Do Kwon extradition approved; Montenegro justice minister to decide his destination

Happy Saturday!

Do Kwon, jailed founder of Terraform Labs, was approved for extradition from Montenegro, but he is wanted by both the US and South Korea. A son of European Central Bank President Christine Lagarde lost on crypto investments, and US GOP House whip Tom Emmer says crypto regulations are unnecessary. Read on!

Do Kwon extradition from Montenegro approved

A Montenegro court approved the extradition of jailed “crypto king” Do Kwon to either South Korea or the US, both of which want him, Reuters reported. Montenegro’s justice minister will decide where Kwon will be sent after he finishes his jail time.

Kwon, founder of Terraform Labs, is wanted by US prosecutors on fraud charges stemming from the collapse of Terra in May 2022, DL News reported earlier. South Korean authorities want to try Kwon on similar charges.

Kwon has been serving a four-month sentence for using a forged Costa Rican passport to try and leave the Balkan nation on a private jet, DL News also reported.

Lagarde’s son lost on crypto investments

European Central Bank President Christine Lagarde said her son lost “almost all” of his crypto investments, in spite of her warnings, Reuters reported.

“He ignored me royally, which is his privilege,” said Lagarde, who is well known as a crypto sceptic. “And he lost almost all the money that he had invested. … So when I then had another talk with him about it, he reluctantly accepted that I was right.”

Singapore curbing retail crypto speculation

Singapore is planning to increase regulations that govern retail crypto speculation by not allowing individual investors to borrow in order to trade, among other measures, Bloomberg reported, citing a central bank statement.

The statement said digital payment token service providers should discourage crypto speculation by retail customers by not offering any incentives to trade in cryptocurrencies, not providing financing, margin or leverage transactions, and not accepting locally issued credit card payments.

The expanded measures will be gradually phased in from mid-2024.

Emmer says crypto regulations not needed

Tom Emmer, the Minnesota Republican House whip and crypto advocate, said in an X post that there is no need to rewrite existing laws to clamp down on digital currencies because enforcement actions such as Binance’s $4.3 billion settlement with the US are enough to “weed out bad actors,” Crypto.News reported.

Still, taking a different line of reasoning, Democratic Senator Elizabeth Warren of Massachusetts posted on X after the Binance settlement in support of more crypto regulation, saying there is a need for “additional authorities and resources to pursue money laundering” that is facilitated through crypto.

KyberSwap offers bounty on $50m hack

The DAO running the KyberSwap decentralised exchange reached out to a hacker who stole about $50 million this week with an offer via a contract deployer wallet of a 10% reward, CoinDesk reported.

The attacker replied that negotiations could begin when they are “fully rested.” KyberSwap gave the hacker a deadline of November 25, 06:00 UTC, to return the assets, the report said.

What we’re reading around the web

Binance and the End of Crypto’s Dream to Escape From Government — Wall Street Journal

Does Binance have a future in Europe? Experts and lawmakers aren’t sure — DL News

Ethereum stakers ‘terrified’ of slashing. Company coalition looks to make it nearly impossible — DL News