Terraform Labs Co-Founder Do Kwon Handed Over to US Law Enforcement
In a significant development, Terraform Labs co-founder Do Kwon was extradited to the United States after a prolonged battle over his custody. The handover occurred on December 31, with Montenegrin Prime Minister Milojko Spajić confirming that Kwon was in US custody and would face criminal charges related to the collapse of Terra.
Background: A Months-Long Extradition Battle
The extradition process had been ongoing for months, with both the United States and South Korea filing charges against Kwon. However, the exact location of Kwon’s whereabouts remained unknown until his arrest in Montenegro in 2023. The situation took a dramatic turn when Montenegrin Justice Minister Bojan Božović approved the extradition to the US, rejecting a petition from South Korea.
South Korean Court Issues Arrest Warrant for Impeached President Yoon
In related news, the Seoul Western District Court issued an arrest warrant for impeached President Yoon Suk Yeol on December 31. This marked a significant development in South Korean politics, as Yoon became the first sitting president to face an arrest warrant granted by a court.
According to reports, Yoon was accused of attempting to impose martial law in early December, which led to his impeachment and suspension from office on December 14. The country’s parliament voted to remove him from power, with Deputy Prime Minister and Finance Minister Choi Sang-mok taking over as interim president.
Pro-Crypto Lawyer John Deaton Offers to Probe Operation Chokepoint 2.0
In a separate development, pro-crypto lawyer John Deaton offered to lead an investigation into Operation Chokepoint 2.0, an alleged initiative aimed at cutting crypto companies out of the traditional banking system. In an X post on January 4, Deaton stated that he would "accept the task without salary" and vowed to uncover the truth behind the operation.
Deaton’s offer came after a court order allowed crypto exchange Coinbase to obtain unredacted files from the Federal Deposit Insurance Corporation (FDIC) as part of their investigation into Operation Chokepoint 2.0. Deaton has been vocal in his criticism of regulatory bodies suppressing entire industries, and he sees this opportunity as a chance to challenge the status quo.
China Tightens Crypto Trade Oversight with New Forex Rules
Meanwhile, China’s foreign exchange regulator introduced new rules on December 31, requiring banks to monitor and flag risky trades involving crypto assets. The report from the South China Morning Post stated that mainland China’s new regulations would make it more difficult for residents to purchase digital assets and use them for cross-border activities.
The new rules will also require banks to track activities based on the identity of institutions and individuals involved, as well as the sources of their funds and trade frequency. This move is seen as an attempt by Chinese regulators to crack down on underground banking and illegal cross-border financial activities.
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