- The CEO of fraudulent crypto project Futurenet has been arrested in Montenegro for running a fraudulent crypto scheme
- Roman Ziemian is said to have committed the crimes in South Korea and Poland and is wanted in the two countries
- The CEO is suspected to have pocketed over $20 million in crypto through dubious means
Futurenet CEO Roman Ziemian has been arrested in Montenegro where he was hiding after defrauding people in South Korea and Poland. Ziemian allegedly ran a fraudulent crypto scheme in South Korea and Poland where he’s charged with financial crimes like money laundering. The executive will be taken to court which will determine his extradition, an indication that law enforcement agencies are increasingly getting involved in the crypto sector.
$21 Million Stollen
According to a statement by Montenegro’s Police Directorate, Ziemaian’s Futurenet offered crypto exchange services with the intention of pocketing user funds. The police estimate the amount stolen by the executive and his partner to be $21 million.
Ziemian was previously arrested in Italy where he escaped and went to Montenegro. Ziemian’s partner, Stephan Morgenstern, was “imprisoned in Greece and then in the Republic of Albania” according to the Montenegro police. Futurenet was founded in 2018 and was labeled as a pyramid scheme by regulators in Poland in 2019.
As a pyramid scheme, it encouraged people to invest between $10 and $10,000 with those referring more people into the scheme earning more returns from their investment. Ziemian and Morgenstern will be extradited to South Korea where they face a possible life imprisonment.
Do Kwon to be Extradited to South Korea, not the United States
Terraform Labs co-founder Do Kwon is also set to be extradited to South Korea after Montenegro’s appellate court refused a request to send him to the United States to face charges. However, the United States has already opened a case against Kwon.
With Montenegro arresting Ziemian, it’s evident that law enforcement agencies worldwide are ready to cooperate to bring malicious actors in the crypto sector to book.
