- Ethos’ collaboration with various liquid restaking protocols, such as EtherFi, Puffer, Renzo, Swell, and Kelp, to secure Cosmos ecosystem chains.
- This collaboration underscores Ethos’ strategic approach to leveraging existing ether stakes from these protocols via EigenLayer, demonstrating an innovative use case within the crypto ecosystem.
Do Kwon’s legal situation in Montenegro, where he is being released from prison but remains confined due to facing international criminal charges.
This underscores the seriousness of the allegations against Kwon and the legal complexities involved in extraditing him to different countries, including South Korea and the United States.
Do Kwon, the co-founder of Terraform, is set to be released from prison in Montenegro. However, he will not be leaving the Balkan nation anytime soon, as he continues to face legal challenges from multiple countries. Montenegro’s High Court has decided to confiscate Kwon’s passport to prevent him from leaving the country, as reported by Montenegro’s daily newspaper Vijesti. According to the court’s ruling, Kwon is scheduled to leave Spuž prison on Saturday. Prosecutors have opposed Kwon’s extradition to South Korea, preferring instead that he be sent to the United States, where potential sentences could be more severe if he is convicted.
In May 2022, the collapse of Terra and Luna cryptocurrencies, both products of Terraform Labs, resulted in the loss of over $40 billion in market value within a few days.
Following this incident, U.S. and South Korean authorities launched investigations into Terraform Labs and Do Kwon for alleged fraud and violations of securities laws. Kwon, who was considered a fugitive at the time, was apprehended in Montenegro after being flagged with an Interpol Red Notice for using counterfeit travel documents.
Do Kwon’s Journey: From Stanford to Terra Collapse
Do Kwon’s journey into the world of technology and cryptocurrencies began after high school when he pursued a computer science degree at Stanford University in 2010. After graduating in 2015, Kwon returned to South Korea and founded Anyfi, a connectivity solutions startup. Through Anyfi, Kwon raised $1 million in grants and pioneered a peer-to-peer Wi-Fi mesh network model.
However, Kwon’s true breakthrough came when he recognized the potential of cryptocurrencies and co-authored a white paper proposing a decentralized payment system powered by stablecoins. This led to the founding of Terraform Labs in 2018, where he developed the Terra (LUNA) cryptocurrency.
Despite early success, Terra suffered a catastrophic collapse in May 2022, resulting in the loss of over $40 billion in market value. Kwon’s attempts to revive the Terra ecosystem with Terra 2.0 were unsuccessful, leading to the creation of Terra Classic.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
