Do Kwon Faces Possible Extradition; Tesla's Alleged Bitcoin Increase; BlockFi and FTX Near Settlement
Summary:
Reports suggest that Terraform Labs co-founder Do Kwon could potentially be extradited to South Korea, facing up to 40 years in prison. Speculations are brewing about Tesla, led by Elon Musk, increasing its Bitcoin holdings, following Bitcoin wallet tracking feature addition by Arkham Intelligence. Meanwhile, BlockFi and FTX have reached a preliminary agreement to settle their disputes, with the latter agreeing to pay $874.5 million to the former.
There are reports that Do Kwon could be extradited to South Korea, where he might face a prison sentence of up to 40 years. Speculations are also rife that Elon Musk's Tesla has augmented its Bitcoin reserves, following the addition of Tesla's Bitcoin wallet to the dashboard of Arkham Intelligence. Meanwhile, BlockFi and FTX have reached a settlement agreement, a move that could aid BlockFi in fully compensating its creditors.
Reports indicate that Do Kwon, co-founder of the now-bankrupt Terraform Labs, may be sent back to his homeland of South Korea to face legal proceedings, rather than being sent to the U.S. Local news sources suggest that an appeal court has overruled an earlier decision by a high court in Podgorica, Montenegro for Kwon's extradition to the United States, citing "major breaches of criminal procedure law". The Wall Street Journal has reported that Kwon has expressed a preference for South Korea, being closer to his family. He could potentially face a prison term of up to 40 years in South Korea. Terraform Labs declared bankruptcy in the U.S. on January 21, following the collapse of the Terra ecosystem in May 2022. Kwon went off the radar post the collapse until his arrest in Montenegro, where he's believed to have used a falsified passport to set course for Dubai.
On another note, Tesla, under Elon Musk’s leadership, is believed to be increasing its Bitcoin holdings, sparking renewed interest in the crypto community. This comes after cryptocurrency data analytics company Arkham Intelligence added a feature to track Tesla's Bitcoin wallet to its dashboard. At present, Tesla’s wallet reportedly holds around 11,509 Bitcoins, an increase of 1,789 from the 9,720 it had during its last earnings report.
On a related note, FTX and BlockFi, two beleaguered cryptocurrency firms, have reached a tentative agreement to settle their disputes. FTX, according to a court filing on March 6, has agreed to pay up to $874.5 million to BlockFi, along with dropping any claims against the latter. The agreement is currently waiting for approval from U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware.
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Published At
3/7/2024 10:57:27 PM
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