The legal drama surrounding Terraform Labs co-founder Do Kwon persists as Montenegro’s Appellate Court has once again overturned a lower court’s ruling favoring his extradition to the United States.
This development, announced on March 5, signifies another twist in the complex saga of Kwon’s potential extradition, highlighting ongoing legal debates and procedural disputes.
Previously, on February 20, the High Court of Podgorica had sanctioned Kwon’s extradition to the U.S. to face criminal charges related to multiple offenses.
However, the Appellate Court identified “significant violations of the provisions of criminal procedure” within the local legal framework, questioning the foundational reasons behind the extradition request’s approval.
The statement from the Appellate Court pointed out the lack of “clear and valid reasons for decisive facts regarding the order of arrival request letter,” casting doubt on the procedural integrity of the extradition process.
This recent decision underscores the legal challenges and intricacies faced by courts in Montenegro as they navigate international law and bilateral extradition requests.
Kwon’s arrest in Montenegro in March 2023 marked the beginning of an intricate extradition process, fueled by demands from both the U.S. and South Korea.
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The legal journey saw the Appellate Court of Montenegro cancelling an earlier decision in December 2023, which had approved Kwon’s extradition, instructing a retrial at the Podgorica Basic Court.
The narrative is further complicated by the background of Terraform Labs, the entity behind the Terra blockchain.
The company experienced a catastrophic collapse in May 2022 when its Terra stablecoin and Luna token plummeted, allegedly due to fraud.
The U.S. Security and Exchange Commission accuses Terraform Labs and Kwon of orchestrating a fraudulent scheme that erased around $40 billion from the market.
This ongoing legal battle in Montenegro reflects the international dimensions of cryptocurrency regulation and the challenges of prosecuting alleged financial crimes across borders.
The saga of Do Kwon continues to unfold, illustrating the complexities of international law, the intricacies of extradition processes, and the broader implications for the cryptocurrency industry.
Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), has been vocal about his concerns regarding the cryptocurrency and blockchain industry, indicating a contentious atmosphere between regulatory bodies and the crypto sector in the United States.
This discord is further amplified by some U.S. lawmakers who oppose Gensler’s stance, challenging the SEC’s approach to regulating crypto assets.
This disparity within the government has created an uncertain environment for crypto projects based in the U.S., largely due to the ambiguous and fluctuating criteria used by the SEC to determine what constitutes a security, primarily relying on the outdated Howey test.
The heart of the issue lies in the mechanism of law creation in the U.S., which differs significantly from that in other countries, leaving the cryptocurrency industry in a precarious position.
Two Supreme Court cases, Loper vs. Raimondo and Relentless, Inc. vs the U.S. Dept of Commerce, are poised to potentially redefine federal agencies’ discretion in interpreting laws, a change that could significantly impact the crypto industry’s regulatory landscape.
At the center of this debate is the principle of Chevron deference, established by the 1984 Chevron vs. Natural Resources Defense Council case.
This legal doctrine allows federal agencies considerable leeway in interpreting laws, provided their interpretation is reasonable and Congress has not explicitly legislated on the matter.
Critics argue this deference has allowed agencies like the SEC to overextend their regulatory reach, especially in rapidly evolving sectors like cryptocurrency.
Coinbase CEO Brian Armstrong has been vocal about the detrimental effects of vague regulations on the crypto industry, pushing for clearer legislation.
The ongoing discussion around the Chevron deference and its potential recalibration by the Supreme Court could empower the public and their elected representatives to demand more precise laws governing digital assets.
The Supreme Court’s decision in the cases of Loper vs.
READ MORE: Bitcoin Surges to Record Highs Against the Euro and Multiple Currencies
Raimondo and Relentless, Inc. vs the U.S. Dept of Commerce could narrow the SEC’s interpretative authority, possibly aligning the regulation of cryptocurrencies more closely with Congressional intent.
Attorney Jeremy Hogan, known for his coverage of the Ripple vs. SEC case, highlights the significance of these cases for the crypto industry, suggesting that a ruling against Chevron deference could positively influence major litigation involving digital assets and the SEC.
However, Hogan also notes that the direct impact on the crypto industry might be limited since the SEC primarily relies on the Howey test for regulatory authority over digital assets.
Nonetheless, any mention of cryptocurrencies in the Supreme Court’s ruling could bolster arguments against the SEC’s regulatory overreach.
As the crypto industry continues to evolve, it’s increasingly intersecting with broader regulatory concerns, emphasizing the importance of vigilant and proactive engagement with legal developments.
This dynamic underscores the critical role of legal interpretations and the potential for future cases to shape the regulatory landscape for cryptocurrencies in the U.S.
American business intelligence and cloud-based services firm MicroStrategy is mulling investing in Ethereum, sources told Crypto Intelligence News on Wednesday.
New Ethereum holdings would be in addition to MicroStrategy’s impressive Bitcoin holdings, and will not in any way impact their continued accumulation of BTC, a person familiar with the matter emphasised.
Crypto Intelligence News has approached MicroStrategy for comment, but has not received a response at the time of publishing this article.
These reports come after MicroStrategy, led by Michael Saylor, its founder and current Executive Chairman, announced on Tuesday that it intends to raise $600 million through the sale of convertible debt in a private offering.
The purpose behind this significant financial move is to further increase the company’s bitcoin holdings. Since the middle of 2020, MicroStrategy has aggressively been buying bitcoin, now holding approximately 193,000 tokens valued at over $13 billion, based on the current bitcoin price of $67,500.
The decision to issue convertible debt comes at a time when MicroStrategy’s stock has seen substantial growth, with its value almost doubling in 2024. This includes a notable 24% rise in just one day’s trading session. However, in early trading on Tuesday, the company’s shares experienced a 6% drop.
This strategy reflects MicroStrategy’s ongoing commitment to bitcoin as a central component of its investment approach, leveraging the recent strong performance of its stock to finance further acquisitions of the cryptocurrency.
Bitcoin recently achieved a remarkable milestone, reaching a new all-time high (ATH) of $69,300.
This significant achievement comes after a challenging period that began in November 2021, when Bitcoin experienced a downturn, marking the onset of a prolonged crypto winter.
The landscape remained bleak until early 2023, when the cryptocurrency market began to show signs of recovery, with Bitcoin’s price steadily increasing and entering a new phase of price discovery.
The breach of a new ATH is a critical moment for any asset, signaling a shift into uncharted territory without clear resistance or support levels to guide traders.
Chris Dunn, a seasoned crypto investor and Bitcoin educator, shared his insights with Cointelegraph regarding the potential market dynamics in this new phase.
Dunn anticipates a domino effect that could propel Bitcoin’s price to even greater heights.
He explained, “I expect the trend to accelerate through the all-time high break as people buy breakouts, shorts get liquidated, and potential sellers pull their asks off the order books.”
Bitcoin’s ascent has been remarkable, particularly since February 16, when its price began to surge significantly, marked by large “green candles” indicating substantial price increases.
Despite expectations of a pullback, Bitcoin continued to defy predictions, with another substantial price jump on February 27.
This unexpected rise caught many short traders by surprise, leading to significant liquidations.
On February 27 alone, $161 million in BTC shorts were liquidated, with total liquidations reaching $268 million as Bitcoin’s price briefly exceeded $57,000.
The phenomenon of short liquidations and the ensuing short squeeze effect contribute to the rapid price increases and heightened market volatility.
Amid these developments, the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has played a crucial role in attracting investment.
Notably, BlackRock’s iShares Bitcoin Trust surpassed $10 billion in assets under management in just over seven weeks, a milestone that took the first U.S. gold-backed ETF two years to achieve.
Will Clemente, co-founder of Reflexivity Research, remarked on the remarkable inflows into Bitcoin ETFs, highlighting their significant impact compared to gold ETFs.
Chris Dunn emphasized the importance of Bitcoin ETFs in introducing Wall Street and institutional investors to the cryptocurrency market.
The continued influx of capital into these ETFs underscores the growing demand for Bitcoin and its potential to drive prices higher as more investors engage with the market through these financial products.
El Salvador’s venture into Bitcoin has marked a significant milestone, with its holdings now valued over $150 million.
This comes after the country’s bold decision to adopt Bitcoin as legal tender in 2022, a move that has seen its investments grow substantially.
According to BitcoinTreasuries, the value of El Salvador’s Bitcoin stash has surged by $50 million beyond the initial purchase cost, illustrating a remarkable turnaround from previous market downturns to achieving historic financial highs.
Under President Nayib Bukele‘s directive, El Salvador has accumulated around 2,380 BTC, worth approximately $158.5 million, with the value peaking at $164.7 million in March, demonstrating a 53% profit margin from its cost basis of $44,300 per Bitcoin.
President Bukele, freshly reelected in February, has openly critiqued the mainstream media’s portrayal of El Salvador’s Bitcoin strategy on social platforms like X.
He pointed out the stark contrast in media coverage, highlighting the lack of attention now that the nation stands to gain significantly from its Bitcoin investments.
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Bukele emphasized the enduring value of Bitcoin, irrespective of market fluctuations, while mentioning the success of their citizenship program as a major source of Bitcoin revenue, stating a firm stance against selling the digital currency.
El Salvador’s adoption of the Bitcoin standard sets it apart on the global stage, with no other nation-states yet to follow its lead despite speculation about potential adopters in South America and beyond.
Samson Mow, a prominent figure in the Bitcoin community and head of Jan3, remains optimistic about future nation-state adoption alongside corporate and institutional investments.
During his appearance on The Bitcoin Podcast, Mow identified nation-states, corporations, and institutional investors as crucial players in driving Bitcoin’s value upward, alongside retail investors contributing through smaller purchases, signaling a broad-based confidence in Bitcoin’s long-term trajectory.
An Unrivaled Approach to CFD Trading in the Crypto Era
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Investiva Security: Safeguarding Your Financial Future
Is Investiva Legit? Is Investiva Secure to Invest?
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The recent surge in Bitcoin’s price past its previous all-time high, surpassing the $69,000 mark, has sent waves of optimism across the industry, with analysts predicting a boom for Algorand, Bitcoin Dogs, and the emerging BlockDAG (BDAG). This Bitcoin surge is not just beneficial for Bitcoin enthusiasts but also heralds a positive outlook for other cryptocurrencies.
With the Algorand price witnessing a significant rally, Bitcoin Dogs presale stirring the market, and BlockDAG’s ongoing presale bull run, investors have a palpable sense of anticipation. Especially as BlockDAG nears the sell-out of its second presale batch, early investors are on the verge of witnessing 5,000x investment returns.
Algorand Price’s Ascending Arc
Algorand has emerged as a formidable player in the crypto market, with its price experiencing a substantial bullish breakout. The surge in Algorand’s price to a peak of $0.266 marked its highest value since February 2023, signifying a solid rally and propelling its market capitalisation to over $2 billion. This rally is a staggering 200% climb from its 2023 lowest point.
Algorand’s rising reflects a resilient ecosystem despite past pressures, notably within the DeFi sector. With its Total Value Locked soaring to over $242 million, Algorand has demonstrated a 50% increase in the past month alone. This growth underscores Algorand’s potential as a safe investment option for its investors.
The Frenzy Around Bitcoin Dogs Presale
Bitcoin Dogs has captivated the crypto community with its presale. This fervour around the presale, powered by its association with the Bitcoin blockchain, anticipates a bullish ripple effect across the crypto market.
As Bitcoin’s price hit its all time high of over $69,000, there is a lot of sentiment around Bitcoin Dogs and its potential to make new records in future. This connection amplifies Bitcoin Dogs’ appeal and solidifies its position as a compelling investment in the changing crypto world.
Amid escalating excitement, BlockDAG has made a notable entrance as a new contender alongside Bitcoin Dogs, as it swiftly draws investors’ interest due to its promising prospects for substantial investment returns.
BlockDAG Coin’s Bullish Presale
BlockDAG has impressively gained over $2.7 million through its ongoing second batch presale. As the second batch nears sell-out, the upcoming third phase is anticipated to witness a significant price increase.
Early investors who participated in the first batch of BlockDAG’s presale have already achieved a substantial return, with the potential for future returns to surpass 10,000x. BlockDAG’s emergence as the ‘Kaspa Killer’ has brought the newest crypto into the spotlight, attracting attention from investors seeking the next ample opportunity.
This new cryptocurrency stands out for its innovative crypto-mining approach and promising return on investments. BlockDAG’s commitment to offering a user-friendly mining experience and the potential for significant returns positions it as a noteworthy contender in the crypto market.
The BlockDAG mobile application and home mining solutions underscore its dedication to inclusivity and efficiency, appealing to a broad audience, including experienced and novice miners. Moreover, analysts predict BlockDAG prices will reach $10 between 2025 and 2030, making it one of the best crypto investments for significant growth.
Final Thought: The Best Crypto Investment
Bitcoin’s impressive ascent has opened up new opportunities for growth for BlockDAG, Bitcoin Dogs and Algorand price. Each offers a unique proposition to the crypto investor – Algorand’s robust market cap growth and significant TVL increase, the Bitcoin Dogs presale success driven by its Bitcoin affiliation, and BlockDAG’s promising presale performance and mining innovations present compelling narratives.
However, BlockDAG’s blend of early investment incentives, practical mining solutions, and the palpable market excitement surrounding its presale batch makes it an ideal choice for investors seeking the best crypto investment. As we navigate the vibrant crypto market, BlockDAG’s potential to mint substantial wealth for its community positions it as a frontrunner in the race for crypto supremacy.
BlockDAG Presale:
Website: https://blockdag.network
Presale: https://purchase.blockdag.network
Telegram: https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
Disclaimer: This is a sponsored press release that was not produced by Crypto Intelligence’s editorial team.
The innovative loan, between Electric Capital and a prominent proprietary trading firm, comes ahead of Trident Digital‘s launch of its Lending Conduit product. The loans were booked and managed via Membrane Labs SOC2 certified loan management system with which Trident partnered in 2023.
This Proof-Of-Concept transaction opens the door for a new form of lending that Trident believes will become the digital asset standard. Their approach draws from traditional finance risk management while adjusting for the nuances of the digital asset market.
“Post Genesis there is little investor appetite for unsecured lending, demand for over-collateralized borrowing, or independent infrastructure available to facilitate bilateral undercollateralized lending on multiple platforms. At its peak the lending market was at $80bn – this creates an incredible opportunity to rebuild the market confidence using appropriate risk and liquidity management approach and Trident is up for the challenge,” said John Wu, President of Ava Labs.
The first-of-its-kind, undercollateralized loan was executed between market leaders in the crypto space. Electric Capital (over $1bn committed capital) lent AVAX to a proprietary trading firm with over $500mm in AUM, which was provided with 4x leverage. Trident has onboarded with Cumberland‘s OTC desk, as well as Wintermute’s, in order for them to facilitate liquidations, if necessary. Loan booking and management was handled via Membrane Labs’ Loan Management System while Trident rolled out the first risk and liquidity management endeavor in the lending space.
“Trident’s approach to security and risk management gave us confidence to lend our assets. Their strategy will help unfreeze the lending market,” expressed Jim Bai, Investor & Trader at Electric Capital.
“The choice of loan management system, counterparties, loan denomination and collateral ratio were given great consideration. For our product to work we needed the terms to be commercial, the counterparties to be real, and the token to be in demand. While BTC and ETH are relatively available, our conduit will focus on lending alt coins so AVAX was a great choice for what we are trying to achieve,” stated Anthony DeMartino, Co-Founder and CEO of Trident.
Trident’s lending conduit structure allows Institutions to engage in loans where both sides have full transparency on the risks being taken. Trident will manage and execute the provisions of the loan as well as diligently monitor the risks and liquidity of the assets backing the loans and will execute liquidations as required.
Trident and Membrane agreed to terms on a partnership where Trident Digital will use Membrane’s Soc 2 certified infrastructure to offer the first of its kind lending solution. Trident’s “Lending Conduit” will allow Institutional lenders and borrowers to connect on appropriate risk adjusted returns. There will be no commingling of loans and no cross contagion risks as the firm seeks to minimize counterparty risk. Trident’s offering also looks to optimize security and transparency for the lenders and offer capital efficiency for the borrowers. The goal is to unlock billions of tokens sitting on lenders’ balance sheets who no longer have the infrastructure to lend their tokens on the proper risk adjusted terms.
“We believe that getting liquidity back to the spot market, specifically in altcoins, will allow for the market to grow on a healthy foundation. This foundation will have spillover benefits for derivatives and DeFi,” voiced Anthony DeMartino, Co-Founder and CEO of Trident.
“Our decision to partner with Membrane was simple, their best in class technology, deep crypto native relationships and their SOC2 certification allows Trident to bring its solution to the market 1 year faster than anticipated,” stated Dr. Amir Sadr, CRO and Head of Product of Trident.
“As the ecosystem bounces back and the appetite for lending returns, Trident is leading the revolution for safe leverage with their novel Lending Conduit structure, built on top of the Membrane platform. Our partnership enables market participants to securely access leverage in a capital efficient way with funds remaining on exchange where it can be usefully deployed,” said Carson Cook, Founder and CEO of Membrane.
With the first Proof-Of-Concept loan executed, Trident will focus on adding additional exchanges, onboarding more large institutional clients and adding derivatives to the platform. Trident is also working with off exchange solution providers to further reduce the risks to our lending platform.
The Securities and Futures Commission (SFC) of Hong Kong has recently taken action against fraudulent websites mimicking prominent local cryptocurrency exchanges.
On March 4, the SFC alerted the public about several deceptive sites posing as two officially licensed crypto trading platforms.
These illicit domains aimed to impersonate OSL Digital Securities and Hash Blockchain Limited, known as HashKey, by creating fake websites such as hskexpro.com, hskex.com, hskexs.com, hskexit.com, oslexu.com, and oslint.com.
These actions were taken after reports surfaced of users facing difficulties withdrawing funds and encountering excessive fees and commissions.
The Hong Kong Police Force has intervened to restrict access to these fraudulent sites at the SFC’s behest.
The SFC has also listed these sites on its official crypto alert list, which includes others that have impersonated exchanges like MEXC, with eight domains mimicking MEXC being blacklisted earlier on February 9.
To combat this issue, the SFC encourages investors to consult its public register for verified trading platforms and a list of licensed virtual asset trading platforms.
This measure is to ensure that investors are dealing with legitimate entities and to avoid any financial losses. The SFC emphasizes the importance of confirming the identity of any trading counterparty before proceeding with transactions.
READ MORE: Felix Reeves News – How This Crypto Trader Made His Fortune
Bartosz Barwikowski, a layer-1 security expert at Hacken, pointed out the challenges in distinguishing authentic websites from fraudulent ones, especially for first-time visitors.
He suggested that verifying the website’s URL on the SFC’s site is a safety measure, albeit one seldom taken by users.
Barwikowski advises relying on trusted third parties and recommends using mobile apps over websites due to the difficulty in counterfeiting them.
He also emphasizes the importance of checking for a significant number of reviews before trusting these apps and suggests consulting reliable sources such as government websites or cer.live for exchanges.
This crackdown on fake crypto websites comes shortly after the SFC closed the latest licensing cycle for crypto exchanges on February 29.
Exchanges that missed the application deadline are required to cease operations in the region within three months, marking a significant step in Hong Kong’s efforts to regulate and secure the cryptocurrency trading environment.
Bayo Onanuga, a special adviser to the Nigerian president on information and strategy, has clarified reports surrounding the alleged imposition of a $10 billion fine on the cryptocurrency exchange Binance.
Contrary to earlier reports by the BBC, Onanuga stressed that the claims were a result of misquotation and misunderstanding.
He emphasized that there has been no finalized decision to levy such a fine against Binance and that his previous statements had been misrepresented.
Specifically, Onanuga mentioned that he had only discussed the possibility of a fine, indicating that nothing is set in stone as of now.
This development comes amidst increasing regulatory scrutiny of cryptocurrency exchanges in Nigeria, a move aimed at protecting the integrity of the Nigerian naira.
Binance, in response to the growing pressure, has discontinued the use of the naira in its peer-to-peer (P2P) trading services as of February 28.
The P2P platform, popular among Nigerian users since 2021, facilitates direct transactions between buyers and sellers without the need for an intermediary.
This service gained popularity following the Nigerian government’s ban on the crypto industry during the tenure of former President Muhammadu Buhari.
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The situation is compounded by the Central Bank of Nigeria’s (CBN) concerns over “suspicious flows” of funds through Binance’s Nigerian operations.
CBN Governor Olayemi Cardoso reported that in 2023 alone, $26 billion had been transacted through Binance from unverified sources and users, raising alarms over potential financial risks and the need for stringent oversight.
Further actions by the Nigerian government include the detention of two senior Binance officials in Abuja by the National Security Adviser’s office, highlighting the government’s intent to closely monitor and possibly regulate cryptocurrency exchanges to prevent undue speculation on the naira.
Despite these challenges, the CBN made a significant policy shift in December 2023 by lifting a two-year ban on banks’ involvement in crypto transactions.
This was accompanied by the issuance of guidelines for regulating virtual asset service providers.
Nigeria, having launched a central bank digital currency in 2022 and the naira-pegged cNGN stablecoin through the Africa Stablecoin Consortium in a regulatory sandbox in February, demonstrates a complex and evolving stance towards digital currencies.