Terra CEO Do Kwon to Face Court Hearing Over Passport Fraud Charges

According to the court website in Podgorica, the capital city of Montenegro, bankrupt Terraform Labs’ Do Kwon will face charges for purportedly trying to travel with a fake passport in a court hearing scheduled for May 11.

The Terra CEO along with the crypto firm’s Chief Financial Officer Han Chang-joon, was arrested on March 23 at the Podgorica airport, and both have been detained in Montenegro since then. Do Kwon was detained due to an Interpol red notice calling for his arrest.

Reportedly, Do Kwon and Han, who are both South Korean nationals, were caught at the Podgorica airport while attempting to travel to Dubai with various travel documents and identification papers under different names. On April 21, the Montenegrin court announced that both were indicted, and their detention was extended due to the possibility of them fleeing the country.

Do Kwon is facing fraud charges and several other allegations related to the collapse of the Terra-Luna stablecoin and cryptocurrency project he led. Subsequently, he is wanted by prosecutors in the United States and South Korea.

However, Do Kwon has refuted all the allegations leveled against him. Additionally, Terraform Labs has declared that the investigation of Terra-Luna by South Korea has become overly politicized, and the allegations made against them are unfounded.

Do Kwon’s legal team in the U.S. has requested the dismissal of the lawsuit filed by the Securities and Exchange Commission (SEC) accusing him of fraud related to “crypto asset securities.” According to a report, Do Kwon’s lawyers argued that the Terra stablecoin is a currency, and therefore, the SEC’s allegations of securities regulation over digital assets are illegal.

Comments

Post a Comment

Popular posts from this blog

3 cryptos below $0.2 to outperform Polygon (MATIC) in 2024

Image
Welcome to the world of cryptocurrency, where trends shift rapidly and opportunities abound. In this dynamic landscape, investors are constantly seeking the next big thing. Today, we explore three cryptocurrencies priced below $0.2 that have the potential to outshine even established players like Polygon (MATIC) in 2024. From the meme-fueled momentum of Shiba Inu (SHIB) to the innovative strides of Retik Finance (RETIK) and Stellar's (XLM) promising developments, these gems offer enticing prospects for growth. Let's delve into their potential and what sets them apart. Overview of Polygon (MATIC) and Its Performance Polygon, formerly known as Matic Network, has emerged as a leading layer 2 scaling solution for Ethereum, aiming to address the network's scalability issues. With its innovative technology, Polygon provides faster and cheaper transactions, making it an attractive choice for decentralised applications (dApps) and developers. In 2023, Polygon experienced sign...
Read more

Horizen Labs, Offchain Labs, and Arbitrum Foundation Develop Apechain

Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain. Apechain will utilize APE as its utility and gas tokens, fostering the expansion of the token’s reach. The platforms shared their enthusiasm for the new development while the community accepted the proposal. In a bid to expand the utility and reach of APE coin, Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain. In a recent revelation, the blockchain platform, Offchain Labs, unearthed the community’s acceptance of the Apechain development proposal, indicated by a more than 50% support rate. Congratulations to @apecoin DAO on its decision to develop ApeChain utilizing the Arbitrum tech stack! With $APE serving as both the gas and governance token for ApeChain, Arbitrum Orbit's customizability empowers @ApeCoin DAO with true ownership and control over this… ...
Read more

First Republic: U.S. Government Coordinates "Urgent Rescue Talks" to Rescue Bank

Image
U.S. officials are reportedly leading urgent talks to rescue First Republic Bank . This comes at a time when private-sector efforts ushered by the bank’s advisers are yet to pocket a finalized deal. Citing three unnamed sources familiar with the matter, a recent Reuters report revealed,   “The Federal Deposit Insurance Corporation (FDIC), the Treasury Department, and the Federal Reserve are among government bodies that have in recent days started to orchestrate meetings with financial companies about putting together a lifeline for the troubled lender.” JUST IN: US Government coordinating urgent meetings to rescue First Republic Bank $ FRC . — Watcher.Guru (@WatcherGuru) April 28, 2023 Also Read: Crypto x Stocks: Is Un-Correlation in Play? At this stage, it is still not clear if the U.S. government is looking to take part in a private-sector rescue of First Republic. Nevertheless, one of the sources reportedly revealed that the government’s engagement has “emboldene...
Read more