Thu, March 07, 2024 at 11:20

• 

  Kang-hoon

  • Good day, Annie.

  • Today, we have some news from South Korea.

  • The country is now seeking Interpol's help for the extradition of Do Kwon, the co-founder of Terraform Labs, from Montenegro.

  • 
• Annie

  • Oh, really?😮 What's the reason behind this extradition request?

  
• 

  Kang-hoon

  • Do Kwon is facing multiple charges, including securities fraud.

  • 

  • He's been on the radar of both U.S. and South Korean authorities for his alleged role in the collapse of the Terra ecosystem in May 2022.

• Annie

  • Oh my!😱 That sounds serious.

  • How much damage did this collapse cause?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • The collapse led to a staggering $40 billion loss for investors in just a matter of days.

  • 
• Annie

  • Wow!

  • That's a huge amount!😵 And what's Kwon's response to these accusations?

  
• 

  Kang-hoon

  • Kwon, who was arrested in Montenegro last March for attempting to leave the country with a fake passport, has consistently denied the accusations of intentional fraud.

• Annie

  • I see...🤔 And what about his extradition process?

  • Any updates on that?

  
• 

  Kang-hoon

  • There was a recent setback when a Montenegrin court revoked Kwon's extradition order to the U.S.

  • This decision followed an appeal by Kwon's defence team, challenging the validity of the extradition order.

• Annie

  • Hmm...🧐 So, it seems like a complex situation.

  • What's South Korea's stance on this?

  
• 

  Kang-hoon

  • South Korean authorities remain steadfast in their pursuit of justice.

  • 

  • They're seeking cooperation from global law enforcement agencies to hold Kwon accountable for his alleged involvement in fraudulent activities.

• Annie

  • Got it.👍 And how does this news affect the cryptocurrency industry?

  
• 

  Kang-hoon

  • This case has broader implications for regulatory enforcement and investor protection in the burgeoning cryptocurrency industry.

  • Stakeholders are closely monitoring developments.

• Annie

  • So, would you say this news is bad for the market?

  
• 

  Kang-hoon

  • Yes, I would say so.

  • It's a reminder of the risks and complexities involved in the cryptocurrency industry, and it could potentially shake investor confidence.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.