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Terraform wallet moves $62M BTC as Do Kwon remains in legal limbo

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Do Kwon, the co-founder of Terraform Labs, is poised to be extradited from Montenegro to the United States following legal proceedings in the Balkan country. Kwon, who has been a central figure in the controversy surrounding the collapse of the Terra (LUNA) cryptocurrency project, faces serious charges in the U.S. related to alleged financial crimes.

Montenegrin authorities have formally approved Kwon’s extradition, a decision that comes after his arrest in the country earlier this year. The extradition process now awaits a final ruling from Montenegrin courts, which will determine the exact timeline for Kwon’s transfer to U.S. jurisdiction.

Kwon has been accused by U.S. prosecutors of orchestrating fraudulent activities that contributed to the dramatic failure of Terraform Labs’ Terra ecosystem. The collapse of Terra and its associated stablecoin, UST, led to significant financial losses for investors and prompted regulatory scrutiny worldwide.

The legal battle over Kwon’s extradition underscores the international dimension of the case, reflecting the global impact of the Terra incident and the complex legal challenges involved. The U.S. has been pushing for Kwon’s return to face charges, which include allegations of securities fraud and other financial misconduct.

Kwon’s defense team has contested the extradition, arguing that he should not be sent to the U.S. due to concerns about fair trial conditions and the potential for a biased legal process. Despite these objections, Montenegrin authorities have proceeded with the extradition process, marking a significant development in the ongoing legal saga.

The case has garnered widespread attention within the cryptocurrency community, highlighting the broader regulatory and legal challenges facing the industry. As the situation unfolds, it remains to be seen how it will impact both Terraform Labs and the broader crypto market.

Kwon’s potential transfer to the U.S. represents a critical moment in the ongoing effort to address the fallout from one of the most high-profile failures in the cryptocurrency sector.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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