Do Kwon Faces Extradition to U.S. for Charges Tied to TerraUSD and Luna Collapse: WSJ

CoinDeskPolicyPublished on 2023-12-06Last updated on 2023-12-07

Abstract

The blowups of his UST and LUNA tokens fueled a crisis that gripped the whole crypto industry in 2022, causing losses that reverberated far and wide.

A senior official in Montenegro plans to extradite Do Kwon to the U.S. to face criminal charges tied to the collapse of his terraUSD (UST) stablecoin and Luna (LUNA) token, The Wall Street Journal reported Thursday.

The blowups of UST and LUNA, which Kwon created, fueled a crisis that gripped the whole crypto industry in 2022, causing losses that reverberated far and wide.

3.8K

STORY CONTINUES BELOW

Recommended for you:

Kwon has been imprisoned in Montenegro for months, stuck amid a fight over competing desires by U.S. and South Korean officials to try him. The Journal, citing people familiar with the matter, reported that Montenegro Justice Minister Andrej Milović has privately said he has decided to send him to the U.S. to face fraud and securities-law charges.

Bitcoin faces true demand test above $83K as liquidity thickens: Glassnode

According to Glassnode, Bitcoin faces a significant test of genuine demand above $83,000 as key overhead resistance thickens between $81,000 and $86,000. This zone contains a substantial supply of coins held by long-term holders who bought during the drawdown and are now at breakeven, posing a major selling risk. Additional resistance comes from new ask liquidity on exchanges and critical technical levels, including the dealer gamma flip point and a liquidation shelf. Furthermore, multiple major trend lines—the 50-week and 100-week exponential moving averages and the 365-day volume-weighted average price—are converging around the current price area, reinforcing its importance. Analysts suggest that for a sustained bullish trend to be confirmed, Bitcoin must convincingly overcome this resistance band and hold above the 50-week EMA.

cointelegraph34m ago

Bitcoin faces true demand test above $83K as liquidity thickens: Glassnode

cointelegraph34m ago

Robinhood Chain's DeFi Long March: Replicating the Ethereum Classic, Reshaping the RWA Financial Landscape

Robinhood Chain is evolving from a primary hub for meme coins into a diversified DeFi ecosystem. Core DeFi primitives—AMM, CLOB, lending, perpetual contracts, ve(3,3), and OHM-style protocols—are being deployed and adapted for new assets, particularly tokenized stocks and RWAs. Key developments include Uniswap (V2/V3/V4) dominating as the core AMM and liquidity layer, with V4 enabling programmable pools. Deepstate introduces a fully on-chain order book (CLOB) model for efficient price discovery, suited for traditional assets. Lending protocols like Morpho and Arrow Finance allow users to earn yield on stablecoins and use tokenized stocks as collateral for loans. Perpetual DEXs like Lighter and Arcus support crypto and tokenized stocks as both trading pairs and margin collateral, with Arcus further tokenizing positions for DeFi composability. The ve(3,3) model is implemented by protocols like UponRH, which ties token emissions to actual trading fees, and Fables, which uses Uniswap V4 hooks for dynamic fee markets tailored to RWAs. NetNet offers an OHM-style reserve currency protocol with code-enforced parameters and a Risk-Free Value (RFV) backed by stable assets. The overarching trend is the growing composability of traditional financial assets (like stocks) within Robinhood Chain's DeFi landscape, moving beyond mere replication of existing models to create tailored financial infrastructure for RWAs.

marsbit44m ago

Robinhood Chain's DeFi Long March: Replicating the Ethereum Classic, Reshaping the RWA Financial Landscape

marsbit44m ago

The Battle for Control of the Tracks Enters the Second Half: Banks vs. Crypto, Who Will Have the Last Laugh?

The competition for control over the tokenization infrastructure, or the "rails," is intensifying, moving beyond initial asset listing to dominance over settlement, custody, and regulatory layers. Recent developments signal a shift in power towards traditional finance. Key evidence includes: the formation of the BankChain Alliance by 39 U.S. state banking associations to launch a banking-owned blockchain network; moves by market infrastructure giants like DTCC, ICE, and Citadel Securities to establish their own institutional-grade on-chain systems; the struggle of crypto-native custodians like ZeroHash (re-applying for a bank charter) and Copper (facing a severe valuation drop), highlighting that regulatory "license moats" are now more critical than technical advantages; and the launch of stablecoin USD1 by licensed trust bank BitGo on the permissioned Canton network, showing convergence of stablecoin issuance towards regulated entities. The analysis concludes this is not a simple "banks vs. crypto" battle but a redefinition of the foundational infrastructure. A clear division of labor is emerging: open public chains for DeFi and innovation, while bank-led consortium chains and licensed entities capture institutional settlement, tokenized deposits, and regulated custody. The defining question is no longer *if* an asset is tokenized, but *on which rails* it runs and *who controls* those rails, with regulation and牌照 providing the ultimate backstop.

marsbit1h ago

The Battle for Control of the Tracks Enters the Second Half: Banks vs. Crypto, Who Will Have the Last Laugh?

marsbit1h ago

Bitfinex Securities completes record $50M tokenized capital raise

Bitfinex Securities has completed its largest tokenized capital raise to date, securing $50 million for metals company Alkemya. The funds were raised through ALKN, a tokenized security representing interests in a Luxembourg-based partnership that owns approximately $1.64 billion worth of high-purity nickel wire. This surpasses Bitfinex's previous record raise of $30 million. For Alkemya, this marks its first tokenization project, allowing it to raise capital against its nickel assets. The proceeds will be used to commercialize engineered nickel products for applications like semiconductors. Additional ALKN tokens will be available to eligible investors until October 15, with secondary trading delayed until at least the next fundraising round.

cointelegraph1h ago

Bitfinex Securities completes record $50M tokenized capital raise

cointelegraph1h ago

Grove Invests in the Centrifuge Ecosystem

Grove, an institutional lending infrastructure protocol, has announced a partnership with Centrifuge, a platform for tokenizing and managing real-world assets (RWA) on-chain. As part of the deal, Grove purchased 37.8 million CFG tokens. Through Centrifuge's infrastructure, Grove has invested in products such as Apollo's ACRDX and Janus Henderson's JAAA and JTRSY. The companies aim to jointly foster the development of a more liquid and scalable on-chain lending market. This investment makes Grove a stakeholder in the Centrifuge ecosystem, with a vested interest in its growth and participation in protocol governance. The companies stated that the deal will strengthen long-term collaboration, combining Grove's capital distribution infrastructure with Centrifuge's asset tokenization and distribution technologies.

cryptonews.ru1h ago

Grove Invests in the Centrifuge Ecosystem