Page 6 - Do Kwon News Today

Terraform Labs taps Chris Amani to run company as co-founder faces fraud charges

Even after his arrest in Montenegro, Kwon, or "someone working under his direction" withdrew $29 million in Bitcoin and "cashed it out somewhere else," South Korean authorities said.

0k, time for a look at this weeks tech news now. cryptocurrency boss do kwon has been sentenced to four months injail in montenegro. in february, do kwon was charged with orchestrating a $40 billion crypto asset securities fraud after the collapse of terrausd and luna tokens. students in switzerland have developed a haptic suit that enables more interaction with virtual reality. the meta—suit has artificial muscles which measure a persons movements without the need for camera systems. it was s...

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Kwon is also embroiled in Montenegros politics after he admitted through a letter to the prime minister and justice department of the country that he financially supported the political party Europe

While former Finance Minister Milojko Spajić confirmed he knew Kwon, he denied the crypto executives claim and called him a "fraudster who defrauded millions of people."

The court will also look into the authenticity of the identity cards and travel documents of the TFL executives since Kwons lawyer claimed the CEOs Costa Rican passport was obtained legally.

Montenegro prosecutors now have three days to appeal against the courts ruling after it decided to release the Terraform Labs CEO and his associate from detention.

Do Kwon is currently in detention in Montenegro after the High Court revoked his $400,000 bail.

After a lower court granted bail to Do Kwon and Chong-joon, the prosecution appealed the decision.