Montenegro Extradites Han Chang-joon to South Korea
The former financial officer of Terraform Labs, Han Chang-joon, has been extradited to South Korea to face fraud-related charges. The Montenegro police confirmed that Han's extradition was facilitated by the country's Justice Ministry. This development comes almost a year after Han and Terraform Labs co-founder Do Kwon were apprehended while attempting to flee the country.
Han Faces Criminal Charges
The decision to transfer Han into South Korean custody was made by the Montenegro Justice Ministry, stated the police. Han and Do Kwon were arrested after being found in possession of counterfeit identity documents. Consequently, they were sentenced to four months in jail. However, Do Kwon appealed the verdict, which was subsequently rejected by a superior court in November 2023.
Reasons for Extradition
According to the Montenegro police, Han's extradition will enable South Korean authorities to initiate criminal proceedings against him for various criminal offenses related to fraud in financial investment services, investments, and the capital market. These charges carry a maximum penalty of life imprisonment in South Korea.
Meanwhile, regarding the extradition of Do Kwon, who is wanted by both South Korean and U.S. authorities, his lawyer stated that they are awaiting the court's ruling on another appeal.
What are your thoughts on this story? Let us know in the comments section below.
Frequently Asked Questions
Who is the owner of the gold in a gold IRA
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
To find out what options you have, consult an accountant or financial planner.
Is buying gold a good retirement plan?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
The best form of investing is physical bullion, which is the most widely used. There are many ways to invest your gold. You should research all options thoroughly before making a decision on which option you prefer.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you require cash flow, gold stocks can work well.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs can include stocks of precious metals refiners and gold miners.
How much money should I put into my Roth IRA?
Roth IRAs are retirement accounts where you deposit your own money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, your principal (the original deposit amount) cannot be touched. No matter how much money you contribute, you cannot take out more than was originally deposited to the account. You must pay taxes on the difference if you want to take out more than what you initially contributed.
The second rule is that your earnings cannot be withheld without income tax. Withdrawing your earnings will result in you paying taxes. Let's assume that you contribute $5,000 each 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. This leaves you with $6,500 remaining. Because you can only withdraw what you have initially contributed, this is all you can take out.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). Even though you had $7,000 in your Roth IRA account, you only received $4,000.
There are two types if Roth IRAs: Roth and Traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. A traditional IRA can be withdrawn up to the maximum amount allowed.
A Roth IRA doesn't allow you to deduct your contributions. But once you've retired, you can withdraw the entire contribution amount plus any accrued interest. Unlike a traditional IRA, there is no minimum withdrawal requirement. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
What proportion of your portfolio should you have in precious metals
To answer this question, we must first understand what precious metals are. Precious metals are those elements that have an extremely high value relative to other commodities. This makes them highly valuable for both investment and trading. Gold is by far the most common precious metal traded today.
There are also many other precious metals such as platinum and silver. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It also remains relatively unaffected by inflation and deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. But they don't always move in tandem with one another. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. Investors expect lower interest rates which makes bonds less appealing investments.
The opposite effect happens when the economy is strong. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. These precious metals are rare and become more costly.
You must therefore diversify your investments in precious metals to reap the maximum profits. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example, and Risk Metrics
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
finance.yahoo.com
How To
Investing In Gold vs. Investing In Stocks
Gold investing as an investment vehicle can seem extremely risky these days. This is because most people believe that it is no longer economically profitable to invest gold. This belief comes from the fact most people see gold prices falling due to the global economy. They feel that gold investment would cause them to lose money. In reality, however there are still many significant benefits to gold investing. Below we'll look at some of them.
One of the oldest forms known of currency is gold. It has been used for thousands of years. It has been used as a store for value by people all over the globe. It is still used as a payment method by South Africa and other countries.
You must first decide how much you are willing and able to pay per gram to decide whether or not gold should be your investment. When looking into buying gold bullion, you must decide how much you are willing to spend per gram. You could contact a local jeweler to find out what their current market rate is.
It is also worth noting that although gold prices have declined recently, the cost of producing gold has increased. Although gold's price has fallen, its production costs have not.
You should also consider the amount of your intended purchase when considering whether you should buy or not. If you plan to buy enough gold to cover your wedding rings then it is probably a good idea to wait before buying any more. This is not a wise decision if you're looking to invest in long-term assets. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope this article has given you an improved understanding of gold investment tools. We recommend you do your research before making any final decisions. Only after you have done this can you make an informed choice.
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By: Terence Zimwara
Title: Former Terraform Labs Financial Officer Extradited to South Korea for 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
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