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Montenegrin authorities are reportedly considering extending Do Kwon’s detention in the country for another six months before making an official decision on Do Kwon’s possible extradition. Both the Terraform Labs co-founder’s homeland – South Korea – and the world’s largest economy – the United States – have requested his deportation.
Montenegrin police arrested the 31-year-old developer in March this year after he was allegedly on the run, changing several hiding places for several months. He faces multiple fraud charges and is accused of having a hand in last year’s LUNA/UST collapse.
Will Kwon’s stay in Europe be extended?
Marija Rakovic – Adviser for Public Relations of the High Court of Montenegro – Confirmed told a local media outlet that Kwon received a half-year detention order. During that period, magistrates will decide whether to extradite the former crypto tycoon to South Korea.
The authorities of the Asian country insisted on his deportation, alleging that he played a key role in terra crash Last year it prompted multi-billion dollar losses and undermined the entire digital asset sector.
The US has also requested Kwon’s extradition. The US SEC previously stated that TerraForm Labs and its co-founders had committed a large-scale crypto scam by offering and selling unregistered securities through the use of digital currencies.
US Attorney buried The allegations, too, label Quan as the main culprit behind the mayhem. Authorities charged him with securities fraud, commodity fraud, as well as conspiracy, and sought appropriate punishment.
The legal problems for the South Korean don’t stop there. After his arrest at Podgorica airport in March, he was found to be carrying a forged passport and forged travel documents. The hearing of the case, held at the Basic Court in Podgorica, is scheduled for June 16.
In addition, Kwon will have to answer questions about her possible relationship with Miloško Spajić – Montenegro’s former finance minister and current leader of the political party Europe Now. The National Security Council revealed that the individuals had been friends for years, and that Kwon financed some of Spajic’s political campaigns.
Can the US SEC reduce the charges?
Law firm Dentons, which represents TerraForm Labs, recently tried to ease some of Quan’s troubles by ending its legal battle with the US SEC. Lawyers filed a petition claim of That UST (the algorithmic stablecoin developed by the blockchain firm) is not a security means that the regulator should dismiss the allegations.
The defence, represented by Douglas Henkin, said the property was “designed for practical purposes and commerce, not as an investment.”
“By design… it is pegged one to one for the dollar; It is designed not to fluctuate. It’s for commerce… it’s a consumptive use.
The attorney went further, comparing the stablecoin to bitcoin, suggesting the UST was “controlled by a decentralized group through the LUNA token.”
Devon Stern – a representative of the SEC – said that the agency is “simply enforcing existing laws.” She noted that the analysis of tokens extends beyond them and touches the ecosystems they are a part of. Stern also gave his two cents on Luna, claiming that it is “just a piece of code.”
Judge Rakoff’s decision on whether the motion will be approved or denied is expected in mid-July.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Montenegrin authorities are reportedly considering extending Do Kwon’s detention in the country for another six months before making an official decision on Do Kwon’s possible extradition. Both the Terraform Labs co-founder’s homeland – South Korea – and the world’s largest economy – the United States – have requested his deportation.
Montenegrin police arrested the 31-year-old developer in March this year after he was allegedly on the run, changing several hiding places for several months. He faces multiple fraud charges and is accused of having a hand in last year’s LUNA/UST collapse.
Will Kwon’s stay in Europe be extended?
Marija Rakovic – Adviser for Public Relations of the High Court of Montenegro – Confirmed told a local media outlet that Kwon received a half-year detention order. During that period, magistrates will decide whether to extradite the former crypto tycoon to South Korea.
The authorities of the Asian country insisted on his deportation, alleging that he played a key role in terra crash Last year it prompted multi-billion dollar losses and undermined the entire digital asset sector.
The US has also requested Kwon’s extradition. The US SEC previously stated that TerraForm Labs and its co-founders had committed a large-scale crypto scam by offering and selling unregistered securities through the use of digital currencies.
US Attorney buried The allegations, too, label Quan as the main culprit behind the mayhem. Authorities charged him with securities fraud, commodity fraud, as well as conspiracy, and sought appropriate punishment.
The legal problems for the South Korean don’t stop there. After his arrest at Podgorica airport in March, he was found to be carrying a forged passport and forged travel documents. The hearing of the case, held at the Basic Court in Podgorica, is scheduled for June 16.
In addition, Kwon will have to answer questions about her possible relationship with Miloško Spajić – Montenegro’s former finance minister and current leader of the political party Europe Now. The National Security Council revealed that the individuals had been friends for years, and that Kwon financed some of Spajic’s political campaigns.
Can the US SEC reduce the charges?
Law firm Dentons, which represents TerraForm Labs, recently tried to ease some of Quan’s troubles by ending its legal battle with the US SEC. Lawyers filed a petition claim of That UST (the algorithmic stablecoin developed by the blockchain firm) is not a security means that the regulator should dismiss the allegations.
The defence, represented by Douglas Henkin, said the property was “designed for practical purposes and commerce, not as an investment.”
“By design… it is pegged one to one for the dollar; It is designed not to fluctuate. It’s for commerce… it’s a consumptive use.
The attorney went further, comparing the stablecoin to bitcoin, suggesting the UST was “controlled by a decentralized group through the LUNA token.”
Devon Stern – a representative of the SEC – said that the agency is “simply enforcing existing laws.” She noted that the analysis of tokens extends beyond them and touches the ecosystems they are a part of. Stern also gave his two cents on Luna, claiming that it is “just a piece of code.”
Judge Rakoff’s decision on whether the motion will be approved or denied is expected in mid-July.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
