- Montenegrin authorities arrested FutureNet co-founder Roman Ziemian.
- Ziemian and his partner were accused of defrauding investors through their crypto ventures, FutureNet and FutureAdPRO.
- A Montenegrin court has ruled to extradite Do Kwon, another crypto fraud suspect, to S. Korea, despite competing requests from the US.
Montenegrin authorities have detained Roman Ziemian, a Polish national wanted for his alleged involvement in a multi-million dollar fraud scheme.
The 51-year-old suspect, who is wanted in both Poland and South Korea, was arrested in Montenegro on Aug. 18 following an extensive search.
Polish Citizen Wanted for $21 Million Crypto Fraud Apprehended
Local news reports indicate that Ziemian and his accomplice, Stephan Morgenstern, are accused of defrauding numerous individuals in Poland and South Korea through their platform FutureNet with fraudulent activities amounting to approximately $21 million.
Their alleged crimes include large-scale aggravated fraud, money laundering, theft, and legal violations. If convicted, Ziemian could face a life sentence in South Korea.
Ziemian’s arrest marks the culmination of a global manhunt. His accomplice Morgenstern was previously arrested in Greece and Albania. Zieman himself was arrested in Italy in 2022 but managed to escape from house arrest.
This time, Zeiman was caught living under an assumed identity in a residential area in Podgorica, Montenegro.
Following verification of his identity through coordination with international partners, a search was conducted at his residence.
The Sector for Combating Crime – Group for High-Tech Crime and the Regional Security Center “Centar” confiscated various devices and items believed to be linked to Zieman’s fraud.
These items have been temporarily held pending the outcome of extradition proceedings.
Authorities have stated that he will soon appear before the investigating judge of the High Court in Podgorica to determine the terms of his extradition detention. As the legal process unfolds, it remains to be seen whether Ziemian will be extradited to Poland or South Korea to face the charges against him.
Do Kwon, Wanted for $40 Billion Crypto Fraud, Still Awaits Extradition
The arrest of Roman Ziemian bears striking similarities to the case of Terraform Labs’ founder, Do Kwon.
Kwon was arrested at Podgorica Airport in March 2023 and is still awaiting extradition. His extradition process has been drawn out for over a year, with Montenegro’s courts issuing seven contradictory rulings.
Both South Korea and the US are now pursuing Do Kwon for his involvement in a cryptocurrency fraud scheme estimated to involve at least $40 billion.
However, on Aug. 1, a Montenegrin court ruled to extradite Do Kwon to South Korea, opting against a competing extradition request from US authorities.
With the court’s decision now finalized, Kwon’s fate is uncertain, and South Korea has been tasked with holding him accountable for the $40 billion he allegedly defrauded from investors.
Crypto legal expert David Lesperance told CCN that by being extradited to Korea, Montenegro has determined the venue for Do Kwon’s first criminal trial (and possible future incarceration).
“However, this does not mean that his American issues have disappeared….they have simply been delayed.”
Montenegro: A Crypto Haven or a Shortcut for Evading Laws?
The recent arrests of high-profile crypto fraudsters have raised questions about Montenegro’s ability to balance its crypto-friendly reputation with accountability.
As the country grapples with its stance on cryptocurrency regulation, the outcome of these extradition cases will be closely watched.
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