• Ecoinimist Pulse
  • Posts
  • Montenegro Halts Extradition of Terraform Labs' Do Kwon Amid Ongoing Legal Appeals

Montenegro Halts Extradition of Terraform Labs' Do Kwon Amid Ongoing Legal Appeals

The Constitutional Court of Montenegro has suspended the extradition of Terraform Labs founder Do Kwon, delaying the decision as it reviews his appeal, despite previous approval requests from the U.S. and South Korea.

Author

Steven Walgenbach
October 19, 2024

Breaking Crypto Stories

Here are the top stories today:

  • Montenegro Halts Do Kwon’s Extradition Again Ahead of Appeal Ruling

  • SEC Gives NYSE and Cboe the Go-Ahead to List Options Trading for Multiple Spot Bitcoin ETFs

  • Crypto Super PACs Spend $1.3m on Candidates as Early Voting Continues

  • Memecoins vs Nasdaq: How Internet Humor is Redefining Value in Finance

  • Cardi B Makes Waves in Crypto: With WAP Token on Solana

  • EIP-7742: A Game Changer for Ethereum Scalability in the Upcoming Pectra Fork

Question of the Day

Are decentralized betting platforms like Polymarket and Kalshi reliable indicators for who will win the US election?

The Constitutional Court of Montenegro has suspended the extradition of former Terraform Labs founder Do Kwon, delaying a decision on his extradition destination despite requests from the U.S. and South Korea.

  • The Constitutional Court halted Do Kwon's extradition process until it rules on his appeal, despite a prior decision by the Supreme Court entrusting the Justice Ministry with determining his extradition.

  • Kwon, who was arrested in Montenegro for using a false passport, has faced multiple legal challenges, including an Interpol "Red Notice" and a civil case by the U.S. SEC for investor fraud.

  • The extradition has been delayed due to a series of legal appeals, while Kwon's co-founder Han Chang-joon was extradited to South Korea earlier this year.

The SEC has granted accelerated approval for NYSE American LLC and Cboe Exchange, Inc. to list and trade options on multiple spot Bitcoin ETFs, including funds from Fidelity, ARK21Shares, and Grayscale.

  • The SEC's accelerated approval allows NYSE American and Cboe to list and trade options on several spot Bitcoin ETFs, aiming to enhance market accessibility and investor protection.

  • Approved funds include well-known Bitcoin ETFs from Fidelity, ARK21Shares, Invesco, Grayscale, and other major financial firms.

  • While the approval is a positive development, Bloomberg's Eric Balchunas noted that similar approval was given to Nasdaq recently, and the exact timeline for listing these options remains unclear.

Cryptocurrency-backed political action committees have reported spending around $1.3 million on the 2024 U.S. election, supporting various Democratic and Republican candidates for the House of Representatives.

  • Crypto-backed PACs, such as Fairshake, have allocated significant funds toward media buys supporting candidates in key Congressional races, aiming to influence the balance of power in the 2025 House and Senate.

  • Fairshake, with $169 million in contributions, supports both Democratic and Republican candidates through its affiliate PACs, including Defend American Jobs, which backs Republican representatives involved in financial regulation.

  • The influx of crypto-related political contributions marks a shift, with some candidates incorporating crypto issues into their platforms amid broader efforts by the industry to counter negative perceptions following events like the FTX collapse.

Memecoins like Dogecoin and Shiba Inu have rapidly reshaped finance, challenging traditional investments by leveraging internet humor and viral culture to redefine value.

  • Memecoins, born from internet humor, have gained significant popularity and market cap, rivaling traditional companies in record time.

  • Unlike traditional investments, memecoins derive their value from community sentiment and hype rather than tangible assets or company performance.

  • The rapid rise of memecoins questions conventional notions of value, suggesting that collective perception can drive investment trends.

🎤Cardi B Makes Waves in Crypto: With WAP Token on Solana

Cardi B is entering the cryptocurrency world with the launch of the WAP token on Solana, merging music, art, and blockchain technology to create a unique fan experience.

  • Cardi B's WAP token on Solana aims to blend music, art, and blockchain, offering fans exclusive content and interactive experiences.

  • The choice of Solana is strategic due to its high transaction speeds and scalability, making it ideal for innovative projects.

  • This venture marks Cardi B's entry into the celebrity memecoin trend, potentially boosting Solana's visibility and mainstream adoption in the crypto space.

EIP-7742 aims to significantly enhance Ethereum's scalability through the upcoming Pectra Fork, improving transaction throughput, reducing latency, and lowering gas fees.

  • EIP-7742 introduces dynamic adjustments to Ethereum's consensus layer, aiming to increase transaction throughput and reduce congestion using advanced sharding techniques.

  • The proposal targets lower transaction latency and optimized gas fees, making Ethereum more efficient and accessible for developers and users.

  • As a key component of the Pectra Fork, EIP-7742 addresses scalability challenges, ensuring Ethereum can accommodate growing demand and future innovations.

ICYMI:

Start Trading Now!

Looking to buy crypto? Register on Binance today to begin your crypto journey on one of the most liquid exchanges in the industry!

Don’t Want to Sit Behind Screens All Day?

Trading the markets is tough, and requires an extreme level of dedication. This is why Binance has made it easy to Dollar cost average into crypto! Find out how to get started here: Dollar Cost Averaging on Binance: A Guide to Investing

To make your crypto work for you, find out how to stake on Coinbase.

Thank you for reading!

Thank you for reading our newsletter! If you liked what you read, please share it with your friends!