We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon
Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
if one does not see the humour of anonymity-fail, one should read some other article on the front page this day
frankly, kind of cool that anonymity at times fail, and in big way
once the novelty of indubitable 'anonymity' wears wears off, the heart-string of the people should eventually get pulled by the geewhizbangohwhoawee of utility. Speaking of anonymity, they nailed another one
brings to the morning-fresh (5:22am) mind a song, again, as in once more, or another one
I hope Do Kwon ends up in the correct prison, but prison, where he would be left alone to dwell
wonder what happens when 'they' fill up an entire wing of a designated prison with crypto folks
I am guessing they ones who took the most and kept some would be noticed more, and notice is unlikely welcomed
the kids are not too bright, travelling together and with laptop and such. Should have duked it out in situ and lived a good-enough life/ 280M of wherewithal en.wikipedia.org
The 31-year-old was detained in Podgorica along with Hon Chang Joon while trying to fly to Dubai using falsified Costa Rican traveling documents, Montenegro’s Interior Ministry said in a statement Thursday. The two were also found with Belgian and South Korean traveling documents, the ministry said; the Belgian papers were falsified, according to Interpol. Police also took three laptops and five mobile phones from the pair, the ministry said.
Do KwonPhotographer: Woohae Cho/Bloomberg Terraform Labs co-founder Do Kwon, who presided over a more than $40 billion cryptocurrency implosion last year, was detained in Montenegro just over a month after the US Securities and Exchange Commission accused him of fraud.
The 31-year-old was detained in Podgorica along with Hon Chang Joon while trying to fly to Dubai using falsified Costa Rican traveling documents, Montenegro’s Interior Ministry said in a statement Thursday. The two were also found with Belgian and South Korean traveling documents, the ministry said; the Belgian papers were falsified, according to Interpol. Police also took three laptops and five mobile phones from the pair, the ministry said.
Kwon’s whereabouts have been the source of constant speculation since September, when authorities in his native South Korea issued a warrant for his arrest on allegations including breaches of capital-markets law. The country has stripped him of his passport and said he’s the subject of an Interpol red notice.
Kwon found himself at the center of one of the crypto sector’s most damaging episodes last May, when the TerraUSD stablecoin he helped create and its sister token Luna suddenly cratered. That event set off a chain of failures across the digital-assets space that culminated with the bankruptcy of Sam Bankman-Fried’s FTX six months later. Outfits from hedge fund Three Arrows Capital to lender Celsius Network toppled along the way.
Read more: All The Ways That Crypto Broke in 2022Kwon didn’t immediately respond to efforts to contact him via Telegram message and email. Representatives of Terraform Labs did not respond to a request for comment. The entrepreneur has previously denied wrongdoing and that he was a fugitive from justice. South Korean prosecutors and police couldn’t immediately be reached after regular hours.
A successor to the Luna token fell more than 7% after news of the arrest before recouping some losses, according to CoinGecko.
In February, the SEC turned up the heat on Kwon when it alleged in federal court that Terraform Labs and Kwon offered and sold unregistered securities, including the stablecoin, and carried out a scheme that wiped out at least $40 billion worth of market value.
Read more: SEC Sues Terraform, Kwon Over Stablecoin in Crypto Collapse The TerraUSD stablecoin was meant to keep a constant value of $1. Unlike other similar tokens that rely on a reserve of liquid assets, the system used on a complex mix of algorithms and trader incentives involving Luna. But it unraveled when confidence in Kwon’s project evaporated during a few chaotic days in early May. Cryptocurrencies swooned, and didn’t recover until early this year.
The prosecutors’ office in Seoul early December said Kwon was reportedly in the landlocked Balkan nation Serbia, a few weeks after indicating that he had flown to Dubai likely as a stopover to destinations unknown after exiting Singapore, where his Terraform Labs project had a base.
Prosecutors have also sought to freeze digital assets allegedly linked to Kwon.
Exactly what sparked the implosion of Kwon’s project remains a mystery. US authorities were investigating possible links to Bankman-Fried, whose FTXexchange and trading house Alameda Research spiraled into bankruptcy in November.
— With assistance by Emily Nicolle, Jasmina Kuzmanovic, Jan Bratanic and Vildana Hajric
