China News by Thebittimes.Com

Terraform Labs founder Do Kwon has pleaded guilty to wire fraud and conspiracy to defraud after the US charged him in 2023 over the $40 billion collapse of Terraform.  Inner City Press reported the guilty plea at a New York court hearing today, where Kwon, dressed in a yellow prison jumpsuit, submitted his plea to Judge Engelmayer and waived his rights to trial.  The plea follows months of requested extensions as both US prosecutors and Kwon’s legal team engaged in “productive talks.” In one hearing, it was suggested that a money laundering charge should be litigated in advance. Two years ago, the US charged Kwon with two counts of commodities fraud, two counts of securities fraud, two counts of wire fraud, two counts of conspiracy to commit said frauds, and one count of money laundering conspiracy.  Do Kwon and US gov’t ask to delay legal filings for a third time Read more: Explained: SEC allegations against Do Kwon and Terraform Labs If found...

In today’s weekly recap, the focus is on the proliferation of global regulatory efforts, with Nigeria finally lifting its ban on crypto currency transactions. Post-implosion developments surfaced, involving Do Kwon, 3AC and Sam Bankman-Fried.  Do Kwon extradition overturned Recall that the Podgorica High Court approved the extradition of Terra founder Do Kwon to either South Korea or the United States. Subsequent reports suggested that the U.S. might be the favorite to receive the former fugitive. While both countries vied to secure custody of Do Kwon, reports from this week confirmed that the Montenegro Court of Appeal had overturned the earlier extradition approval. The court cited violations of criminal procedures. Court freezes assets belonging to 3AC Hedge fund Three Arrows Capital (3AC) saw a court in the British Virgin Islands freeze over $1 billion in assets belonging to the imploded hedge fund. As a result of this asset freeze, executives at 3AC — including ...