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Montenegro court revokes Do Kwon’s extradition approval amid legal process flaws

  • Montenegro Court revokes Do Kwon’s extradition, citing legal flaws in the November decision.
  • Appellate Court highlights procedural shortcomings in US extradition request handling.
  • Despite the extradition revocation, Kwon’s fate still awaits retrial in Montenegro.

The Appellate Court of Montenegro has cancelled the extradition approval for Do Kwon, founder of Terraform Labs, following an appeal by his defence attorneys. The decision, based on procedural irregularities in the legal process, raises questions about the extradition requests from the United States and South Korea.

This turn of events comes after Kwon’s detention was extended until mid-February, as reported by Bloomberg last week.

Nullification of Do Kwon’s extradition

In nullifying the High Court’s decision to extradite Do Kwon to either South Korea or the USA, the Appellate Court in Montenegro cited a significant violation of the Criminal Procedure Code in the November 17 decision, emphasizing the lack of clear reasons and facts.

While the South Korean extradition request appeared to follow proper procedures, the court highlighted procedural shortcomings in the handling of the US extradition request. Specifically, the investigating judge failed to adequately inform Kwon of the reasons and evidence for the US request, violating legal requirements. Consequently, the case has been remanded to the initial court for retrial.

Legal battles surrounding Terra ecosystem collapse

Do Kwon faces extradition for charges related to financial crimes in the US and South Korea, stemming from the collapse of the Terra ecosystem in May 2022. This collapse led to a staggering $40 billion loss in the market.

Kwon and Terraform Labs’ CFO Han Chang-Joon were apprehended in Montenegro last March after evading authorities in Asia and Europe. The extradition process has been tumultuous, with Kwon’s initial arrest in Montenegro for attempting to use falsified passports, subsequent imprisonment, and legal battles culminating in the recent Appellate Court decision.

This latest development adds another layer of complexity to Kwon’s legal predicament, leaving the global cryptocurrency community awaiting the outcome of the retrial in Montenegro.

The post Montenegro court revokes Do Kwon’s extradition approval amid legal process flaws appeared first on CoinJournal.

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Justin Sun’s 500B SHIB move sparks speculation amid Meme Moguls presale surge

  • Tron founder Justin Sun withdraws over 500B SHIB tokens from Binance, sparking market speculation.
  • Meme Moguls’ MGLS token presale gains momentum, capturing investors’ attention.
  • Shiba Inu’s price surge aligns with Justin Sun’s move, creating a symbiotic connection.

In a surprising move, Tron founder Justin Sun recently withdrew a colossal amount of Shiba Inu (SHIB) tokens from Binance, valued at about $5.2 million. This transaction has stirred speculation within the crypto community, coinciding with a notable surge in the SHIB price.

Meanwhile, a new player in the meme coin space, Meme Moguls, is capturing investors’ attention through its ongoing MGLS token presale. Let’s delve into the details surrounding these developments.

Justin Sun’s Shiba Inu withdrawal sparks speculation

Tron founder Justin Sun’s wallet executed two substantial transactions, withdrawing approximately 500 billion SHIB from Binance. The first transaction involved the withdrawal of 500 billion SHIB, amounting to $5.2 million. The second transaction saw the withdrawal of an additional 77 billion SHIB, worth $810,000.

The timing of these withdrawals, amid a bullish market sentiment for Shiba Inu, has ignited speculation about increased confidence in the token.

Shiba Inu price surge

The Shiba Inu price has experienced a noteworthy upswing, rising by 3.63% in the past 24 hours and reaching $0.00001043. This surge aligns with substantial whale transfers, exemplified by Justin Sun’s withdrawal.

The market sentiments surrounding SHIB have been further bolstered by a surge in the burn rate, indicating increased activity within the Shiba Inu community.

Meme Moguls MGLS token presale gains momentum

While the crypto space was buzzing with Justin Sun’s Shiba Inu (SHIB) moves, Meme Moguls, a novel entrant in the meme coin domain, is making waves with its MGLS token presale. The Meme Moguls ecosystem introduces a unique concept – a meme-backed stock market/exchange.

This innovative platform offers diverse meme-inspired assets and features a range of components, including Moguls Casino, Moguls Exchange Trading Platform, Meme Moguls Fantasy Trader, and Mogul Land, a metaverse world.

The ongoing Meme Moguls MGLS token presale is garnering attention, creating a symbiotic connection with the recent surge in Shiba Inu’s price. As SHIB investors closely monitor market trends, Meme Moguls provides an alternative avenue for meme enthusiasts to engage with a thriving community and explore unique meme-inspired assets.

Both Meme Moguls and Shiba Inu represent the evolving landscape of meme coins, offering opportunities for users to participate in the crypto world’s excitement.

MGLS tokenomics and community engagement

As Meme Moguls aims to become a prominent player in the meme coin space, the MGLS tokenomics plays a crucial role. The ecosystem is powered by the Meme Moguls Governance Token ($MGLS), offering governance participation, staking opportunities, and exclusive features.

The vibrant community of meme enthusiasts engages in lively discussions, sharing insights, and collaborating within the Meme Moguls ecosystem. The platform’s user-friendly interface and unique features contribute to its growing popularity.

As Shiba Inu experiences a surge in price and community engagement, Meme Moguls positions itself as a contender in the meme coin domain, offering a distinct and captivating experience for investors and meme enthusiasts alike.

The post Justin Sun’s 500B SHIB move sparks speculation amid Meme Moguls presale surge appeared first on CoinJournal.

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Cryptocurrency ownership reaches 49 million in the U.S.

  • Top 10 countries like the UAE, Vietnam, and Saudi Arabia showcase mainstream cryptocurrency adoption.
  • The U.S. boasts 49 million active cryptocurrency owners.
  • With a 10.30% ownership rate, Ukraine emerges as a crypto hub.

In a world brimming with a myriad of cryptocurrencies, each vying for attention and market dominance, the global landscape of digital assets is undergoing transformation. Amidst this sea of possibilities, certain countries stand out as key players in the cryptocurrency revolution.

According to CoinJournal.net, the U.S., with a 14.36% ownership rate, boasts nearly 49 million active participants in the cryptocurrency market.

Here are the top 10 countries where owning cryptocurrency has become a mainstream phenomenon:

United Arab Emirates

With a population of 9.5 million, the United Arab Emirates tops the list with an impressive ownership percentage of 27.67%. Over 2.6 million residents of the UAE have enthusiastically joined the crypto revolution, making it a prominent hub for digital asset enthusiasts.

Vietnam

The Southeast Asian nation of Vietnam boasts a population of nearly 99 million, and a remarkable 21.19% of its citizens, totaling over 20.9 million people, have embraced cryptocurrencies. The country’s tech-savvy population has played a pivotal role in driving this surge.

Saudi Arabia

In the heart of the Middle East, Saudi Arabia stands out with an ownership percentage of 17.53%. With a population of over 36 million, more than 6.4 million Saudis have ventured into the crypto space, reflecting a growing interest in digital financial assets.

United States

Despite its lower ownership percentage of 14.36%, the sheer scale of the United States, with a population exceeding 339 million, means that nearly 49 million Americans are actively involved in the cryptocurrency market. The U.S. remains a powerhouse in the global crypto landscape.

Singapore

This vibrant city-state has become a crypto hotspot, with 13.93% of its 6 million residents holding digital assets. Singapore’s reputation as a financial and technological hub has attracted a significant number of crypto enthusiasts, contributing to the global phenomenon.

Iran

With a population of 89 million, Iran has seen a substantial 13.46% of its citizens, around 12 million people, diving into the world of cryptocurrencies. Despite regulatory challenges, Iranians have found ways to participate in the global crypto market.

Philippines

Boasting a population of over 117 million, the Philippines has witnessed a surge in crypto ownership, with 13.43% of its residents, totaling over 15.7 million people, actively engaging in the digital currency space.

Ukraine

With 10.30% of its 36.7 million population owning cryptocurrencies, Ukraine is carving a niche for itself in the global crypto arena. The country’s tech-savvy youth and a growing awareness of digital assets contribute to its rising crypto ownership.

Venezuela

Despite economic challenges, Venezuela stands out with a crypto ownership percentage of 10.30%. Nearly 3 million Venezuelans, out of a population of 28.8 million, have turned to cryptocurrencies as an alternative financial solution.

South Africa

With a population of over 60 million, South Africa rounds off the top 10 with a solid 10% ownership percentage. Over 6 million South Africans have embraced cryptocurrencies, highlighting the widespread appeal of digital assets on the African continent.

Max Coupland from CoinJournal commented on the findings: ”The United States, with its substantial population and widespread adoption, remains a formidable force in shaping the trajectory of the global crypto landscape. As individuals continue to explore and invest in digital assets, the findings reflect the enduring allure of cryptocurrencies as a mainstream financial phenomenon.”

The post Cryptocurrency ownership reaches 49 million in the U.S. appeared first on CoinJournal.

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Stacks (STX) price soars as inscriptions spike transactions

  • Stacks (STX) price has surged 16% in the last 24 hours, hitting levels last seen in March.
  • The Bitcoin layer for smart contracts saw a huge spike in inscriptions, with a single block recording over 10k transactions.

Stacks (STX), a smart contracts enabled layer 2 network looking to unlock the Bitcoin economy, has surged by more than 16% in the past 24 hours.

According to market data from CoinGecko, the price of Stacks rose as high as $1.19 across major exchanges. The STX market cap rose to above $1.7 billion, and the last time STX traded at these levels was in March this year.

As observed across the crypto market today, Stacks’ price spike defied the broader losses experienced across altcoins, with Bitcoin (BTC) also hovering near $41k.

STX price soars amid inscriptions craze

The past few weeks have witnessed a new frenzy in inscriptions, the metadata embedded onto satoshis (sats), Bitcoin’s smallest unit. The popularity of these inscribed texts, images and other metadata (NFTs on Bitcoin) has jumped amid BTC’s price surge.

For Stacks, there was a massive spike in transactions in 24 hours on Sunday and early Monday, with a single block recording over 10k transactions. On-chain data showed block 132,377 on the L2 reached 10,371 transactions, the highest ever number of transactions in a single Stacks block.

Muneeb Ali, the co-founder of Stacks noted that Bitcoin degens’ heavy minting, resulting in blocks with eight to ten times more transactions.

Other than smart contracts, NFT capabilities and DeFi opportunities, Stacks’s L2 solution allows for increased transaction speed and reduced fees.

The post Stacks (STX) price soars as inscriptions spike transactions appeared first on CoinJournal.

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Coinbase adds USD transfers for users in Singapore

  • Coinbase says it now supports USD transfers in Singapore.
  • The exchange’s customers can move US dollars to or from their accounts via SWIFT.
  • Support for USD transfers is part of Coinbase’s plans to expand its services in the key Singapore market.

Crypto exchange Coinbase has announced that retail customers in Singapore now have access to US dollar transfers.

The exchange’s users in the country can now deposit or withdraw USD using their Coinbase accounts, the company wrote in a blog announcement, with these available via the SWIFT network.

“We are excited to announce that US dollar transfers are now available for Coinbase users in Singapore. As part of our mission to increase economic freedom in the world, we build products for our users to better access USDC and the broader crypto ecosystem,” Hassan Ahmed, the country director of Singapore at Coinbase, noted.

Support for USD will see Singapore customers access commission-free trading for USD. The move gives customers another option, with Coinbase already offering commission-free trading for the trading of USDC with the Singapore dollar (SGD).

“Now, with the introduction of commission-free trading for US dollars, customers can more easily access USDC – designed to be pegged, and redeemable 1:1, to the US dollar. Customers can also be rewarded up to 5.05% APY on their USDC simply by holding, with no lockups or maximum limit,” Ahmed added.

Coinbase eyes further expansion in Singapore

According to Coinbase, Singapore is a key focus market for its global expansion strategy. Its integration with Singapore’s digital identity platform Singpass helped streamline the crypto exchange’s onboarding process in the Southeast Asia nation.

There are also partnerships with payments provider PayNow, adding it to FAST bank transfers. Meanwhile, the Monetary Authority of Singapore (MAS) granted Coinbase the Major Payment Institution (MPI) licence in October.

Today’s announcement comes just days after Coinbase launched its spot trading markets for non-US institutional customers. The platform also recently unveiled money transfer via WhatsApp, Telegram and other social media platforms.

In the US, the exchange continues to fight for clear crypto regulations, and filed an appeal against the US Security and Exchange Commission (SEC) after the regulator denied its crypto rulemaking petition.

The post Coinbase adds USD transfers for users in Singapore appeared first on CoinJournal.