Terraform Labs Co-Founder Do Kwon Handed Over to US Authorities
In a significant development in the ongoing saga surrounding Terraform Labs, co-founder Do Kwon has been handed over to United States law enforcement by authorities in Montenegro. This move comes after a prolonged battle over where Kwon would be extradited, with both the US and South Korea having filed charges against him.
A Complex Extradition Process
The extradition process was marked by controversy, with the Montenegrin Justice Minister Bojan Božović approving the transfer to the US just four days prior. This decision came despite Kwon holding citizenship in South Korea and facing charges there. The US had been seeking Kwon’s extradition for months, but it was not until December 31 that he was finally handed over to American authorities.
Charges Against Do Kwon
The collapse of Terraform Labs has led to a range of charges against Kwon and several other executives. In the US, he faces potential charges related to the company’s demise, while in South Korea, he is accused of various financial crimes. The handover to the US marks a significant step forward in bringing these cases to justice.
South Korean Court Issues Arrest Warrant for Impeached President Yoon
Meanwhile, in another development, the Seoul Western District Court has issued an arrest warrant for impeached President Yoon Suk Yeol. This is a first for South Korea, where sitting presidents have traditionally enjoyed immunity from prosecution. According to reports, Yoon was stripped of power after attempting to impose martial law in early December.
Yoon’s Impeachment
The impeachment process began on December 14, when the country’s parliament voted to remove Yoon from office. Deputy Prime Minister and Finance Minister Choi Sang-mok has since taken over as interim president. The arrest warrant was granted due to Yoon’s failure to report for questioning for the third time.
Operation Chokepoint 2.0: A Threat to Crypto Businesses
In related news, crypto advocate John Deaton has offered to lead a probe into Operation Chokepoint 2.0. This alleged initiative aims to cut crypto companies out of the traditional banking system, raising concerns about regulatory overreach and the suppression of entire industries.
Deaton’s Proposal
John Deaton, a former US prosecutor and well-known advocate for crypto rights, has offered to lead an investigation into Operation Chokepoint 2.0 without seeking compensation. He argues that this initiative creates a dangerous precedent, allowing regulatory bodies to suppress industries they disfavor. His offer comes as Coinbase has been granted access to unredacted files from the Federal Deposit Insurance Corporation to investigate their role in the operation.
China Tightens Crypto Trade Oversight
In other news, China’s foreign exchange regulator has introduced new rules requiring banks to monitor and flag risky trades involving crypto assets. These regulations aim to prevent residents from purchasing digital assets for cross-border gambling, underground banking, or other illicit activities.
Impact on Crypto Businesses
The introduction of these rules will likely have a significant impact on crypto businesses operating in China, making it more difficult for residents to purchase digital assets and engage in certain activities. 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 trade frequency.
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To stay up-to-date with the latest developments in crypto laws and regulations, subscribe to our Law Decoded newsletter. Every Monday, we deliver the latest news and analysis to help you make informed decisions about your crypto ventures.
Terraform Labs Co-Founder Do Kwon Handed Over to US Authorities
In a significant development in the ongoing saga surrounding Terraform Labs, co-founder Do Kwon has been handed over to United States law enforcement by authorities in Montenegro. This move comes after a prolonged battle over where Kwon would be extradited, with both the US and South Korea having filed charges against him.
A Complex Extradition Process
The extradition process was marked by controversy, with the Montenegrin Justice Minister Bojan Božović approving the transfer to the US just four days prior. This decision came despite Kwon holding citizenship in South Korea and facing charges there. The US had been seeking Kwon’s extradition for months, but it was not until December 31 that he was finally handed over to American authorities.
Charges Against Do Kwon
The collapse of Terraform Labs has led to a range of charges against Kwon and several other executives. In the US, he faces potential charges related to the company’s demise, while in South Korea, he is accused of various financial crimes. The handover to the US marks a significant step forward in bringing these cases to justice.
South Korean Court Issues Arrest Warrant for Impeached President Yoon
Meanwhile, in another development, the Seoul Western District Court has issued an arrest warrant for impeached President Yoon Suk Yeol. This is a first for South Korea, where sitting presidents have traditionally enjoyed immunity from prosecution. According to reports, Yoon was stripped of power after attempting to impose martial law in early December.
Yoon’s Impeachment
The impeachment process began on December 14, when the country’s parliament voted to remove Yoon from office. Deputy Prime Minister and Finance Minister Choi Sang-mok has since taken over as interim president. The arrest warrant was granted due to Yoon’s failure to report for questioning for the third time.
Operation Chokepoint 2.0: A Threat to Crypto Businesses
In related news, crypto advocate John Deaton has offered to lead a probe into Operation Chokepoint 2.0. This alleged initiative aims to cut crypto companies out of the traditional banking system, raising concerns about regulatory overreach and the suppression of entire industries.
Deaton’s Proposal
John Deaton, a former US prosecutor and well-known advocate for crypto rights, has offered to lead an investigation into Operation Chokepoint 2.0 without seeking compensation. He argues that this initiative creates a dangerous precedent, allowing regulatory bodies to suppress industries they disfavor. His offer comes as Coinbase has been granted access to unredacted files from the Federal Deposit Insurance Corporation to investigate their role in the operation.
China Tightens Crypto Trade Oversight
In other news, China’s foreign exchange regulator has introduced new rules requiring banks to monitor and flag risky trades involving crypto assets. These regulations aim to prevent residents from purchasing digital assets for cross-border gambling, underground banking, or other illicit activities.
Impact on Crypto Businesses
The introduction of these rules will likely have a significant impact on crypto businesses operating in China, making it more difficult for residents to purchase digital assets and engage in certain activities. 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 trade frequency.
Subscribe to Stay Informed
To stay up-to-date with the latest developments in crypto laws and regulations, subscribe to our Law Decoded newsletter. Every Monday, we deliver the latest news and analysis to help you make informed decisions about your crypto ventures.
