US SEC and Montenegrin Justice Minister Meet to Discuss Do Kwon

by

As a seasoned crypto investor, I’ve seen my fair share of ups and downs in this volatile market. The recent developments surrounding Do Kwon, the founder of Terraform Labs, have been particularly intriguing.

Recent discussions took place between Montenegro’s authorities and US SEC representatives concerning Do Kwon, the founder of Terraform Labs, which is responsible for the creation and subsequent collapse of the UST stablecoin and cryptocurrency asset LUNA.

A representation from the Securities and Exchange Commission was headed by Gurbir Grewal, the Director of Investigations. Alongside him were David Hirsh, who oversees both the Crypto Property Unit and Cyber Unit (CACU), HORhe Tenreiro in his capacity as Deputy Chief of CACU, Metju Greiner serving as Assistant Director of the Office for International Affairs (OIA), and Marli Miller in her role as Senior Special Adviser to the OIA.

The SEC expressed its comprehensive perspectives on market regulation to Montenegrian officials during our recent meeting. Our objective was to enhance our collaborative efforts in safeguarding investors and overseeing financial markets.

Andrade, the Justice Minister, was among the attendees at the conference and provided a detailed explanation of the Securities and Exchange Commission (SEC)’s working methods. His focus was on the role of the agency in safeguarding investors engaged in stock and digital currency trading. He underlined the regulatory structure accessible to investors and outlined the steps taken by the SEC in several finance-related disputes.

Talks Held Between Montenegrin Authorities and the SEC

Significantly, the focus of our conversation revolved around the SEC’s probe into Do Kwon’s activities and the resulting legal proceedings against him in the US. Milovich received updates on these developments. Moreover, the SEC shared insights into the advancements made in the process of deciding whether Kwon would be extradited to the United States or his home country, South Korea – a matter that has been in limbo for several months now. The eventual outcome of this controversy is yet to be determined.

In the beginning of April, Montenegro’s highest court determined that it was Minister Milovic who had the authority to approve or deny the extradition of Kwon to South Korea. The initial plan for Kwon’s extradition in March was challenged by Montenegrin lawyers.

Back in February 2023, a US court ruled against me and Terraform Labs for civil fraud due to the demise of UST. My troubles started earlier that year when I was apprehended in Montenegro, carrying forged travel documents in March 2023.

As a crypto investor, I’ve seen the SEC propose a fine of $5.3 billion against Terraform Labs. However, the lawyers representing Kwon and his team contend that this is an overreach by the SEC. They argue that the SEC lacks jurisdiction over crypto assets and therefore has no power to impose such a penalty.

After serving my prison sentence which ended on March 23, 2024, I was transferred to a center for foreign nationals upon release. Local authorities confiscated my passport during this process.

Minister Milovic underscored the significance of collaborative efforts among nations in tackling financial deceit and safeguarding investors. The discussions were warmly received by both parties, viewing this encounter as a significant stride to fortify partnerships between Montenegro and the United States in the realms of justice and economic strategy.

Based on the information provided, it seems that the details of the discussions during the meeting have not been made public. However, the occurrence of this meeting suggests that there may be progress in the legal proceedings related to the extradition of the crypto entrepreneur who is currently under scrutiny.

Read More

2024-05-23 12:49