Former Terraform Labs Financial Officer Extradited to South Korea on Fraud Charges

The former financial officer of Terraform Labs, Han Chang-joon, has been extradited from Montenegro to South Korea, where he will face criminal charges related to fraud. The decision to extradite Han was made by the Montenegro Justice Ministry, according to the local police.

Han Faces Criminal Charges in South Korea

Han Chang-joon, the former financial officer of Terraform Labs, has been extradited to South Korea, the Montenegro police have confirmed. This comes nearly a year after Han and Terraform Labs co-founder Do Kwon were apprehended while attempting to flee the country.

The Montenegro police stated that the decision to transfer Han into the custody of South Korean authorities was made by the Montenegro Justice Ministry. Last year, Bitcoin.com News reported that Han and Do Kwon were arrested for carrying counterfeit identity documents.

Both individuals were subsequently sentenced to four months in jail for their actions. While Do Kwon appealed the verdict, his appeal was reportedly rejected by a superior court in November 2023.

The Montenegro police explained that the decision to extradite Han was made to allow South Korean authorities to initiate criminal proceedings against him for various offenses related to fraud in financial investment services, investments, and the capital market. In South Korea, these offenses are punishable by life imprisonment.

Regarding the extradition of Do Kwon, who is wanted by both South Korean and U.S. authorities, his lawyer stated that they are awaiting a court ruling on another appeal.

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Frequently Asked Questions

Can the government seize your gold?

The government cannot take your gold because you own it. You earned it through hard work. It belongs entirely to you. This rule could be broken by exceptions. If you are convicted of fraud against the federal government, your gold can be forfeit. If you owe taxes, your precious metals could be taken away. However, even if taxes are not paid, gold is still your property.

What are the benefits to having a gold IRA

You can save money on retirement by putting your money into an Individual Retirement Account. It will be tax-deferred up until the time you withdraw it. You control how much you take each year. There are many types available. Some are better suited for people who want to save for college expenses. Some are better suited for investors who want higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. These earnings don't get taxed if they withdraw funds. This type of account might be a good choice if your goal is to retire early.

Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA that requires you to pay taxes on the gains you make while you wait to access them, a gold IRA does not have to do this. People who want to invest their money rather than spend it make gold IRA accounts a great option.

Another advantage to owning gold via an IRA is the ease of automatic withdraws. This eliminates the need to constantly make deposits. To ensure that you never miss a payment, you could set up direct debits.

Gold is one of today's most safest investments. Because it's not tied to any particular country, its value tends to remain steady. Even during economic turmoil, gold prices tend to stay relatively stable. Therefore, gold is often considered a good investment to protect your savings against inflation.

How much of your IRA should include precious metals?

When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. They don't require you to be wealthy to invest in them. There are many ways that you can make money with gold and silver investments, even if you don't have much money.

You might consider purchasing physical coins, such as bullion bars and rounds. Shares in precious metals-producing companies could be an option. Another option is to make use of the IRA rollover programs offered by your retirement plan provider.

Regardless of your choice, you'll still benefit from owning precious metals. Although they aren’t stocks, they offer the possibility for long-term gains.

And, unlike traditional investments, their prices tend to rise over time. You'll probably make more money if your investment is sold down the line than traditional investments.

Should You Buy Gold?

Gold was once considered an investment safe haven during times of economic crisis. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.

While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.

Experts think this could change quickly. According to them, gold prices could soar if there is another financial crisis.

They also mention that gold is becoming more popular due to its perceived worth and potential return.

These are some important things to remember if your goal is to invest in gold.

• The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save for retirement and not invest your savings in gold. That said, gold does provide an additional layer of protection when you reach retirement age.
• Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each one offers different levels security and flexibility.
• Don't forget that gold does not offer the same safety level as a bank accounts. If you lose your gold coins, you may never recover them.

So, if you're thinking about buying gold, make sure you do your research first. Protect your gold if you already have it.

How to Open a Precious Metal IRA?

The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. You must complete Form 8606 to open an account. You will then need to complete Form 5204 in order to determine which type IRA you are eligible. You must complete this form within 60 days of opening your account. After this, you are ready to start investing. You can also contribute directly to your paycheck via payroll deduction.

To get a Roth IRA, complete Form 8903. Otherwise, the process will be identical to an ordinary IRA.

To be eligible for a precious metals IRA, you will need to meet certain requirements. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Contributions must be made regularly. These rules apply to contributions made directly or through employer sponsorship.

An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. You can only purchase bullion in physical form. This means you won’t be able to trade stocks and bonds.

Your precious metals IRA can be used to directly invest in precious metals-related companies. This option may be offered by some IRA providers.

However, there are two significant drawbacks to investing in precious metals via an IRA. First, they're not as liquid as stocks or bonds. This makes them harder to sell when needed. They also don't pay dividends, like stocks and bonds. Therefore, you will lose money over time and not gain it.

How much money should I put into my Roth IRA?

Roth IRAs can be used to save taxes on your retirement funds. These accounts are not allowed to be withdrawn before the age of 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, you can't touch your principal (the initial amount that was deposited). This means that you can't take out more money than you originally contributed. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.

You cannot withhold your earnings from income taxes. You will pay income taxes when you withdraw your earnings. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. Let's also say that you earn $10,000 per annum after contributing. This would mean that you would have to pay $3,500 in federal income tax. The remaining $6,500 is yours. The amount you can withdraw is limited to the original contribution.

The $4,000 you take out of your earnings would be subject to taxes. You'd still owe $1,500 in taxes. On top of that, you'd lose half of the earnings you had taken out because they would be taxed again at 50% (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.

There are two types if Roth IRAs: Roth and Traditional. Traditional IRAs allow for pre-tax deductions from your taxable earnings. Your traditional IRA allows you to withdraw your entire contribution plus any interest. You can withdraw as much as you want from a traditional IRA.

Roth IRAs do not allow you to deduct your contributions. But once you've retired, you can withdraw the entire contribution amount plus any accrued interest. There is no minimum withdrawal requirement, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.

Statistics

• Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
• This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
• (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
• Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
• Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)

External Links

irs.gov

• Retirement Topics – IRA contribution limits
  

forbes.com

• Gold IRA, Add Sparkle to Your Retirement Nest egg
  
• Understanding China's Evergrande Crisis – Forbes Advisor
  

wsj.com

• Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
  
• Are you interested in keeping gold in your IRA at-home? It's Not Exactly Lawful – WSJ
  

investopedia.com

• Is it a good idea to get a Gold IRA
  
• What are the Options? Types, Spreads, Example and Risk Metrics
  

How To

Three Ways to Invest In Gold For Retirement

It is crucial to understand how you can incorporate gold into your retirement plans. There are several options to invest in precious metals if your employer has a 401k. You may also be interested in investing in gold beyond your workplace. A custodial account can be opened by a brokerage firm like Fidelity Investments if you already have an IRA. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.

These are three easy rules to remember if you invest in gold.

1. Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, put cash into your accounts. This will protect you from inflation and help keep your purchasing power high.
2. Physical Gold Coins: You should own physical gold coins, not just a certificate. The reason for this is that physical gold coins are much more easily sold than certificates. You don't have to store physical gold coins.
3. Diversify Your Portfolio. Never place all your eggs in the same basket. In other words, spread your wealth around by investing in different assets. This will reduce your risk and give you more flexibility in times of market volatility.

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