South Korean authorities have seized approximately 210 billion won ($160 million) worth of property linked to former Terra employees, mostly in the form of real estate, according to a report from South Korean news outlet KBS on April 3. The amount of compensation collected by the prosecution for the assets of Terraform Labs executives and employees charged with the virtual currency Terra and Luna incidents has now exceeded 200 billion won.

The Seoul Southern District Prosecutor’s Office’s financial and securities crime joint investigation team has collected and preserved 210 billion won in property, primarily in real estate, to recover undue gains from eight people, including Terraform Labs co-founder Shin Hyun-seong, the former CEO of Chai Corporation. The preservation of collection is a measure that prevents suspects from arbitrarily disposing of assets suspected of being criminal proceeds during the trial.

An official from the prosecution stated that they are still investigating the property ownership status of the suspects and plan to carry out collection preservation for the confirmed property in the future to recover the proceeds of crime and damages. In November 2022, the prosecution had seized former CEO Shin’s home in Seongsu-dong, Seongdong-gu, Seoul, and so far, collected and preserved about 100 billion won of former CEO Shin’s property.

Prosecutors are currently looking at the amount of undue gains Shin made while operating Terra and Luna at 154.1 billion won and will also track down hidden assets and freeze them. Former CEO Shin is known to have unfairly earned 140 billion won by purchasing Luna inexpensively before it was officially issued and selling it expensively, but the amount of unfair gains has increased by about 10 billion won.

In addition, the prosecution determined that the amount of unfair profits earned by the seven Terra employees, excluding former CEO Shin, amounted to KRW 169 billion, of which KRW 114 billion was collected and preserved. The prosecution also seized the houses and lands of Terraform Labs-affiliated CEO Kim Mo and former Terraform Labs executive A, considered the criminal proceeds of the two to be 79.1 billion won and 40.9 billion won, respectively, and is proceeding with collection and preservation measures.

Representative Shin and others are accused of designing the Terra business, holding virtual currencies issued before and after the business started, and making unfair profits by selling them when the price rises. The authorities are taking strong measures to recover the proceeds of crime and damages and to prevent the suspects from disposing of their assets before the trial.

#Terra #LUNA #Dokwon #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Do Kwon, the founder of Terraform Laboratories and a key figure in the Terra-Luna coin debacle, was recently photographed leaving a Montenegrin court in handcuffs.

A rare video obtained by journalist Isabel Hunter shows Kwon and Terraform CFO Han Chang-joon being handcuffed and escorted separately to a police car.

@azcoinnews

This comes just one day after South Korean officials confirmed Kwon’s detention in Montenegro. According to CNN, Interpol confirmed Kwon’s arrest through a fingerprint match.

Following the collapse of the TerraUSD stablecoin and Luna token last May, Kwon was charged with violating South Korean financial rules. The highly publicized entrepreneur has been on the run since September when a Seoul court issued an arrest order, and Interpol issued him a red alert.

Last May, Luna, and the TerraUSD stablecoin lost their value in a matter of days, wiping out around $40 billion from the crypto market and kicking off the 2022 crypto winter.

Kwon was charged with fraud and violating South Korea’s capital markets law. He has consistently stated on Twitter that he is not “on the run” but has refused to reveal his current location. Kwon was allegedly hiding in Serbia before his detention in Montenegro.

#Dokwon #Terra #LUNA #Kwon #azcoinnews

This article was republished from azcoinnews.com

Terraform Labs founder and former fugitive Do Kwon is currently facing an uncertain future as he awaits likely indictment for alleged document forgery in a Montenegro jail.

A criminal defense lawyer in the country has informed Protos that Kwon will soon be transferred to a detention area with only 8 square meters, about 10 people, and no beds. The lawyer believes that it will take at least a year to reach an extradition agreement, and the probability of extradition to South Korea is higher.

Montenegro jails and prisons have a reputation for grim conditions of overcrowding and aggressive treatment by staff, as highlighted in a 2020 human rights report by the US Department of State. The lawyer confirmed that “things haven’t changed since the report.” Upon arrest, detainees are held in quarantine for 10 days to ensure they are not suffering from Covid-19.

The rooms during quarantine are reportedly okay, with only one or two people sharing. However, detainees are moved to a general facility after the quarantine period, where the conditions are far worse. Rooms are small, overcrowded, and there are no beds. Detainees are granted a 30-minute “walk around the block” each day and can buy basic goods like cigarettes and coffee from the commissary.

Extradition proceedings have already commenced, as both South Korea and the US have filed their criminal charges against Kwon. However, hopes of a speedy extradition to countries with friendlier prison conditions, such as South Korea or the US, are likely to be dashed.

The criminal defense lawyer told Protos that they think it will be “at least a year” before any extradition agreements can be made. Kwon will first be tried in Montenegrin court for his criminal charges there, which can take around four to five months. If he is found guilty, he may face a prison sentence of six months to five years. Appeals can take at least three to four months, and if an appeal to the higher court fails, Kwon can only appeal to the Supreme Court after serving one year of his sentence.

Kwon denies all charges and has already filed an appeal. However, the appeal is likely to fail, according to the lawyer who spoke to Protos. Kwon will then appeal to the higher court in Montenegro, which can take three to four months. It doesn’t stop the sentencing from being carried out in the meantime. It looks like Kwon will have to get used to the local prison conditions for the foreseeable future.

#Dokwon #LUNA #Terra #Kwon #azcoinnews

This article was republished from azcoinnews.com

Terraform Labs CEO Do Kwon’s legal troubles continue to mount as he was recently arrested in Montenegro. According to reports, Kwon was apprehended by Montenegrin authorities along with another South Korean citizen, Hon Chang Joon.

The two were brought to the Basic State Prosecutor’s Office in Podgorica, Montenegro, on criminal charges for the criminal offense of document forgery under Article 412 paragraph 2 of the Criminal Code of Montenegro.

Twitter: @azcoinnews

It was also reported that Kwon and Joon used forged travel documents from Costa Rica when they attempted to board a flight to Dubai on March 23, 2023. Interpol checks established the falsity of the documents during passport control. Moreover, according to the inspection of the Border application, the persons have not registered their entry into Montenegro.

Kwon is also facing legal issues in his home state of South Korea where prosecutors have issued an arrest warrant against him. Kwon is facing a series of fraud charges and breaches of capital markets law. Furthermore, the South Korean foreign ministry has officially canceled Kwon’s passport on October 20, 2022, after he failed to surrender it following an October 6 order.

In addition to his legal woes in South Korea and Montenegro, the United States Securities Exchange Commission (SEC) has also filed fraud charges of their own against Kwon. The charges include securities fraud, commodities fraud, and wire fraud. The indictment against Kwon also includes charges of conspiracy to defraud and engage in market manipulation.

The SEC alleges that Kwon made a series of false and misleading statements about the extent to which the Terra blockchain had been adopted by users during a TV interview that was transmitted to, among other places, the Southern District of New York.

The global nature of Kwon’s legal troubles highlights the challenges of regulating the cryptocurrency industry. Kwon’s case underscores the need for stricter regulation and enforcement to prevent fraudulent activities in the emerging industry. It remains to be seen how Kwon’s legal battles will play out and what impact they will have on the cryptocurrency industry as a whole.

#Dokwon #Terra #LUNA #SEC #azcoinnews

This article was republished from azcoinnews.com

The recent arrest of Do-hyung Kwon, the CEO of Terraform Labs, in Montenegro has brought to light his previous denial of U.S. jurisdiction while on the run. According to a report by YNA, Kwon may have denied U.S. jurisdiction out of consideration to reduce the severity of his future punishment.

Kwon was a key figure in the ‘Terra/Luna’ incident that caused a domino effect of the collapse of the value of cryptocurrency around the world. He delayed the deadline for submitting an appeal request to the effect of disobeying the summons order of the US Securities and Exchange Commission (SEC) on August 18 last year to October 6 by 30 days, requested the U.S. Supreme Court.

It has been about a year since the SEC first delivered a subpoena to Kwon in person in New York, USA in September 2021 regarding Terraform Labs’ ‘Mirror Protocol’ app. In April of last year, a month before the Terra and Luna crash, Kwon left Korea and fled. It’s been 4 months since he started living as a fugitive.

@azcoinnews

In the documents submitted to the Supreme Court, Kwon’s attorney protested that the SEC’s personal jurisdiction was recognized by the 2nd Court of Appeal, even though Terraform is a Singapore corporation, and Kwon is a resident of Singapore. Kwon’s side insisted that the judgment of the court’s personal jurisdiction is broad and important, considering the digital market as well as the general context.

In the United States, it is possible to sentence more than 100 years in prison by adopting the judicial principle of adding up sentences for each individual crime. Meanwhile, in Korea, the maximum sentence for economic offenses is only about 40 years, and there are no standards and laws to determine whether cryptocurrency is securities or not.

Observers suggest that Kwon’s denial of U.S. jurisdiction could have been an attempt to secure the time needed to escape, while also lowering the severity of punishment in the future. However, Kwon is currently detained in Montenegro on suspicion of forged passports and is facing trial. His legal representative has refused to answer whether he wants to be extradited to South Korea or the United States, saying “no comment.”

The case of Kwon and Terraform Labs has sparked interest and raised questions regarding the jurisdiction of cryptocurrencies and economic offenses in different countries. As the case continues to unfold, it will be interesting to see how it will impact future regulations and legal processes related to cryptocurrencies.

As AZCoin News reported, Do Kwon was apprehended while trying to board a flight to Dubai using counterfeit Costa Rican passports. In addition, a false Belgian passport was discovered in his possessions. Interpol conducted an inquiry and found that passport forgery is a grave crime punishable by up to five years in prison in Montenegro.

#Dokwon #Terra #LUNA #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

This week’s news in the financial world has been a mixed bag, with a range of stories from the launch of new platforms to legal woes for high-profile figures. Here are the most notable stories from the week of March 19th – March 25th.

The big news this week was the launch of ZkSync Era’s mainnet on March 24th. This event marked the beginning of the Layer 2 Zk Rollup wave, which promises faster and cheaper transactions for users. One standout feature of ZkSync is the ability for users to pay fees with any token, even zero fees if DApps are willing to subsidize them. This is made possible thanks to the integration of account abstraction into the infrastructure.

In response to a wave of mass withdrawals, a group of six national banks, including Canada, the UK, Japan, Europe, Switzerland, and the Fed, have formed a coalition to increase liquidity by swapping liquidity agreements in US dollars. This move is meant to shore up liquidity and ensure that banks have the necessary resources to handle large-scale withdrawals.

Deutsche Bank, Germany’s largest bank, saw its stock price fall by 27% since March 8th, the biggest drop in four years. Despite this, German Chancellor Angela Merkel is not concerned, stating that the bank has modernized and reorganized its business model, and is a very profitable institution (having had ten consecutive profitable quarters prior to this drop).

@azcoinnews

In other news, the SEC has accused Justin Sun, founder of TRON, of selling unregistered securities and market manipulation. Sun has dismissed the accusations as a civil complaint. Meanwhile, the difficulty of mining Bitcoin has risen by 7.56% to a new record of 46.84T. The Fear and Greed Index is also at a 16-month high, with a current rating of 68, indicating high levels of greed among investors.

Swiss bank UBS has purchased Credit Suisse for $3.2 billion and agreed to provide $108 billion in liquidity. Dwpbank, Germany’s largest securities dealer with over 5.3 million accounts, has launched a new platform called wpNex that enables 1,200 affiliated banks to offer Bitcoin trading services to their customers.

In less positive news, Do Kwon, the founder of Terraform Labs, has been arrested in Montenegro. The US and South Korean justice departments are both seeking involvement in the case. Finally, the Fed has raised interest rates by 0.25%, citing concerns about high levels of inflation, despite turmoil in the banking system.

Lastly, users of the popular messaging app Telegram can now send USDT to each other in addition to BTC and TON, which were added last year. These updates continue to expand the capabilities of Telegram as a platform for financial transactions.

#Bitcoin #crypto2023 #TRON #Dokwon #azcoinnews

This article was republished from azcoinnews.com

Chapter 4: Veil of Shadows

As KAM delved further into the depths of Terra Luna(#lunc )'s mysteries, he found himself drawn into a realm that blurred the lines between reality and the ethereal. The encrypted files he had uncovered seemed to whisper secrets that only the chosen could comprehend, and a veil of shadows shrouded the path ahead.

In the heart of the night, KAM received a cryptic message from an anonymous source. "Beyond the blockchain lies a realm of ancient knowledge," it read. "Only those who dare to embrace the shadows can unlock the true potential of Terra Luna."

Intrigued and cautious, KAM followed the trail of clues, leading him to a hidden enclave deep within the digital landscape. There, he encountered a figure cloaked in darkness, who introduced herself as the Oracle of Luna.

"The path you tread is not for the faint of heart," the Oracle warned, her voice echoing with an otherworldly resonance. "To understand the true essence of Terra Luna, you must traverse the realms of the subconscious, where truth and illusion dance as one."

With trepidation, KAM stepped forward, guided by the Oracle through a labyrinth of cryptic symbols and enigmatic riddles. Each step felt like an eternity, as he wrestled with his own perceptions and beliefs, peeling away the layers of reality to reveal a deeper truth.

As the veils of shadows lifted, KAM's mind expanded beyond the confines of the physical world. Visions of ancient civilizations, long-forgotten knowledge, and celestial beings flooded his consciousness. The boundaries of time and space blurred, and he realized that Terra Luna was but a vessel for a higher cosmic purpose.

The Oracle revealed that Terra Luna's origins were intertwined with cosmic energies, guided by celestial forces that transcended mortal comprehension. #Dokwon 's vision was merely a conduit for a grander design, orchestrated by the veiled hands of ancient wisdom.

"The path of the #Luna traveler is one of enlightenment and ascendance," the Oracle intoned. "Those who embrace the shadows shall be entrusted with the sacred duty of preserving the delicate balance between worlds."

But with great knowledge came a grave responsibility. The Oracle warned KAM that there were those who sought to wield the power of Terra Luna for their own dark designs. The shadows cast by greed and ambition threatened to consume the very essence of Luna, corrupting its pure purpose.

Armed with newfound understanding, KAM emerged from the realm of shadows, his mind ablaze with revelations. Terra Luna was not just a creation of human ingenuity; it was an enigmatic force that resonated with the cosmic web of existence.

As he returned to the physical world, Luna awaited him with a knowing smile. "You have glimpsed the truth, KAM," she said. "But remember, the veil of shadows must be respected. It is the balance between light and dark that empowers Terra Luna's potential."

With his heart and mind aligned, KAM realized that he had a crucial role to play in safeguarding the purity of Terra Luna's purpose. The cosmic dance between truth and illusion, light and shadow, demanded vigilance and discernment.

As he embraced his role as a Luna traveler, KAM knew that the journey had only just begun. The mysteries of Terra Luna extended far beyond the boundaries of the digital realm, and the cosmic forces that guided its path were beyond mortal comprehension.

With the Oracle's words etched in his soul, KAM prepared to embark on a quest that transcended time and space. The fate of Terra Luna and its grand purpose lay in the balance, and he was determined to navigate the veils of shadows with unwavering resolve.

(To be continued...)