Terraform Labs Founder Do Kwon Arrested and Charged with Fraud by US Federal Prosecutors

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Today’s Cryptocurrency Headline

Do Kwon, the founder of Terraform Labs, was arrested by the police in Montenegro and charged with fraud by federal prosecutors in New York, hours after his arrest. According to the complaint, Kwon is being charged with conspiracy to defraud, commodities fraud, securities fraud, wire fraud, and conspiracy to engage in market manipulation. In February of this year, the US Securities and Exchange Commission (SEC) filed civil charges against Terraform and Do Kwon, accusing them of misleading investors and selling unregistered securities. Additionally, according to the Wall Street Journal, a spokesperson for the Manhattan US Attorney’s office said that the Justice Department will seek to extradite Do Kwon to the United States.

BingX’s Bitcoin Chart

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Bitcoin is up 3.19 % over the last 24 hours and rose to an intraday high of $28,701.57. The largest cryptocurrency returns back to the $28,000 price level as markets overcome the latest Federal Reserve interest rate hike. The rising 20-day exponential moving average and the relative strength index near the overbought zone indicate that bulls are in command. If the price manages to sustain above the $28,000 mark,  the BTC/USDT pair could rise to $30,000.

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