Crypto Executives Face US Legal Challenges, Turkey Advances Digital Lira, AI Experts Call for Deepfake Action
Summary:
Do Kwon, co-founder of Terraform Labs, is set to face fraud charges as he's extradited to the US from Montenegro. The US Attorney seeks more travel restrictions for ex-Binance CEO CZ Zhao. Legal conflicts involving ex-CEO Sam Bankman-Fried are discussed inNew York court. Turkey's Central Bank shares progress about their Digital Turkish Lira project. Global AI, digital ethics, and child safety professionals call for government action on deepfakes. The European Central Bank continues to question Bitcoin's value despite the approval of Bitcoin spot ETFs in the US.
Do Kwon, co-founder of Terraform Labs, who has remained in Montenegro since his detainment in March 2023, is set to be extradited to the United States to answer to fraud allegations. Despite appeals from Kwon's legal representatives, the Supreme Court in Podgorica has denied requests for an extradition to South Korea, and it yet remains unknown when Kwon will be transported to the US. Concurrently, the office of the U.S. Attorney is asking for more stringent travel restrictions for Changpeng “CZ” Zhao, ex-CEO of Binance. The demand is that Zhao be grounded within the US, with three days advance notice for any journeys to enable objections. They also want CZ to surrender his Canadian passport along with any other international travel documents to his defense team. On a related note, ex-CEO Sam Bankman-Fried confronted potential conflict of interest issues with his counsel in the U.S. District Court for the Southern District of New York, one of the few instances he's been seen since he was found guilty of seven felony counts in November 2023. Meanwhile, Turkey's Central Bank has made an English version of their analysis on the first stage of their Digital Turkish Lira project which began in 2021 and transacted test transactions in 2022. The retail-focused CBDC design aims to highly interoperate and complement existing systems. In other news, over 300 professionals in AI, digital ethics, and child safety have signed an open letter calling for government measures against deepfakes, emphasizing criminalization of child deepfake pornography, penalties for harmful deepfake creators and encumbering software makers to ensure their products don't encourage harmful deepfakes. Lastly, despite the approval of Bitcoin spot ETFs in the US, the European Central Bank (ECB) remains skeptical of Bitcoin's value, citing its inability to generate cash flows or dividends, provide any societal benefits, or be used in productive ways, arguing that its fair value is still zero.
Published At
2/26/2024 11:00:00 PM
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