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Korean officials have linked approximately 91.4 billion won, worth about $69 million, in digital assets directly to Do Kwon. South Korea officials continue to grill former Terraform Labs co-founder Kwon Do-Hyung, popularly known as Do Kwon, following his arrest earlier last month in Montenegro as he attempted to flee to Dubai.
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The Seoul Southern District Prosecutor's Office has reportedly confiscated roughly $160 million worth of assets from eight people connected to the collapse of Terraform Labs, including co-founder Daniel Shin.According to an April 3 report from South Korean news outlet KBS, authorities seized roughly 210 billion won — $160 million at
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A local court in South Korea denied the prosecutor’s request to issue an arrest warrant for Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin. This was the second attempt made by South Korean authorities to reign in Shin following the recent arrest of Do Kwon — Terra’s other
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Do Kwon, currently in custody in Montenegro and potentially awaiting extradition to the United States or South Korea, will reportedly face harsh conditions in the country’s penal system.According to a March 29 Protos report, an unnamed criminal defense lawyer said conditions at Montenegro’s jails and prisons “haven’t changed” from those
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Authorities from both the United States and South Korea have made efforts to have Terra co-founder Do Kwon extradited to their respective countries following his arrest in Montenegro.At a March 29 press conference, Montenegro’s Justice Minister Marko Kovac said the United States made diplomatic efforts to ask Kwon be handed
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Usually, Montenegro authorities typically allot detention for up to 72 hours. However, Kwon’s 30-day extension has been approved after authorities highlighted the greater possibility of an escape. Last week, the disgraced Terra founder Do Kwon was arrested in Montenegro while trying to fly to Dubai using fake documents. The latest development
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Following Terraform Labs’ co-founder Do Kwon’s arrest in Montenegro while trying to board a plane using fake documents, South Korean authorities have turned up efforts to track down and arrest Shin Hyun-Seong, also known as Daniel Shin — Terra’s other co-founder.Since November 2022, South Korean authorities have suspected the involvement of
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According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while traveling with fraudulent identification documents. Report Says
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The news has already stirred the crypto ecosystem with many of the affected holders of LUNA yet to recover their losses. Do Kwon, the co-founder of Terraform Labs has been reportedly arrested in Montenegro, months after he vanished after the implosion of Terra (LUNA) and its algorithmic stablecoin UST. The arrest
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A report from the Bank for International Settlements (BIS) suggests that trading activity on major exchanges increased in the days following the collapse of crypto firms FTX and Terraform Labs.In a Feb. 20 bulletin on “crypto shocks and retail losses,” the BIS reports that while the price of Bitcoin (BTC), Ether
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