Posts from the 'Quoted' Category

Terraform Labs Founder Do Kwon Will be Extradited to the United States

Terraform Labs Founder Do Kwon Will be Extradited to the United States

According to local reports, Montenegro’s Minister of Justice has signed an order to extradite Terraform Labs founder Do Kwon to the United States, rejecting South Korea’s request for extradition. South Korean authorities accuse Kwon of misleading investors and concealing assets.

This decision follows a Supreme Court ruling in Montenegro, which confirmed that legal requirements for extradition had been satisfied.

Do Kwon To Face Trial in the US

Earlier this week, BeInCrypto reported that a US extradition was likely after Montenegro’s court dismissed Do Kwon’s appeal against extradition, citing legal flaws in his case.

While the extradition date isn’t final yet, Kwon will likely face a trial similar to Sam Bankman-Fried. The FTX founder is currently serving a 25-year sentence, and he was also extradited from the Bahamas. However, his extradition was far less complicated than Kwon’s.

“Taking into account the Supreme Court’s ruling, the Ministry of Justice reviewed all facts and circumstances and assessed criteria such as the severity of the criminal offenses, the location of their commission, the nationality of the requested individual, as well as other circumstances. Based on this, it was concluded that the majority of the criteria stipulated by law favor the request for extradition by the competent authorities of the United States,” stated the Ministry of Justice in its announcement.

The Terraform Labs founder is under investigation in both the US and South Korea for his role in a major cryptocurrency collapse in May 2022.

At that time, the crash of TerraUSD and Luna erased $40 billion from the crypto market. It triggered a widespread financial fallout, leading to the bankruptcy of several companies in the sector.

Furthermore, authorities allege that Kwon deceived investors and suspect he concealed significant assets. In March 2023, Kwon and his business partner, Han Chong Jun, were arrested at Podgorica Airport in Montenegro while attempting to board a flight to Dubai using fake passports.

Kwon was sentenced to four months in prison in Montenegro. However, he is currently detained at the Spuž Centre for Reception of Foreigners.

“Extraditing him to the US could have major implications for how international crypto fraud cases are handled. It’s interesting to see how justice systems across borders interact in these high-profile cases,” author Anndy Lian wrote on X (formerly Twitter).

Historic Settlement with the SEC

In June 2024, Terraform Labs reached a historic settlement with the SEC, agreeing to pay $4.47 billion in penalties. The settlement included $3.6 billion in disgorgement fines, a $420 million civil penalty, and $467 million in pre-judgment interest.

Also, Kwon was personally ordered to pay over $200 million, including $110 million in disgorgement, $80 million in civil penalties, and $14.3 million in interest.

Controversy has also emerged surrounding Kwon’s alleged political connections in Montenegro. Reports suggest he may have financial ties to local political figures, including Milojko Spajic, leader of the Europe Now party.

Overall, these connections raised concerns about potential interference in the extradition process. In 2023, Montenegro’s prime minister called for an investigation into these claims, adding another layer of complexity to the case.

 

Source: https://beincrypto.com/do-kwon-extradition-us-montenegro/

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Redemption arcs of 2024: Ripple’s victory, memecoins’ rise, RWA growth

Redemption arcs of 2024: Ripple’s victory, memecoins’ rise, RWA growth

Bitcoin’s historic rally to the $100,000 milestone occurred among many significant crypto redemption stories in a year that further legitimized the industry’s status.

The year’s events brought a resurgence for many notable crypto projects that had faced hardships, including Ripple Labs, which scored a significant legal victory against the United States securities regulator, while the memecoin and asset tokenization sectors were also revived, driven by growing retail interest and robust growth predictions.

Beyond new all-time highs, 2024 brought renewed institutional interest in blockchain from some of the world’s largest institutions, such as BlackRock, which launched multiple crypto-based products.

Moreover, President-elect Donald Trump’s victory in the 2024 elections bolstered investor appetite for risk-on assets such as cryptocurrencies, as an improved environment is expected to bring more regulatory clarity, especially for tokens like XRP.

Ripple Labs and XRP token emerge victorious in 2024

Despite a four-year-plus regulatory battle between Ripple and the Securities and Exchange Commission (SEC), the XRP token has proved its resilience amid a robust community of holders.

During the past year, the XRP token rose over 251%, more than double that of Bitcoin’s BTCtickers down$97,767 117% returns, according to Cointelegraph data. This makes XRP the second-best performer in the top 10 cryptocurrencies, Cryptobubbles data shows.

Beyond the XRP token’s financial returns, Ripple Labs also saw a “significant redemption arc” during the past year, according to Alvin Kan, chief operating officer of Bitget Wallet.

He told Cointelegraph:

“In 2024, Ripple and XRP stand out as a significant redemption arc in the crypto space. After navigating legal challenges, Ripple has solidified its position in cross-border payments, partnering with over 300 financial institutions and achieving a market cap exceeding $30 billion.”

Ripple scored a significant legal victory in July 2023 when a federal judge ruled that XRP was not a security, regarding programmatic sales on digital asset exchanges.

This marked a significant win for Ripple, as the SEC lawsuit sought to compel Ripple to stop offering its XRP token under the premise that it was a security and, thus, required additional regulation.

However, the SEC also managed to notch a victory of its own, as the federal judge has ruled that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey test.

The SEC filed its lawsuit against Ripple in December 2020. In August 2024, a judge found the company liable for a $125 million civil penalty. The commission appealed the ruling, and Ripple filed a cross-appeal, leaving the civil case ongoing at the time of publication.

On Oct. 16, the SEC filed a Form C civil appeal asking the court to review its decisions regarding Ripple’s XRP sales on exchanges and personal XRP sales by Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.

Trump’s upcoming inauguration, along with his choice for SEC chair, Paul Atkins, have reignited investor hopes that the SEC may drop its legal case against Ripple Labs amid more innovation-friendly crypto regulations.

Memecoin resurgence: 1,600% PEPE and 1,400% WIF rally attract more retail investors

Memecoins have also seen a significant revival, becoming some of the best-performing cryptocurrencies of the year and creating new crypto millionaires in the process.

Year-to-date, the Solana-based Dogwifhat WIFtickers down$1.91meme token rallied over 1,273% as the second-best performer in the top 100 cryptocurrencies. It was followed by Pepe PEPEtickers down$0.00001802, which is up 1,229% as the third-best performer.

Benefiting from Pepe’s rally, a savvy memecoin trader turned a $27 investment into $52 million after holding the coins for 600 days, Cointelegraph reported on Dec. 14.

While 2024 was transformative for the entire crypto industry, the memecoin redemption arc remains a significant development, according to Anndy Lian, author and intergovernmental blockchain expert.

He told Cointelegraph:

“Memecoins, often dismissed as speculative and frivolous, found new relevance in 2024 by integrating humor, culture, and financial innovation. Tokens like Dogecoin, Shiba Inu, and Neiro gained traction, with Dogecoin even influencing U.S. politics through Elon Musk’s appointment to the Department of Government Efficiency (D.O.G.E.).”

The redemption arc behind memecoins is a testament to community-driven projects, added Lian.

Some crypto traders see Pepe as this cycle’s Dogecoin DOGEtickers down$0.3237, which is also gaining traction thanks to Musk’s continued social posts, wrote Ryan Lee, chief analyst at Bitget Research:

“Dogecoin may be poised for a breakout as Elon Musk’s continued influence keeps DOGE in the spotlight, often triggering price surges. The positive sentiment in the broader crypto market, especially among meme coins, provides additional momentum.”

On Nov. 27, Dogecoin flipped Porsche’s market capitalization, following Musk’s involvement in creating the nascent Department of Government Efficiency, which further stoked interest.

RWA tokenization poised for trillion-dollar growth leading into 2030

The real-world asset (RWA) tokenization sector has also seen a significant redemption, thanks to its promise of bringing traditional finance onchain to create more liquidity and accessibility for investment products.

RWA tokenization refers to financial and other tangible assets minted on the immutable blockchain ledger, increasing investor accessibility and trading opportunities around these assets.

The launch of BlackRock’s Institutional Digital Liquidity Fund (BUIDL) was a pivotal moment for the RWA tokenization sector, according to Edwin Mata, co-founder and CEO of Brickken, who told Cointelegraph:

“BlackRock’s launch of BUIDL on Ethereum was a defining moment, demonstrating how blockchain could deliver real, tangible value to the financial world. It was more than a technological experiment — it restored credibility and trust in the blockchain ecosystem.”

BlackRock’s tokenized treasury fund surpassed $500 million market capitalization as the first such fund to reach this milestone in July 2024.

BlackRock’s BUIDL surpassed the Franklin OnChain US Government Money Fund (BENJI) as the world’s largest tokenized treasury fund in late April — less than six weeks after it launched on March 15. BUIDL has held the top position ever since.

BUIDL’s price is pegged 1:1 with the US dollar and pays daily accrued dividends directly to investors each month through its partnership with real-world asset tokenization platform Securitize.

The tokenized fund brought more transparency, liquidity and accessibility to already trusted financial products, added Mata:

“The crypto industry has faced criticism for its speculative nature and lack of integration with traditional financial systems. BlackRock, the largest asset manager in the world, proved that blockchain could enhance, not replace, traditional finance.”

In other notable developments for the RWA sector, Tezos has launched the world’s first Uranium marketplace on the blockchain, enabling retail investors access to tokenized Uranium for the first time in history.

Moreover, RWAs are unlocking new investor opportunities in the $700 billion reinsurance sector following the launch of Nayms, a crypto-native (re)insurance marketplace leveraging RWA tokenization to offer tokenized investor access to insurance risks.

Related: BlackRock’s BUIDL goes multichain

The RWA sector could see more than 50-fold growth by 2030, according to predictions from some of the largest financial institutions and business consulting firms compiled in a Tren Finance research report.

Most firms predict that the RWA sector may reach a market size of between $4 trillion and $30 trillion.

If the sector achieves the median prediction of about $10 trillion, it would represent more than 54 times growth from its current value.

The year 2024 marked a significant resurgence for the crypto industry in terms of valuations and mainstream trust. Ripple’s legal victory and increasing interest in memecoins and RWAs showcase the industry’s growing legitimacy for retail participants and regulators worldwide.

 

Source: https://cointelegraph.com/news/redemption-arcs-2024-ripple-victory-memecoins-rwa

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Flashback 2024: Best of AI from Experts

Flashback 2024: Best of AI from Experts

AI dominated the headlines in 2024, with more and more organisations pumping more and more money and time into building AI capabilities. As per a recent IDC and SAS report, when it comes to the APAC region, investment in generative AI is noted to have grown significantly, from 19% in 2023 to a projected 34% in 2024, indicating a more diversified investment approach that includes predictive and interpretive AI. The findings point to an expected AI expenditure in the Asia Pacific of USD $45 billion in 2024, with a projected increase to USD $110 billion by 2028, signifying a compound annual growth rate of 24% from 2023 to 2028.

No wonder, if last year was a breakout year for the sector, this momentum is continuing in 2024 as well. Generative artificial intelligence startups are getting 40% of all the venture capital funding that flows into cloud companies, as per venture investors Accel.

While concerns remain around security risks, skilling, legislation, and return on investments, Generative AI adoption and value will continue to grow across industries in 2025 as well. We spoke to many experts in 2024 to understand how organisations can best leverage the power of AI. Here’s what they had to say.

While humanity is worried about AI’s hallucinations, let us address humans’ hallucinations for AI

Ethan Seow, co-founder of Centre for AI Leadership (C4AIL), spoke about realistic AI applications, stating, “The catchphrase for C4AIL is “while humanity is worried about AI and its hallucinations, we address humans’ hallucinations for AI.” Most people are just imagining a bunch of things for what AI can actually do, and again you can’t let it loose. At the end of the day, go back to the fundamentals instead of going complex in prompt engineering, and understand where it comes from.”

Businesses must invest in quality data, ethical AI practices

Nithya Krishnamoorthy, Vice President, Data Science, Strategy and Corporate Development, Singlife, shared how genAI is a potential game-changer for businesses aiming to streamline their operations. “One of the key strengths of genAI is its ability to automate and optimise tasks that traditionally required extensive human input. GenAI tools can scale more efficiently than human-based processes, enabling us to manage growth more effectively. However, to truly leverage genAI, businesses must invest in quality data, ethical AI practices, and ongoing training for their teams. While emerging technology is incredibly powerful, its success hinges on thoughtful implementation and management,” Nithya affirmed.

Changes will become even more pronounced as AI continues to evolve and integrate more deeply into our daily lives

Shirli Zelcer, Chief Data and Technology Officer (CDTO) of dentsu spoke about how AI as a technology has the potential to bring significant changes, driving transformative changes across numerous fields, leading to greater efficiency, uncovering new insights, innovation, and personalised experiences.

“This year, these changes will become even more pronounced as AI continues to evolve and integrate more deeply into our daily lives. With this increasing evolution of AI, we will witness significant amounts of data from different places coming together with the potential to offer practical solutions that will significantly improve our lives,” predicted Shirli.

Fragmented, unstructured data remains biggest barrier to adoption of AI

Data-related issues remain a significant barrier to adoption, shared Gavin Barfield, Chief Technology Officer, Salesforce ASEAN. “For many businesses, the root cause is fragmented data across multiple systems. The average organisation uses 1,061 applications, and over 71% of them are disconnected. Structured data such as transaction records, inventory and customer profiles is often fragmented across these systems, making it difficult to consolidate into a unified view. When data is scattered like this, AI cannot deliver accurate, contextualised, and actionable outputs, leading to incomplete insights and less reliable outcomes. Meanwhile, unstructured data—such as documents, PDFs, and emails—remains largely untapped. This data often contains valuable insights but exists in formats that aren’t easily integrated with structured data,” revealed Gavin.

AI will also create new ethical and social issues around privacy, bias, accountability, and trust

Anndy Lian, an Intergovernmental Blockchain Expert and Best Selling Book Author “NFT: From Zero to Hero”, revealed, “One challenge which AI will pose for the workforce in APAC is the potential displacement and disruption of existing jobs and industries, especially those that rely on low-skilled and manual labor. AI will also create new ethical and social issues, such as privacy, bias, accountability, and trust. Therefore, it is important to ensure that AI is developed and deployed in a responsible and inclusive manner, that respects human rights and values, and that benefits all stakeholders.”

In the realm of AI, data is the currency

Dr. Adrienne Heinrich, AI CoE Head, Vice President, UnionBank of the Philippines stressed on investing in data wisely. Adrienne shared, “In the realm of AI, data is the currency. Invest wisely in data quality to avoid the pitfalls of inflation and devaluation. Recognising that not all data is created equal, we must adopt a waste/harm approach to identify and address data that causes the most waste or harm due to poor quality.”

“The desire for customisation and control often necessitates greater investment in talent, infrastructure, and maintenance. A hybrid approach that combines in-house expertise with external platforms can offer a balanced solution, ensuring that GenAI initiatives directly support organisational goals and deliver maximum value,” she shared.

 

Source: https://ciosea.economictimes.indiatimes.com/news/strategy-and-management/flashback-2024-best-of-ai-from-experts/116388813

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j