Friday, August 02, 2024

South Korean Faces $40 Billion Cryptocurrency Fraud Charges

Montenegro will extradite Hyeong Do Kwon to Seoul, rejecting Washington's request for his extradition. The former CEO and co-founder of the cryptocurrency company Terraform Labs is being sought by US and South Korean authorities for his alleged role in capital market and securities fraud involving assets worth some $40 billion. South Korean media reported multiple suicides were associated with the collapse of Terraform Forms and still-to-be-determined numbers of people lost their life savings.

More

The ex-Dotard-in-Chief flip-flopped his position on cryptocurrency from 'scam' to building a 'crypto army' and anti-vaxxer RFK Jr is a major proponent of cryptocurrencies.

Sources:

https://www.nbcnews.com/politics/2024-election/donald-trump-flips-crypto-scam-building-crypto-army-rcna157171

https://www.nbcnews.com/politics/2024-election/robert-kennedy-jr-make-campaign-debut-bitcoin-conference-rcna83123

Comments

Extract: "The Securities and Exchange Commission (SEC) announced that Terraform Labs PTE, Ltd. and Do Kwon agreed to pay more than $4.5 billion following a unanimous jury verdict holding them liable for orchestrating a years-long fraud involving crypto asset securities that led to massive investor losses when the scheme unraveled."

Source:

www.sec.gov

#1 | Posted by C0RI0LANUS at 2024-08-03 12:19 AM

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