Do Kwon Extradition Could Take Time, Montenegrin Prosecutor Says

• A prosecutor in Montenegro is investigating Terraform Labs CEO Do Kwon for alleged passport forgery.
• The law enforcement official has indicated that Kwon will not be extradited soon, as judicial condemnation of crimes within Montenegro’s jurisdiction is a priority.
• South Korea, the United States, and Singapore are all trying to secure his extradition.

Do Kwon’s Extradition Likely to Take Time

A prosecutor investigating Terraform Labs CEO Do Kwon for alleged passport forgery in Montenegro has indicated that he will not be extradited soon. The law enforcement official told South Korean media that Montenegrin authorities intend to indict Kwon within a month, ruling out the possibility of him being handed over to other countries within the detention period.

Passport Forgery Investigation Takes Precedence Over Extradition Requests

It may take some time before an extradition process begins for Do Kwon, the South Korean Yonhap news agency reported, quoting the prosecutor working on the case of the Terraform Labs co-founder who was recently arrested in Montenegro. Judicial condemnation of crimes that have taken place in Montenegro’s jurisdiction is a priority for the authorities in the small Balkan nation, Haris Šabotić stated in an interview in the Montenegrin capital Podgorica on Monday.
Šabotić is in charge of the local investigation against Kwon for alleged forging of documents. The chief executive of the company behind the failed stablecoin terrausd and cryptocurrency luna was detained on March 23 while trying to board a flight to Dubai using a fake Costa Rican passport.

Do Hyung Disappeared After Departing Singapore

Kwon Do-Hyung, as is his full name in Korean, disappeared after departing for Singapore in April 2022, right before the collapse of two coins ust and terra. He then fled to Serbia where he reportedly registered a new firm before eventually ending up in neighboring Montenegro.

Montenegrin Authorities Aim To Indict Kwon Within 30 Days

The prosecutor noted that allegations of counterfeiting are subject to an ongoing investigation rejecting earlier media reports that Kwon has already been indicted following 72-hour initial detention a court extended measure to 30 days with goal indicting him within that period Haris Šabotić further noted “we don’t know how situation develop after indictment but what clear no possibility detainee handed over 30 days” he added

South Korea US & Singapore Seeking Extradition Of Do Hyung

South Korea United States and Singapore are all trying secure extradition Do Hyung though Šabotić declined discuss matter detail not up prosecution decide requests he emphasized fake passport case investigation prioritized noting we move next step only after prosecution case over

Russia Wipes Out African Debt, Pushes Trade to $18B in 2022

• Russian President Vladimir Putin revealed that Russia had written off African countries‘ debts totaling more than $20 billion in 2022.
• He also stated that trade between Russia and Africa had nearly reached $18 billion by the end of the year.
• Putin advocated for an alternative to the dollar-dominated financial system, signing bilateral agreements with countries like China and India.

Russia Wrote Off African Debts Totaling Over $20 Billion

Russian President Vladimir Putin recently announced that his country wrote off African countries‘ debts totaling more than $20 billion in 2022. Trade between Russia and Africa had nearly reached $18 billion by the end of the same year.

Putin Advocates for Alternative to Dollar-Dominated Financial System

In response to Western sanctions imposed after Russia invaded Ukraine, Putin has advocated for an alternative to the dollar-dominated financial system. He has signed bilateral agreements with countries such as China and India, under which national currencies are used to settle trades.

Counter-Commodity Exchanges Proposed

The Russian leader also proposed the development of „counter-commodity exchanges“ in order to facilitate increased trade between his country and the African continent. He expressed that a „more energetic transition in financial settlements to national currencies“ may prove beneficial towards establishing these new types of exchanges.

Opposition to Western Neo-Colonial Ideology

Putin further discussed his opposition towards what he termed as „neo-colonial ideology“ imposed by Western countries on other nations around the world. He argued that a majority of people still uphold traditional moral norms and social principles, thus opposing ideals forced upon them from outside sources.

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Credit Suisse Next to Collapse? Run on the Bank Warns Strategist

• Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to collapse, citing capital trouble and a run on the bank.
• The Swiss banking giant has identified „material weaknesses“ in its financial reporting controls, leading to a share plunge on Wednesday.
• Credit Suisse is one of 30 banks identified by the Financial Stability Board as a global systemically important bank (G-SIB).

Credit Suisse Next to Collapse, Warns Strategist

Market strategist Greg Foss has warned about the impending collapse of Swiss banking giant Credit Suisse on the Coin Stories podcast, published Tuesday. His warning followed the collapses of several major U.S. banks and he believes that Credit Suisse is the next major bank to fall due to its capital trouble and run on the bank.

Capital Trouble

Foss is currently executive director at Validus Power Corp., and previously held various roles in credit strategies at Fiera Quantum, GMP Investment Management, Marret Asset Management and TD Securities. He explained that Credit Suisse’s wealth division is losing assets rapidly which is a key profit driver for the bank, essentially creating „a run on the bank“. In addition, with only 10 billion dollars market cap for about a trillion dollars of assets it’s no surprise that they did not meet Bank of International Settlements (BIS) capital standards which are not marked to market. This led to their shares plunging on Wednesday after failing to raise capital from its largest investor.

Global Systemically Important Bank

Credit Suisse is one of 30 banks identified by Financial Stability Board (FSB), in consultation with Basel Committee on Banking Supervision and national authorities, as global systemically important banks (G-SIBs). Other banks included in this list are JPMorgan Chase, Bank of America, Citigroup, HSBC and Goldman Sachs who all have exposure or counterparty risks if something were to happen with Credit Suisse First Boston (CSFB). CSFB was acquired by Credit Suisse back in 1988 and since then it has become an integral part of their operations making them even more vulnerable if CSFB were ever in trouble.

Material Weaknesses

The Swiss banking giant has also identified „material weaknesses“ in its financial reporting controls which could indicate further problems ahead for them despite claims that they met BIS standards. These weaknesses could cause additional strain on their investors confidence leading them to pull out their money even faster if things continue down this path.


In conclusion it appears that things aren’t looking good for Credit Suisse as they face an imminent collapse according to market strategist Greg Foss who believes there’s a definite run happening at the moment within their wealth division which can lead them into more trouble unless something changes soon enough.

Crypto Prices Plunge to Fresh Lows as Silvergate Liquidates

• Bitcoin (BTC) fell to its lowest point since February 13 following news that Silvergate Bank will be liquidating its operations.
• Ethereum (ETH) also dropped to its weakest level since mid-February, with the 10-day moving average crossing over its 25-day counterpart.
• The relative strength index (RSI) for both BTC and ETH fell to multi-month lows.

Bitcoin and Ethereum Technical Analysis

Bitcoin Drops to Fresh Multi-Week Low Following Silvergate Liquidation Announcement

Bitcoin (BTC) fell for a fourth straight session on Thursday, as markets reacted to news that Silvergate Bank will be liquidating its operations. Following a high of $22,198.90 on Wednesday, BTC/USD slipped to an intraday low of $21,609.99 earlier today. This latest sell-off coincided with the 14-day relative strength index (RSI) falling to its lowest point since November 28. As of writing, the index is tracking at 36.86, which is marginally below its support point at 37.00. Despite this, BTC remains above its own floor at $21,600 and could potentially rebound heading into the weekend if this zone holds steady.

Ethereum Also Edges Lower

Ethereum (ETH) also remained in the red in today’s session, registering a third consecutive drop in price. ETH/USD moved to a low of $1,530.43 earlier in the day – less than 24 hours after hitting a high of $1,563.41 – thus slipping to its weakest level since mid-February when it traded at a bottom of $1,500 Overall, ethereum is down nearly 7% in the past seven days as the 10-day (red) moving average extended a crossover of its 25-day (blue) counterpart . As of writing, the RSI is also tracking at a multi-month lows at 40.57 which was last hit on December 19th . If this trend continues there is strong possibility that ETH could fall even further towards this floor or even lower towards key support levels around 1k USD area .

Biggest Movers: MATIC & SOL Fall To Lowest Point Since January

Amongst other Altcoins two biggest movers were Matic Network Token and Solana token which have fallen significantly over past few weeks and are currently trading near their lowest points since January 2021 . Matic Network Token peaked around 0 . 37 US dollars but has now fallen more than 42 percent since then while Solana token peaked around 35 US dollars but has now fallen by more than 33 percent since then . Both altcoins are currently trading near their respective all time lows so investors should exercise caution before investing in these tokens due to potential risks associated with them .


The crypto markets have been volatile lately due to news from Silvergate Bank and various altcoins experiencing significant losses within recent weeks . Bitcoin remains above its own floor at $21K however both BTC and ETH have seen declines resulting in their RSIs reaching multi month lows . Investors should monitor these developments closely as well as exercise caution when investing in certain altcoins as some have experienced significant losses recently .

UK Banks Impose Restrictions on Cryptocurrency Purchases: HSBC, Nationwide Lead Way

• Two major financial institutions in the UK, HSBC and Nationwide Building Society, have imposed new restrictions on cryptocurrency purchases in accordance with a warning from the Financial Conduct Authority (FCA).
• Customers of Nationwide can no longer purchase cryptocurrencies using their credit cards and are subjected to a daily limit of 100 British pounds for Flexone accounts or 5,000 pounds for other current account types.
• HSBC has also disallowed purchases of cryptocurrency using its credit cards, citing the “possible risk” to its customers as noted by the FCA.

New Restrictions on Cryptocurrency Purchases in UK

Two major financial institutions in the U.K., HSBC and Nationwide Building Society, have recently imposed new restrictions on cryptocurrency purchases according to a warning from the Financial Conduct Authority (FCA).

Nationwide’s Crypto Purchase Restrictions

Nationwide has informed its customers via email that they will no longer be allowed to purchase cryptocurrencies using their credit cards. They also have set up daily limits of 100 British pounds for Flexone accounts or 5,000 pounds for other current account types.

HSBC Disallows Crypto Purchases Using Its Credit Cards

HSBC has taken an anti-crypto stance when it comes to allowing customers to purchase cryptocurrencies through their credit cards. The bank cited “possible risk” as noted by the FCA and wrote that if something goes wrong, customers will not be protected by the Financial Ombudsman Service or Financial Services Compensation Scheme.

Risk Warning from Financial Conduct Authority

The FCA had issued a warning about investing in crypto assets as they are considered very high risk and speculative investments. The regulator urged investors to exercise caution when investing in such assets due to their volatile nature.

HSBC’s Digital Currency Trademark Applications

Despite its anti-crypto stance regarding customer purchases through its credit cards, HSBC has filed trademark applications for several digital currency products and services as well as metaverse products. The bank also joined forces with several other banks worldwide within the metaverse space

: CBN Seeks Control: New Partner to Improve E-Naira User Experience

• The Central Bank of Nigeria (CBN) is reportedly seeking a new technology partner to help it implement a system which gives it greater control of the digital currency.
• R3 is one of the prospective partners that has discussed deploying a different tech for the e-naira.
• Lucky Uwakwe Arisukwu argued that the CBN’s desire to control digital currency could be the primary motivating factor.

CBN Seeks New Technology Partner

The Central Bank of Nigeria (CBN) is reportedly seeking a new technology partner in order to help them implement a system which will give them greater control over their central bank digital currency (CBDC). This move comes more than a year after they launched their CBDC with Bitt Inc. as their initial technology partner.

R3 Discussed Deploying Different Tech

R3, an enterprise technology and services provider, is one of the prospective partners that have discussed deploying a different tech for the e-naira. However, this does not mean that Bitt Inc., their initial partner, will be ousted immediately; instead, CBN hopes that this new partnership will help them achieve their goal of controlling the underlying technology for their CBDC.

Control Over Digital Currency Could Be Primary Motivating Factor

Lucky Uwakwe Arisukwu, CEO of Sabi Group and 4th industrial revolution technology hub, argued that the main motivation behind this change could be CBN’s desire to have more control over digital currency. He cited Afrigo scheme – recently launched domestic card scheme – as an example where despite some assertions claiming it would push out international service providers; CBN still went ahead with launching it due to having greater control over its usage and circulation.

E-Naira User Experience Should Be Improved

Uwakwe further suggested that if CBN wants more Nigerians to adopt e-naira, they should focus on improving user experience by providing better features and enhancements through Bitt Inc.’s platform.

No Official Comment Given On Plans

So far no official comment concerning these plans has been given but Bitt Inc., acknowledged working closely with CBN in developing additional features and enhancements on their platform for better user experience when using e-naira.

Coinbase CEO Urges Congress to Pass Clear Crypto Legislation: US At Risk of Losing Financial Hub Status

• Coinbase CEO Brian Armstrong has called on Congress to pass clear crypto legislation, warning that the U.S. risks losing its status as a financial hub.
• The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has insisted that the law is clear and that most crypto tokens are securities.
• Several other jurisdictions are striving to become a cryptocurrency hub, including Singapore, Hong Kong, and South Korea’s second-largest city, Busan.

Coinbase CEO Urges Clear Crypto Legislation

Coinbase CEO Brian Armstrong has urged Congress to pass clear crypto legislation in order to protect America’s status as a financial hub. He warned that without clear regulations on crypto, the US could face competition from other countries leading in this space like Europe, the UK and Hong Kong.

SEC Chair Insists Law is Clear

The Chairman of the SEC Gary Gensler insists that most crypto tokens are securities according to existing law and regulation and has taken an enforcement-centric approach with regards to regulating the industry. Recently Kraken settled with the SEC for $30 million over its taking program while Paxos was sent a Wells Notice over stablecoin Binance USD (BUSD). Terraform Labs were also charged with defrauding investors earlier this week due to alleged misstatements regarding their token offering.

Coinbase Staking Services Not Considered Securities

Coinbase have been vocal in their assertion that their staking services should not be considered securities under any circumstances; they vow to defend this position if necessary in court or elsewhere. They further noted that it is unclear what aspects of BUSD interest the SEC but made it known that stablecoins should not be considered securities either way.

Other Jurisdictions Competing for Financial Hub Status

With tighter regulations coming into play in North America others such as Singapore, Hong Kong and South Korea’s second largest city Busan will look to become cryptocurrency hubs instead which could threaten America’s long-term grip on being a financial hub worldwide unless clearer legislation is passed soon by Congress according to Jesse Powell of Kraken who recently settled with the SEC himself after his exchange was charged with fraud allegations earlier this year too..


It remains evident that there is still much confusion over what does or does not constitute a security when it comes to cryptocurrencies – something which needs clarification sooner rather than later otherwise America’s status as one of world’s leading financial hubs may be in jeopardy if other nations start outstripping them in terms of innovation within this space due lack of clarity on legislation surrounding digital assets

50,000 Ordinal Inscriptions Take Bitcoin NFT Market By Storm!

• Over 50,000 Ordinal inscriptions have been added to the Bitcoin blockchain as of Feb 10th, 2023.
• Ordinal Punks, a clone of Cryptopunks NFTs minted on Ethereum are selling for similar values and fetching high prices through OTC trades.
• Emblem Vault has created vaults for Ordinal inscriptions, allowing them to be sold for ethereum (ETH) on Opensea NFT marketplace and offering a community tool to verify Bitcoin-crafted punks.

Ordinal Inscriptions Take the NFT World by Storm

As of Friday, Feb. 10th 2023, the Bitcoin blockchain had seen the addition of more than 50,000 Ordinal inscriptions with the trend continuing to increase daily. People are inscribing text, images, videos, audio, and software applications onto the blockchain with some fetching high prices via over-the-counter (OTC) trades. A clone of Cryptopunks called Ordinal Punks is selling for similar values to those minted on Ethereum.

Ordinal Inscriptions Become Latest Sensation in NFT Market

The number of ordinal inscriptions has risen quickly since its debut five days ago when there were only 7,000 inscriptions; currently there are 57,179 hosted on the Bitcoin Blockchain. Over-the-counter transactions have seen several ordinals sell for substantial amounts such as Ordinal Punk #41 which sold for 11.5 BTC or $249052 USD at 12:20 PM ET on February 11th 2023. Additionally, this marked a surpassing in floor value from Cryptopunks.

Limited Infrastructure in Terms of Markets & Price Metrics

Despite its quick rise in popularity infrastructure surrounding ordinals is still new and limited in terms of markets and updated price metrics making it difficult to know if current prices are fair value or not especially with no easy way to track records like traditional markets do. There is also a lack of trust due to scams which could plague any market especially one so new without proper security measures put into place yet discouraging potential traders from investing their money into it due to risk factors involved with an unknown entity/asset class such as this one being relatively unexplored until now..

Emblem Vault Provides Technology Solutions

A project called Emblem Vault has provided technology solutions such as creating vaults similar to Rare Pepe’s Counterparty & Bitcoin also adding them onto Opensea NFT marketplace being able to be sold using ethereum (ETH). They also offer a community tool that can be used by traders in order to verify authenticity before purchasing any vaulted asset giving buyers peace of mind before investing their money into something they may not be familiar or comfortable with yet due its newness within this space overall but still desiring an opportunity that could potentially bring great returns long term down the line if all goes well..

Data Show People Investing Despite Risk Factors Involved

Despite risk factors involved data shows people investing regardless with recent examples such as @dingalingts who tweeted about acquiring 7 @OrdinalPunks “for a total of 15.2 BTC (211 ETH)” providing an example that people are willing take chances despite uncertainty associated with something brand new often times bringing great rewards although always comes along with risks too overall making it important prospective traders keep these things in mind while doing research before jumping head first into any unknown market/space without proper preparation beforehand knowing what they’re getting themselves into ahead time will go far better outcome versus otherwise down road potentially leading poor investments not made properly researched prior investment decisions made hastily without proper knowledge & understanding behind them causing losses instead profits wanted desired outcome after all..

Ray Dalio: Bitcoin Not an Effective Money, Store of Value, or Medium of Exchange

• Billionaire investor and hedge fund manager Ray Dalio has shared his opinion on Bitcoin, stating that it is not an effective money, store of value, or medium of exchange.
• However, he believes that money as we know it is in jeopardy and digital currencies could play a role in the future.
• Dalio suggests that the best option would be an inflation-linked coin to help secure individuals’ buying power.

Billionaire Ray Dalio’s Opinion On Bitcoin

Billionaire investor and hedge fund manager Ray Dalio recently shared his thoughts on bitcoin during an interview with CNBC Thursday. He stated that bitcoin is „amazing“ for what it has accomplished but does not believe it is going to be an effective money, store of value, or medium of exchange. Despite this, he acknowledged that “we are in a world in which money as we know it is in jeopardy,“ suggesting digital currencies may have a role to play in the future.

Bitcoin’s Market Value Compared To Microsoft

Dalio noted that bitcoin’s total market value is less than a third of Microsoft’s stock at $1.92 trillion on Friday. Further emphasizing this point by mentioning biotech and other industries which are more interesting than bitcoin, he made clear his opinion on its effectiveness as a form of currency.

What Is Money?

When discussing the potential for digital currencies such as China’s renminbi, Dalio posed the question: „what is money and how’s that going to operate?“ He believes stablecoins are not ideal because they are linked to fiat currency but suggests an inflation-linked coin could be beneficial to secure individuals‘ buying power.

The Need For Something Different

Dalio stresses that if people want a digital currency then something different must be done from what bitcoin offers; “you have to do something different,“ he said. The billionaire believes creating such a coin would give individuals buying power with which they can save for the future without worrying about losing their purchasing power due to inflationary pressures within traditional monetary systems like fiat currency and gold reserves.


In conclusion, although billionaire investor Ray Dalio does not believe bitcoins will become an effective form of money or store of value, he acknowledges there may be more suitable options when looking into digital currencies due to current issues surrounding fiat currency and gold reserves which threaten people’s ability to save for the future with real purchasing power intact.

Digital Currencies Take Center Stage as Investors Eye Federal Reserve Meeting

• JPMorgan CEO Jamie Dimon recently called bitcoin a „hyped-up fraud“ and „pet rock“.
• Bank of America has said that it views central bank digital currencies (CBDCs) and stablecoins as a „natural evolution of today’s monetary and payment systems“.
• Morgan Stanley CEO James Gorman has said that inflation has peaked and China has made a major economic pivot.

Recently, JPMorgan CEO Jamie Dimon has reiterated his skepticism of bitcoin, calling it a “hyped-up fraud” and a “pet rock”. This comes after Bank of America has said that it views central bank digital currencies (CBDCs) and stablecoins as a “natural evolution of today’s monetary and payment systems”. Moreover, Morgan Stanley CEO James Gorman has said that inflation has peaked and China has made a major economic pivot.

These statements have caused a stir in the financial world as investors, analysts, and industry experts look to the future of the markets. While there is some disagreement on the legitimacy of bitcoin, experts have been quick to point out the potential of CBDCs and stablecoins as viable alternatives to traditional financial instruments.

JPMorgan CEO Jamie Dimon has been particularly vocal in his criticism of bitcoin, recently referring to it as a “hyped-up fraud” and a “pet rock”. Dimon has also questioned the cryptocurrency’s supply cap, expecting a picture of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and laugh at us all when bitcoin’s supply hits 21 million coins.

On the other hand, Bank of America has taken a more positive stance on the future of digital currencies. The bank has said that it views central bank digital currencies (CBDCs) and stablecoins as a “natural evolution of today’s monetary and payment systems”. Bank of America also expects “private sector beneficiaries to emerge in all phases of CBDC implementation.”

Morgan Stanley CEO James Gorman has also commented on the current state of the economy. Gorman believes that two changes have happened recently that “really matter”, namely that inflation has clearly peaked and China has made a “major, major pivot” economically.

As the markets continue to evolve, all eyes are now focused on the next U.S. Federal Reserve meeting. Equities, precious metals, and cryptocurrencies have been on a tear during the last few weeks of 2023, and the decisions made in this meeting will have a major impact on their trajectories moving forward. With the rise of digital currencies, it will be interesting to see how the markets will react and how traditional financial instruments will fare in the future.

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