In today’s weekly recap, the focus is on the proliferation of global regulatory efforts, with Nigeria finally lifting its ban on cryptocurrency transactions. Post-implosion developments surfaced, involving Do Kwon, 3AC and Sam Bankman-Fried.
Do Kwon extradition overturned
- Recall that the Podgorica High Court approved the extradition of Terra founder Do Kwon to either South Korea or the United States. Subsequent reports suggested that the U.S. might be the favorite to receive the former fugitive.
- While both countries vied to secure custody of Do Kwon, reports from this week confirmed that the Montenegro Court of Appeal had overturned the earlier extradition approval. The court cited violations of criminal procedures.
Court freezes assets belonging to 3AC
- Hedge fund Three Arrows Capital (3AC) saw a court in the British Virgin Islands freeze over $1 billion in assets belonging to the imploded hedge fund.
- As a result of this asset freeze, executives at 3AC — including Su Zhu and Kyle Davies — the fund’s co-founders, would not be able to legally transfer the assets, totaling $1.14 billion, or sell them off. Recall that the fund owes its creditors $3.3 billion.
Bankman-Fried tries to delay sentencing
- Judge Lewis Kaplan, Senior Judge of the SDNY District Court, denied Sam Bankman-Fried’s request to delay a sentencing hearing by four to six weeks.
- Bankman-Fried, the founder and former CEO of FTX, was found guilty of all charges in November. His sentencing hearing is scheduled for March 31, 2024.
- FTX’s new management is making plans to end the company’s bankruptcy case on good grounds. This week, they amended the plan to calculate the worth of their crypto assets at their values when FT
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Author: Wahid Pessarlay
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