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☆ Terraform Labs and founder Do Kwon found liable in U.S. civil fraud trial
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +2 min

A police officer escorts Terraform Labs co-founder Do Kwon after he served a sentence for document forgery in Podgorica, Montenegro, March 23, 2024. A jury in Manhattan found Singapore-based Terraform Labs and its founder Do Kwon liable on civil fraud charges on Friday, agreeing with the U.S. Securities and Exchange Commission that they misled investors before their stablecoin's 2022 collapse shocked cryptocurrency markets. The regulator is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, which began March 25. Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD.

Persons: Kwon, Terraform's blockchain, Laura Meehan, Meehan, Louis Pellegrino, Luna Organizations: Terraform Labs, Labs, U.S . Securities, Exchange Commission, SEC Locations: Podgorica, Montenegro, Manhattan, Singapore, South Korea

The movement is in stark contrast to Croatia’s recent past, when it was part of the former Yugoslavia, a Communist-run country that protected abortion rights in its constitution 50 years ago. As a result, many women have traveled to neighboring Slovenia for an abortion over the years. Pushed forward by a women’s organization born out of World War II, the right to abortion was later included in Yugoslavia’s constitution. Elsewhere in the former Yugoslavia, Serbia and Slovenia have included the freedom to choose whether to have children in their constitutions. Bosnia’s women can legally obtain abortion during the first 10 weeks of pregnancy, though economic impediments exist in the impoverished, post-war country.

Persons: ”, Ana Sunic, Tanja Ignjatovic, Sanja Sarnavka, “, Muzevni, Mirela Cavajda, Cavajde, Jasenka Grujić, Grujic, ” Grujic, ” Ignjatovic, Sabina Niksic, Predrag Milic Organizations: Catholic, European Union, Autonomous Women’s Center, Associated Press, Gec Locations: ZAGREB, Croatia, Catholic Croatia, European, Slovenia, Yugoslavia, Communist, Zagreb, Croatia's, “, France, Balkans, Belgrade, Serbia, Croatian, Sarajevo, Bosnia, Podgorica, Montenegro

☆ Terraform Labs files for bankruptcy protection in the U.S.
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +1 min

PODGORICA, MONTENEGRO - JUNE 16: Do Kwon is taken outside of court on June 16, 2023 in Podgorica, Montenegro. Singapore-based Terraform labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100 million to $500 million. Recently, a federal judge postponed the trial of the U.S. Securities and Exchange Commission (SEC) against the company and its co-founder, Do Kwon, over an alleged $40 billion cryptocurrency fraud. Kwon and Terraform Labs were held responsible for two cryptocurrencies whose collapse caused turbulence in crypto markets around the world in 2022. Both cryptocurrencies lost an estimated $40 billion or more when TerraUSD failed to maintain its $1 peg in May 2022.

Persons: Kwon, Cryptocurrency, Filip Filipovic, Do Kwon, Terraform, cryptocurrencies, TerraUSD Organizations: Labs, Sunday ., U.S . Securities, Exchange Commission, SEC, Terraform Labs Locations: PODGORICA, MONTENEGRO, Podgorica, Montenegro, United States, Sunday . Singapore, Delaware

☆ Montenegro court approves extradition of 'cryptocurrency king' Do Kwon
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

Do Kwon, the cryptocurrency entrepreneur, who created the failed Terra (UST) stablecoin, is taken to court in Podgorica, Montenegro, March 24, 2023. The decision will be made after Do Kwon completes serving his prison sentence for document forgery, the court said. A South Korean national, Kwon is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets. Following Kwon's arrest, the U.S. District Court in Manhattan made public an eight-count indictment against him for securities fraud, wire fraud, commodities fraud and conspiracy. In late May, a Montenegrin court scrapped a bail of 800,000 euros for the pair, saying it could not be taken as a solid guarantee, nor their promise they would not run away once released from detention.

Persons: Kwon, Stevo, Do Kwon, Kwon ´, Han Chang, joon, Daria Sito, Mark Potter Organizations: UST, REUTERS, Rights, Police, Terraform Labs, Court, Korean, Labs, U.S, Thomson Locations: Podgorica, Montenegro, Rights SARAJEVO, South Korea, United States, U.S, Rican, Montenegrin, Dubai, Manhattan

☆ Montenegro votes in new government with Milojko Spajic prime minister
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

[1/5] Members of 44th Montenegrin government pose for a family photo in front of the parliament in Podgorica, Montenegro, October 31, 2023. The new government, led by economist Milojko Spajic of the Europe Now Movement, will have 18 ministries and five deputy-prime ministers. It will include the centre-right pro-European Democrats, the pro-Serbian Socialist People's Party and five parties of the Albanian minority. Montenegro joined NATO in 2017, a year after a botched coup attempt that the then government blamed on Russian agents and Serbian nationalists. After Russia's invasion of Ukraine last year, Montenegro, unlike Serbia, joined EU sanctions against Moscow, sent aid to Ukraine and expelled a number of Russian diplomats.

Persons: Stevo, Milojko Spajic, Spajic, Andrija Mandic, Aleksandar Vasovic, Robert Birsel Organizations: REUTERS, Rights, European Union, European Democrats, Serbian Socialist People's Party, NATO, World Bank, EU, Moscow, Thomson Locations: Montenegrin, Podgorica, Montenegro, Rights PODGORICA, Europe, Serbian, Russia, Serbia, Ukraine

PODGORICA, Montenegro (AP) — Police in Montenegro said Tuesday they have launched an investigation after an underground tunnel was discovered linking an apartment building with a nearby court depot holding seized drugs and other crime evidence, officials said Tuesday. It remains unclear why the tunnel was dug, officials said, adding that nothing appeared to have been taken away. The court depot contains evidence in current cases but also large amounts of confiscated drugs, officials said. “This was a well-planned and organized action, which has been prepared for months and which resembles action movies,” said Adzic, adding that the apartment from where the underground tunnel started was leased a few months ago. The tunnel hole in the Montenegrin court building was found in a “well-hidden” place inside the depot, said the court President Boris Savic.

Persons: Filip Adzic, ”, Joaquin “ El Chapo ” Guzman, Boris Savic, “, ” Savic, Vesna Medenica Organizations: — Police, Higher, NATO, European Union Locations: PODGORICA, Montenegro, Podgorica, Montenegro's, Western Europe, Montenegrin

☆ Some crypto assets are securities, Manhattan judge says, complicating Coinbase and Ripple cases
▼ + stars: | 2023-08-01 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

A Manhattan federal judge said in an opinion that cryptocurrencies are considered securities regardless of how they are sold. U.S. District Judge Jed Rakoff's decision Monday complicates SEC's litigation with both Ripple and crypto exchange Coinbase. The Ripple ruling was considered a win by the industry because it said a cryptocurrency may or may not be a security depending on who's buying it. The SEC has argued in cases against Binance, Coinbase and Kraken that many cryptocurrencies listed on popular exchanges are securities. The SEC has pursued numerous other crypto firms over the alleged unregistered offer and sale of securities, including Coinbase , Gemini and Genesis.

Persons: Hon Chang, joon, Kwon, cryptocurrencies, Jed Rakoff's, Coinbase, Rakoff, — CNBC's Lora Kolodny Organizations: UST, Securities and Exchange Commission, Terraform Labs, U.S, SEC, Binance Locations: Podgorica, Montenegro, Manhattan

☆ Russian player Zvonareva blocked from entering Poland
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

WARSAW, July 22 (Reuters) - Russian tennis player Vera Zvonareva was blocked from entering Poland for reasons of state security and public safety, the Polish interior ministry said on Saturday. "The Border Guard prevented a Russian tennis player from entering Poland. Vera Zvonareva, using a visa issued by France, tried to get into our country on a flight from Belgrade to Warsaw," the ministry said in a statement. Zvonareva, who landed in Poland on Friday, is on a list of people considered undesirable there, the ministry said. "After arriving from Serbia, the tennis player stayed in the transit zone of Warsaw Chopin Airport and today after 1200 she flew to Podgorica."

Persons: Vera Zvonareva, Zvonareva, Vera, Ukraine's, Anna Wlodarczak, Tommy Lund, Pearl Josephine Nazare, Christian Radnedge, Hugh Lawson Organizations: WARSAW, BNP, Warsaw, Guard, Warsaw Chopin Airport, Tennis Association, WTA, Thomson Locations: Russian, Poland, Polish, Beijing, France, Belgrade, Warsaw, Serbia, Podgorica, Russia, Belarus

☆ Do Kwon: Crypto fugitive sentenced to four months in Montenegro prison
▼ + stars: | 2023-06-20 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Kwon Do-hyeong, also known as Do Kwon, the disgraced former crypto boss who is wanted in the United States and South Korea on fraud and other charges, has been sentenced to four months in prison in Montenegro. A court in the southern European country sentenced Do Kwon and another South Korean national, Han Chang-Joon, Monday to four months behind bars after they were found guilty of falsifying documents, a spokesperson for the Basic Court in Podgorica told CNN. According to Reuters, Han was previously the finance officer of Terraform Labs, a blockchain platform founded by Kwon. Authorities found and confiscated two Costa Rican passports, two Belgian passports and two identity cards from the former crypto executives. The court in Podgorica said Monday the sentence would be written and delivered to Kwon and Han within the following 30 days.

Persons: London CNN — Kwon, Kwon, Han Chang, Joon, Han, Luna Organizations: London CNN, Korean, CNN, Reuters, Terraform Labs, Authorities, Costa, Labs, US Securities and Exchange Commission, ” Prosecutors, Twitter Locations: United States, South Korea, Montenegro, Podgorica, Montenegro’s, Dubai, Costa Rican, Seoul, Serbia

☆ Montenegro court jails 'cryptocurrency king' Do Kwon for four months -media
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

A South Korean national, Kwon is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets. Police said after arresting them they had found doctored Costa Rican passports, a separate set of Belgian passports, laptop computers and other devices in their luggage. The sentence follows a court hearing last week at which Do Kwon dropped his request for checking authenticity of the Costa Rican passports after Interpol's confirmation they were fake. South Korean and U.S. authorities have sought the extradition of Kwon and Han and the handover of the computers. Following Kwon's arrest, the U.S. District Court in Manhattan made public an eight-count indictment against him for securities fraud, wire fraud, commodities fraud and conspiracy.

Persons: Do Kwon, Kwon, Han Chang, joon, Han, Daria Sito, Gareth Jones, Jason Neely Organizations: Korean, Labs, Police, Costa, U.S, Thomson Locations: SARAJEVO, Montenegro, U.S, South Korea, Dubai, Podgorica, Montenegro's, Rican, Costa Rican, Manhattan

☆ Montenegro holds parliamentary vote to secure reforms, EU path
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +3 min

The parliamentary vote is the first in the small former Yugoslav republic since Milo Djukanovic, former leader of the Democratic Party of Socialists (DPS), lost the presidential election in April and stepped down after 30 years in power. Polling stations for the 540,000-strong electorate open at 7 a.m. (0500 GMT) and close at 8 p.m. (1800 GMT). The state election commission said 15 parties and alliances will compete for 81 parliamentary seats in the nation of just over 620,000 people. Montenegro is a candidate to join the EU, but it must first root out corruption, nepotism and organised crime. After Russia's invasion of Ukraine last year, Montenegro - unlike Serbia - joined EU sanctions against Moscow.

Persons: Djukanovic, Milo Djukanovic, Jakov Milatovic, Milojko Spajic, Danijel Zivkovic, Zivkovic, Moscow, Aleksandar Vasovic, Stevo, Helen Popper Our Organizations: PODGORICA, NATO, European Union, Democratic Party of Socialists, Centre for Democracy, Human, European, Finance, EU DPS, Russia Democratic Front, Serbian Orthodox, EU, Serbian, Moscow, Thomson Locations: Yugoslav, EU, Montenegro, Serbia, Serbian, Ukraine, Belgrade, Podgorica

☆ How a Cracked Phone App Upended a Crime-Ridden Balkan State
▼ + stars: | 2023-06-08 | by ( Andrew Higgins | ) www.nytimes.com time to read: +1 min

When police forces in Western Europe cracked ‌‌an encrypted phone app popular with narco-traffickers, the messages they deciphered from the Balkan nation of Montenegro provided shocking evidence of a state captured by crime. A Montenegrin police officer discussed cocaine shipments with a notorious crime boss, and the son of the head of the country’s supreme court offered to skew verdicts and help with smuggling. Another police officer sent photographs to the leader of an organized crime group to show how his police unit had roughed up members of a rival crime gang. Rumors had swirled for years of Mr. Djukanovic’s collusion with criminals, something he has always denied. “It was evident that the institutions were captured by corruption and organized crime,” Mr. Djukanovic’s successor, Jakov Milatovic, 36, said in an interview last month on his first day at work as president in Podgorica, the capital‌.

Persons: Milo Djukanovic, Europe’s, Mr, Djukanovic’s, Jakov Milatovic Locations: Western Europe, Balkan, Montenegro, Montenegrin, Podgorica

☆ Montenegro court releases crypto entrepreneur Do Kwon on bail
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +2 min

BELGRADE, May 12 (Reuters) - A court in Montenegro agreed on Friday to release Do Kwon, a cryptocurrency entrepreneur charged in the U.S. with a multibillion-dollar fraud, on bail of 400,000 euros ($440,320), pending a trial on local charges. Following his arrest in Montenegro in March, the U.S. District Court in Manhattan made public an eight-count indictment against Do Kwon for securities fraud, wire fraud, commodities fraud and conspiracy. He was detained with Han Chang-joon, Terraform Labs' former finance officer, who will also be released on bail of 400,000 euros. "The court ... found that the possibility of losing the posted bail of 400,000 euros each, works sufficiently to dissuade them from any desire to flee," the statement said. Montenegrin police arrested Do Kwon and Chang-joon at Podgorica airport as they tried to board a flight to Dubai.

☆ Montenegro run-off presidential election under way
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +3 min

[1/13] A man prepares to vote at a polling station during the run-off presidential election in Podgorica, Montenegro, April 2, 2023. REUTERS/Marko DjuricaPODGORICA, April 2 (Reuters) - Montenegrins went to the polls on Sunday in a run-off presidential election pitting incumbent Milo Djukanovic against a Western-educated economist pledging to lift the nation out of a crisis marked by no-confidence votes in two governments. He led Montenegro to independence from a state union with much larger Serbia in 2006 and to NATO membership in 2017. Although the presidential post in Montenegro is largely ceremonial, victory in the election would bolster the chances of the winner's party in June. After Russia's invasion of Ukraine last year, Montenegro joined EU sanctions against Moscow and expelled a number of Russian diplomats.

☆ Montenegro's ex-Economy Minister Jakov Milatovic declares victory in run-off presidential vote
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: 1 min

PODGORICA, April 2 (Reuters) - Montenegro's former Economy Minister Jakov Milatovic declared victory in a presidential election run-off on Sunday, ahead of long-standing incumbent Milo Djukanovic. "Tonight is the night we have been waiting for over 30 years and I wish you a happy this victory of all of us," Milatovic told cheering supporters of his right-centrist Europe Now Movement in its party headquarters in Podgorica. "Within the next five years, we will lead Montenegro into the European Union," he said. Reporting by Aleksandar Vasovic; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Montenegro holds run-off presidential election
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +2 min

[1/5] A child plays with a ball on a street, a day before the second round of presidential elections in Podgorica, Montenegro, April 1, 2023. REUTERS/Marko DjuricaPODGORICA, April 2 (Reuters) - Montenegrins were set to vote in a run-off presidential election on Sunday, pitting long-time incumbent Milo Djukanovic against a Western-educated economist pledging to lift the nation out of a crisis marked by no-confidence votes in two governments. Djukanovic, 61, has dominated Montenegro as president or prime minister for 33 years, since the start of the collapse of the now-defunct federal Yugoslavia. Djukanovic wound up with 35.37% of the vote in the first round of the election on March 19, with Milatovic on 28.92%, necessitating a run-off as neither garnered a 50% majority, and analysts have predicted a tight race in the run-off. Although the presidential post in Montenegro is largely ceremonial, a victory in the election would bolster the chances of the winner's party in June.

[1/4] A taxi waits for pedestrians at a street crossing under a pre-election billboard of candidate Jakov Milatovic in Podgorica, Montenegro, March 30, 2023. Montenegro, whose economy relies on tourism generated by its scenic mountains and seaside, ditched a state union with much larger Serbia in 2006 and declared independence. A row between lawmakers and Djukanovic over his refusal to name a new prime minister deepened the political paralysis. "I am here to lead Montenegro to success because for too long we have been led by the unsuccessful," Milatovic told a campaign rally. After the invasion of Ukraine last year, Montenegro signed up to EU sanctions against Russia.

☆ U.S., South Korea Vie Over Extradition of Crypto Fugitive Do Kwon
▼ + stars: | 2023-03-30 | by ( James Fanelli | Jiyoung Sohn | ) www.wsj.com time to read: 1 min

Police officers escorting Do Kwon, the creator of the failed TerraUSD stablecoin, in Montenegro’s capital Podgorica on Friday. The U.S. and South Korea are both seeking to extradite captured crypto entrepreneur Do Kwon from Montenegro, authorities in the tiny European nation said this week, setting up competing bids to prosecute him over criminal charges tied to the collapse of his TerraUSD stablecoin. Legal experts said South Korea may hold the upper hand because it is party to an extradition treaty with Montenegro, but diplomacy and previous instances of the Balkan state turning over fugitives to the U.S. could also factor into where Mr. Kwon ends up.

☆ S.Korea, US seeking extradition of crypto entrepreneur Do Kwon -Montenegro
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

PODGORICA, March 29 (Reuters) - South Korea and the U.S. are seeking the extradition of Do Kwon, an international fugitive accused of a multibillion-dollar fraud, and another suspect arrested in Montenegro last week, the Montenegrin Justice Minister Marko Kovac said on Wednesday. Do Kwon, a South Korean national, is a cryptocurrency entrepreneur and former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022 and roiled cryptocurrency markets. A U.S. indictment announced last week charged Do Kwon, who co-founded Terraform Labs and developed the TerraUSD and Luna currencies, with two counts each of securities fraud, wire fraud, commodities fraud and conspiracy. South Korean authorities issued an arrest warrant for him last September. Kovac said the South Korean and U.S. extradition requests also called for the handover of the computers.

☆ Suspected Crypto Fugitive Arrested in Montenegro
▼ + stars: | 2023-03-23 | by ( Alexander Osipovich | Bojan Pancevski | ) www.wsj.com time to read: 1 min

Do Kwon is co-founder and chief executive of Terraform Labs. A person suspected of being Do Kwon, creator of the failed TerraUSD stablecoin, has been arrested in Montenegro after months of being in hiding, the interior minister of the Balkan country said Thursday. Montenegro Interior Minister Filip Adzic said on Twitter that the suspect was detained in the airport of the country’s capital of Podgorica with false documents, and that the local authorities were awaiting official confirmation of his identity.

☆ Montenegro police arrest suspected former CEO of Terraform labs - interior minister
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

PODGORICA/SEOUL, March 23 (Reuters) - Police in Montenegro have detained a person thought to be Do Kwon, an international fugitive accused of defrauding investors in a multibillion-dollar cryptocurrency scheme, the country's interior minister said on Thursday. "The person is suspected of being one of the most wanted fugitives, South Korean national Do Kwon, a co-founder and CEO of the Singapore-based Terraform Labs," Filip Adzic, the Montenegrin interior minister wrote on Twitter. loadingSouth Korean police said a suspect thought to be Do Kwon and another person thought to be an individual named Han Chang-joon had been arrested in Montenegro. In February, the U.S. Securities and Exchange Commission filed a civil lawsuit against Kwon and Terraform Labs in Manhattan federal court, accusing them of defrauding investors in what the regulator deemed a multibillion-dollar scheme. Last week, the Wall Street Journal reported that the U.S. Justice Department was investigating the 2022 collapse of the TerraUSD stablecoin and had questioned former team members of Terraform Labs, which was behind the stablecoin.

☆ A person suspected to be crypto developer Do Kwon arrested in Montenegro months after the collapse of TerraUSD
▼ + stars: | 2023-03-23 | by ( Carla Mozée | ) www.businessinsider.com time to read: +1 min

A person suspected of being Do Kwon, creator of the now-collapsed TerraUSD stablecoin, has been arrested in Montenegro, a country official said Thursday. The country's interior minister said the suspect was arrested at the airport with falsified documents. Authorities have been looking for months for Kwon since the failure of his Singapore-based Terraform Labs ecosystem and the collapse of the TerraUSD stablecoin wreaked havoc in the crypto market. Police in Montenegro detained a person suspected to be Do Kwon at the Podgorica airport, Montenegro Interior Minister Filip Adzic said on Twitter. South Korea, where Kwon is from, issued an arrest warrant for Kwon in September for for alleged capital markets law violations.

Seoul/Atlanta CNN —Interpol says a man arrested in Montenegro is Kwon Do-hyeong, also known as Do Kwon, the disgraced founder of a collapsed crypto company who is wanted in South Korea and the United States on fraud and other charges. Kwon, a South Korean national, founded the blockchain platform behind the TerraUSD stablecoin and its sister coin Luna. Kwon’s identity was confirmed through a fingerprint match, Interpol’s national central bureau in Seoul told CNN on Friday. Seoul prosecutors told CNN in December that the crypto entrepreneur was believed to be in Serbia, where he was in hiding after leaving Singapore via Dubai. Kwon has been charged with fraud and breaches of South Korea’s capital markets law.

[1/5] Milo Djukanovic, President of Montenegro and a candidate from the Democratic Party of Socialists, speaks to the media at a polling station during the presidential elections in Podgorica, Montenegro, March 19, 2023. REUTERS/Stevo VasiljevicPODGORICA, March 19 (Reuters) - Montenegro's veteran President Milo Djukanovic will face a run-off on April 2 against a pro-Western former economy minister, after no candidate secured a 50% majority in a first round election on Sunday, according to a vote projection. The Center for Monitoring and Research polling group (CEMI) projected Djukanovic would end up with the most votes, with 35.5%, based on results tabulated from a statistical sample of votes cast. Djukanovic has served as president or prime minister for 33 years. A victory in the presidential election would bolster the chances of his DPS party in the parliamentary vote.

[1/6] Milo Djukanovic, President of Montenegro and a candidate from the Democratic Party of Socialists, visits a polling station during the presidential elections in Podgorica, Montenegro, March 19, 2023. Milatovic described his result as a victory of "a beautiful, better, just ... and European Montenegro." Djukanovic has served as president or prime minister for 33 years. "We are content with this level of support, it is a good foundation ... that will carry us to the victory in the run-off," Djukanovic said. A victory in the run-off would bolster the chances of his DPS party in the parliamentary vote.

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