The former financial officer of Terraform Labs, Han Chang-joon, has been extradited from Montenegro to South Korea to face criminal charges related to fraud. The Montenegro police confirmed that the decision to extradite Han was made by the country's Justice Ministry.
Facing Criminal Charges in South Korea
Han Chang-joon, who previously held the position of financial officer at Terraform Labs, has been extradited to South Korea, according to the Montenegro police. This extradition comes nearly a year after Han and Terraform Labs co-founder Do Kwon were apprehended while attempting to flee the country.
The police have stated that the Montenegro Justice Ministry made the decision to transfer Han into the custody of South Korean authorities. It was previously reported that Han and Do Kwon were arrested when authorities discovered counterfeit identity documents in their possession.
Both individuals were subsequently sentenced to four months in jail for this offense. While Do Kwon appealed the verdict, his appeal was reportedly rejected by a superior court in November 2023.
The Montenegro police explained their decision to extradite Han, stating:
"Han has been extradited to allow South Korean authorities to initiate criminal proceedings for several criminal offenses related to fraud in financial investment services, investments, and the capital market. These offenses are punishable by life imprisonment in South Korea."
However, regarding the extradition of Do Kwon, who is wanted by both South Korean and U.S. authorities, the lawyer representing the Terraform Labs co-founder stated that they are awaiting a court ruling on another appeal.
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Frequently Asked Questions
Which is more powerful: sterling silver or 14k gold?
Both gold and silver make strong metals. Sterling silver is more affordable than sterling silver which has only 24% pure silver.
Sterling silver is sometimes called fine silver. This is because it is made with a mix of silver and different metals like copper or zinc.
Gold is usually considered to be extremely strong. It is very difficult to separate it from its metal counterpart. It would be much easier to break it apart if you dropped an object on top a piece gold.
However, silver doesn't have the same strength as gold. If you dropped something onto a sheet made of silver, it would most likely bend and fold easily without breaking.
Silver is used in jewelry and coins. Because of this, silver's value is subject to fluctuations based upon supply and demand.
Which type of IRA is the best?
When selecting an IRA for yourself, the most important thing is to find one that meets your lifestyle and goals. Consider whether you are looking to maximize tax-deferred growth, minimize taxes and pay penalties later, avoid taxes, or both.
The Roth option can be a smart choice if your retirement savings are limited and you don't have any other investments. It is also an option if you are still working after age 59 1/2. You can expect to pay income taxes for any accounts that are withdrawn.
The traditional IRA is better if you want to retire earlier because you will likely owe tax on your earnings. If you are going to be working beyond 65 years old, the traditional IRA may make more sense because you can withdraw all or part of your earnings without having to pay taxes.
What are the pros & con's of a golden IRA?
An excellent investment vehicle is a gold IRA. This is for people who wish to diversify but do not have access to traditional banking services. It allows you to invest in precious metals such as gold, silver, and platinum without paying taxes on any gains until they're withdrawn from the account.
There is a downside to this: if you withdraw your earnings early, you'll be subject to normal income tax. However, these funds are kept outside the country and cannot be seized by creditors if you default.
So if you like owning gold without worrying about taxes, a gold IRA may be right for you.
Can you make money from a gold IRA
If you want to make money on an investment, you need to do two things firstly, understand how the market operates, and secondly, know what kind of products are available.
If you don’t know anything, it is best to wait until you have enough information so that you can trade effectively.
It is important to find a broker who provides the best services for your account type.
You have many options, including Roth IRAs as well as standard IRAs.
A rollover is also an option for those who already own stocks and bonds.
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
How To Buy Gold For Your Gold IRA
A term that describes precious metals is gold, silver and palladium. It can be any element naturally occurring between atomic numbers 7 and 110 (excluding the helium). This is valuable due to its beauty and rarity. Precious metals include gold and silver. Precious metals can be used to make money, jewelry, industrial products, and art objects.
Gold's price fluctuates each day due to supply/demand. As investors seek safety from unstable economies, there has been an increase in demand for precious metals in the last decade. The increased demand has led to a significant rise in prices. However, some are hesitant to invest in precious metals because of the rising costs of production.
Because it is rare and long-lasting, gold makes a great investment. The value of gold is never lost, which is unlike many other investments. Additionally, you can sell and buy gold without any taxes. There are two ways you can invest in gold. You can either purchase gold bars and coins or invest in futures gold contracts.
Instant liquidity is provided by physical gold coins and bars. They are easy to store and trade. However, they are not very inflation-proof. If you want to protect yourself from rising prices, consider purchasing gold bullion. Bullion, also known as physical gold and available in different sizes, is physical. Bullion comes in a variety of sizes, including kilo bars and one-ounce pieces. Bullion is usually stored in vaults protected from theft and fire.
Buy gold futures to own shares and not actual gold. Futures allow you to speculate as to how the gold price will change. You can buy gold futures and get exposed to the price of gold without actually owning it.
For instance, if I wanted speculation on whether gold prices would go up or lower, I could buy a contract for gold. My position when the contract expires is either “long”, or “short”. A long contract means I believe the gold price will rise, so I am willing to hand over money now in return for the promise of more money when the contract expires. On the other hand, a short contract means that I think the price of gold will drop. I'm happy to accept the money right now in exchange of the promise that I'll make more money later.
I'll get the contract's specified amount of gold plus interest when it expires. This way I have exposure to the gold's price without having to actually hold it.
Precious metals can be a great investment because they are very hard to counterfeit. Precious metals are more difficult to counterfeit than paper currency. This is why precious metals have always held their value well over time.
By: Terence Zimwara
Title: Former Terraform Labs Financial Officer Extradited to South Korea on Fraud Charges
Sourced From: news.bitcoin.com/former-terraform-labs-financial-officer-has-been-extradited-to-south-korea-montenegro-police/
Published Date: Mon, 05 Feb 2024 22:00:34 +0000