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Serbian Company Arrests Runaway as Montenegro Detention is Extended: Do Kwon Case

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

Do Kwon, Co-Founder of Terraform Labs has been arrested in Allegedly, Montenegro while trying to fly to Dubai using Forged documents.

Montenegrin authorities arrested Kun at Podgorica airport and agreed to a 30-day extension of for him detention because of concerns over His identity and capabilities are unclear for escape. response to this decisionKwon’s legal representatives confirmed their intention to appeal the extension.

a wanted evaporates quickly

US regulators accused Kwon and Terraform Labs of Organizing Billions dollar encryption asset Securities fraud earlier this year. South Korean authorities issued arrest note for Kwon last September, believing his company had infringed upon the capital market rules.

Law enforcement sent representatives to Belgrade to negotiate when they thought it was in Serbia because Monday countries She did not have an extradition agreement. Kwon confirmed that he was not in hiding but did not provide an address.

within Montenegro minister Philip Adzic Kwon confirmed arrest on Twitter describing it as “one of the world’s most wanted fugitives” It was stated that the suspect was traveling under a false name with Forged documents.

to set of The man was hanging official confirmation according to the authorities. suspect in The Montenegrin was eventually identified as Kwon by South Korean authorities when his fingerprints matched those on file.

Kwon is accused of Several crimes, including conspiracy to commit fraud and market Manipulation as well as securities fraud, electronic fraud and commodity fraud. we prosecutors They shipped Kwon separately with Fraud, was indicted made public in US District Court in Manhattan.

Montenegro does not have extradition treaties with United States or South Korea, creating challenges in Kwon delivery.

The organizers come hard on Do Kwon

we financial Regulators blamed Kwon and Singapore-based Terraform Laboratories of failed to provide public with fullFair and honest disclosure of their cryptocurrency asset Securities, in particular Luna and TerraUSD.

Regulators claim that the company has repeatedly stated that the tokens will increase in Value and misleading investors about the stability of TerraUSD.

In May 2022, the value of Luna and its associated coin TerraUSD soon fell zerowhich prompted the sale-off in Major cryptocurrencies such as bitcoin, ethereum, and tether. Elliptic, a blockchain analytics company, estimates that $42 billion has been lost international investors in terraUSD and Luna.

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his followers arrestlocal media The Vijesti outlet reported that Kwon’s legal representatives have filed an appeal against Montenegro Court decision to extend him detention Beyond standard 72 hours.

The plaintiffs justified the extension by pointing to the high probability of escape. Han Chang Jun who He was detained with Kwon asked to make his statement in for him native korean that caused delay in Sessions while the court requested an interpreter.

Serbian company incorporation in 2022

South Korea secretly founded a new company while in hiding out in Serbia is a fugitive from the law.

According to a March 27 report from DL News, Do Kwon has registered a company in Belgrade on October 12, 2022, under the heading “Codokoj22 doo Beograd”.

DL News claims to have information from serbian business Register.

despite of people The registry cannot be searched by individual names. Officials noted that two South Koreans named Do Kwon and Han Chang Joon appeared to be on the list. with Company No.

According to the document from Serbian business Registration, Do Hyuang Kwon is the sole owner of the new business It is listed as a file director Along with Han Chang-Joon from Chai Corporation.

Kwon reportedly recorded a file new company as an “advisory service”, using His Korean passport. The advisory service description is frequently used to cover a wide variety range of Economic activities, so there is no telling exactly what Kwon and Han’s intention was with The company was.

The lawyers helped Kwon register the company

Do Kwon created terraUSD, which is an algorithm stablecoin which claims to be pegged to the US dollar, and Luna, a cryptocurrency that supports the Terra ecosystem.

However, his fortunes changed Significantly in May 2022 when both lots collapsed, resulting in a huge sell-off-off in encryption market and scan out Billions of dollars from investors.

Since then, Kwon has been on the run from the authorities in several countriesincluding South Korea, the United States and Singapore, where his company is based.

He faces charges of Fraud, securities violations and conspiracy for Allegedly misleading investors about stability and profitability of his symbols.

(embed) https://www.youtubecom/watch? v = sG8LJXGFTAM (/embed)

Kwon reportedly managed to set up for him new venture And stay away from legal scrutiny while in existence one of more wanted men in the world with the help of a network of lawyers.

for every official documents from registration, one of The lawyers are Ognjen Colic, a prominent Serbian lawyer and partner at the Gecic Law Firm in Belgrade, whom Kwon has contracted to represent.

Mughis reportedly filed a company registration application on On behalf of of fugitive.

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