Montenegro Postpones Do Kwon’s Extradition to South Korea
A Judge in Montenegro has denied the request of Do Kwon regarding his extradition to South Korea. It is important to note that Kwon, the co-founder of stablecoin Terra Luna project, is facing fraud charges in the United States and South Korea. He was on the run before police apprehended him in Montenegro trying to flee using forged passports.
The suspension was ordered by the Supreme Court of Montenegro. The ruling has directed the legal officials to postpone his extraction to his native country South Korea until further request from prosecutors.
A notice issued on 22nd March by the Council of Supreme Court noted that it would finalize the request from the lower court regarding legal protection for Kwon to South Korea.
The prosecutor told the court that the request from the appealing court violated due process by rejecting the legal request from Kwon’s lawyers. The prosecution further noted that only the Supreme Court of Montenegro reserves the issue the verdict regarding this matter.
South Korea is the native country of Kwon and the accused has shown a preference for extradition to his home country rather than the US.
Terraform Labs Founder to Face Legal Charges in Two Countries
Kwon is facing criminal charges in the US as well as SK. Since his arrest in March 2023, he has remained in custody at Montenegro. Prosecutors from both countries are now thinking about contesting their extradition requests.
In case, Kwon is extradited to the United States he can face up to 8 years on account of felony charges. On the other hand, he is faced with fraud indictment and capital market violations in South Korea.
Thus far it is not decided if the US or South Korean prosecutors are going to win the extradition race. Former CFO of Terraform Labs, Han Chang-Joon was also arrested alongside Kwon in Montenego but his extradition request to South Korea was approved in February.
Authorities in South Korea brought charges against executives working for Terraform Labs in April, 2023 inclusive of co-founder Hyun-seong Shin.
Grayscale has launched the Dynamic Income Fund. As per an article published in Cointelegraph, accredited investors with $1.1 million to $2.2 million in AUM will be able to access the product. Grayscale has noted that this fund is created for sophisticated clients who wish to seek cryptocurrency staking exposure.
As per the official filings, this fund will convert staking rewards into USD on a weekly basis. The investors can also avail a quarterly distribution plan.
Grayscale to add Proof-of-Stake Tokens in Dynamic Income Fund
Grayscale has noted that the fund managers have conducted a careful analysis to find proof-of-stake tokens to be added to the portfolio. The fund noted that it will manage staking and unstaking based on personalized timelines and requirements of all selected tokens. The focus of the fund is to maximize staking income and warrant capital growth.
Cryptocurrency staking means locking assets to earn interest yield. Staking also secures a blockchain and increases the efficiency of a blockchain network. Some of the PoS tokens nominated by the fund are Osmosis, Solana, Polkadot and others.
On the other hand, Grayscale’s Bitcoin spot ETF fund launched on 11th January has printed billions in outflows in contrast to its parallel funds.
On 26th March, Cointelegraph noted that Grayscale Bitcoin Trust daily outflows reached $14 billion since the launch. Grayscale has also applied for an Ethereum Futures ETF but the SEC delayed the decision to grant an approval to the fund in question.
Grayscale management noted that the SOL token added to the fund ranked among the top 10 PoS tokens by market cap as per projections from CoinMarketCap. Additionally, statistics from Staking Rewards indicated that the OSMO token offered a staking reward of 11.09%, SOL generated 7.42%, and DOT created 11.9% in staking yields.
The fund has also shared that OSMO token accounts for 24% of the total share, Solana makes up for 20%, while Polkadot comprises 14% of the fund reserves.
