Terraform Labs Co-Founder Do Kwon Handed Over to US Authorities
Extradition Battle Ends with Handover to United States Law Enforcement
After a months-long battle over where he would be extradited, Terraform Labs co-founder Do Kwon was handed over to United States law enforcement by authorities in Montenegro. The handover occurred on December 31st, and according to reports from the region, Kwon will face criminal charges related to the collapse of Terra.
Background: Terraform Labs Co-Founder’s Extradition Battle
Do Kwon, along with other Terraform executives, had been facing charges in both the United States and South Korea following the collapse of the Terra ecosystem. The collapse led to massive losses for investors and a significant impact on the global cryptocurrency market. The exact nature of the charges against Kwon is still unclear, but it’s believed that he may have played a role in the collapse of the TerraUSD (UST) stablecoin.
Montenegrin Prime Minister Confirms US Custody
In a statement released via X (formerly Twitter), Montenegrin Prime Minister Milojko Spajić confirmed that Do Kwon was indeed in the custody of United States law enforcement. This move comes after months of uncertainty and debate over where Kwon would ultimately be extradited.
Extradition Process and Charges
The extradition process began when Bojan Božović, Montenegro’s Justice Minister, approved the extradition request from the United States. Despite South Korea also filing charges against Kwon, the Montenegrin government ultimately decided to hand him over to US authorities.
This decision has significant implications for both Do Kwon and the cryptocurrency industry as a whole. The collapse of Terra had already sparked widespread regulatory scrutiny, and this latest development is likely to further fuel calls for greater oversight and regulation in the sector.
South Korean Court Issues Arrest Warrant for President Yoon
Meanwhile, in South Korea, the Seoul Western District Court has issued an arrest warrant for impeached President Yoon Suk Yeol. The warrant was granted on December 31st after President Yoon failed to report for questioning for the third time.
According to a report from the Korea Herald, this is the first time that a sitting South Korean president has faced an arrest warrant granted by a court. President Yoon had attempted to impose martial law in early December, sparking widespread outrage and ultimately leading to his impeachment on December 14th.
Yoon’s Impeachment and Suspension
The decision to impeach President Yoon was made after the country’s parliament voted against him following allegations of abuse of power. He was subsequently stripped of his powers and replaced by Deputy Prime Minister and Finance Minister Choi Sang-mok as interim president.
This latest development in South Korea underscores the ongoing tensions between the government and its citizens, particularly with regards to issues of governance and accountability.
Pro-Crypto Lawyer Offers to Probe Operation Chokepoint 2.0
In a related development, pro-crypto lawyer John Deaton has offered to lead an investigation into Operation Chokepoint 2.0. The alleged initiative aimed to cut crypto companies out of the traditional banking system, sparking widespread criticism and calls for greater transparency.
Deaton, who is well-known for his efforts to support Ripple’s legal battle with the US Securities and Exchange Commission (SEC), offered to lead the probe without salary. This move comes after a court order allowed crypto exchange Coinbase to obtain unredacted files from the Federal Deposit Insurance Corporation (FDIC) in relation to Operation Chokepoint 2.0.
China Tightens Crypto Trade Oversight with New Forex Rules
In another regulatory development, China has introduced new foreign exchange rules that require banks to monitor and flag risky trades involving crypto assets. The move is aimed at preventing residents from using digital assets for cross-border gambling, underground banking, or other illicit activities.
According to the South China Morning Post, mainland China’s new rules will make it harder for residents to purchase digital assets and use them for these purposes. Banks will be required to track transactions based on the identity of institutions and individuals involved, as well as the sources of their funds and the frequency of trades.
Conclusion
The ongoing saga surrounding Do Kwon’s extradition highlights the complex and often fraught relationship between regulatory bodies and the cryptocurrency industry. As governments around the world grapple with how to oversee and regulate digital assets, it remains to be seen what the long-term implications will be for players in this space.
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Table of Contents
- Terraform Labs Co-Founder Do Kwon Handed Over to US Authorities
- South Korean Court Issues Arrest Warrant for President Yoon
- Pro-Crypto Lawyer Offers to Probe Operation Chokepoint 2.0
- China Tightens Crypto Trade Oversight with New Forex Rules
- Conclusion
References
- Korea Herald: "Seoul court issues arrest warrant for impeached President Yoon"
- South China Morning Post: "China tightens rules on crypto trades to prevent underground banking and cross-border gambling"
Note: The table of contents and references are added for your convenience, but they do not affect the content or meaning of the text.