Showing posts with label terraform labs. Show all posts
Showing posts with label terraform labs. Show all posts

Terraform Founder Do Kwon sits in 'Dangerous and Overcrowded' Montengro Prison....

Do Kwon Arrest

Do Kwon, the founder of the now-defunct Terra USD (UST) and Luna (LUNA) cryptocurrencies, could face up to five years in a Montenegrin prison before being extradited to South Korea or the United States.

Kwon is currently under quarantine for COVID-19 and will soon be sharing a cell with other inmates in a Montenegrin prison, according to a report by a local lawyer.

Montenegro Prisons a 'Hell On Earth'...

However, the prisons in Montenegro are notoriously overcrowded, and inmates are often subjected to aggressive treatment by prison staff.

Amnesty International has raised concerns about the conditions and rights of detainees in Montenegrin prisons, including the lack of independent investigations into ill-treatment.

The cell Kwon will be occupying is only 8 square meters and is usually filled with between 10 and 11 people, leaving no room for a bed.

Inmates are only allowed a 30-minute walk in the prison yard each day and can only purchase limited items like cigarettes and coffee.

Montenegro now the first of 3 nations that will need to take turns locking up Kwon...

Kwon's initial arrest in Montenegro was due to presenting false documents, is a crime that carries a penalty of up to five years.

While both South Korea and the United States have requested Kwon's extradition, Montenegro has yet to make a decision.

If Montenegro decides to pursue it, this could be the first of three nations aiming for him to serve time in their prisons.

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Author: Mark Pippen
London News Desk 
Breaking Crypto News 

After Insisting They Have The Wrong Person, Fingerprints CONFIRM Luna Founder Turned Fugitive Do Kwon ARRESTED!

Do Kwon Arrest

Officials in Montenegro have arrested Luna founder Do Kwan. 

First detained when officials at the Podgorica airport noticed his false documents, the man in custody spent hours denying he was the South Korean fugitive, until South Korean officials provided fingerprint records that were used to confirm his identity. 

"The former 'cryptocurrency king' who is behind losses of more than 40 billion dollars, was detained at the Podgorica airport with falsified documents, and the same is claimed by South Korea, the USA and Singapore. We are waiting for official confirmation of identity" Tweeted Montenegro's Minister of Interior.

Then minutes before this story was published, Interpol confirmed to us that a positive ID has been made - the person in custody IS Do Kwon.

Along with him another man stating he was his 'assistant' going by the name 'Han' was also arrested, there is no word on the actual identity of this person. 

What's Next for the Luna Founder?

While charged with crimes in both the US and South Korea, US prosecutors have said that they will seek Kwon’s extradition to the United States where he is charged with 8 federal violations including securities fraud, wire fraud, commodities fraud, conspiracy, and market manipulation.

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

Arrest Warrant Issued for Terraform Founder Do Kwon in South Korea... But He's Not There..



South Korea has issued a warrant for the arrest of Do Kwon, the controversial founder of Terraform Labs. 

Four months have passed since the Terra blockchain's stunning failure that brought down their tokens LUNA and UST, a stablecoin.

The sell-off spilled over into other coins as those who just lost big on Terra tokens looked to secure what they had left, selling any other potentially volatile assets - this was then seen by traders who didn't lose a penny in LUNA or UST, and many of them joined in the sell off as well. 

One Problem - He's Not There...


South Korea issued the warrant, but we've been told by several people who would know - Do Kwon is in Singapore. 

There's no indication he's trying to evade arrest, but those usually able to reach him are (at least claiming) they have not been able to, and he's not returning calls, emails, or text messages.

We're also hearing that South Korea is preventing potential witnesses from leaving the country...


Terraform Labs staff members names have been added to South Korea's 'no fly list'.

Officials report that a judge also issued arrest warrants for five additional individuals on the basis that they violated a law controlling South Korean financial markets, with these coming on the same day,  speculation is that the additional people somehow work with or for Terraform.

Both the United States and South Korea have active investigations regarding Terra's failure, and the collapse of UST has been used as an example of why there needs to be a greater emphasis on stablecoins stability. 

Kwon was asked about potentially serving time in jail...


During an interview with Coinage that took place a month ago. The response he gave; "Life is long."

If that brings him comfort, there may be a bit of good news for Do Kwon in all this - I hear that in jail, every day seems longer!

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News