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Crypto Executive Roman Ziemian Arrested in Montenegro for Alleged $21 Million Fraud

TLDR:

  • Roman Ziemian, co-founder of FutureNet, arrested in Montenegro
  • Suspected of $21 million crypto fraud scheme
  • International warrants issued by Poland and South Korea
  • Escaped house arrest in Italy in 2022
  • Facing potential life imprisonment in South Korea

Roman Ziemian, co-founder of the digital currency trading platform FutureNet, was arrested in Montenegro on August 18, 2024. The Polish national is accused of defrauding users out of approximately $21 million through an elaborate cryptocurrency scheme.

Montenegrin authorities, in collaboration with Interpol, apprehended Ziemian in a newly developed residential area in Podgorica, the country’s capital. The suspect had been living under a false identity since escaping house arrest in Italy in 2022.

Both Poland and South Korea had issued international warrants for Ziemian’s arrest. He faces charges of money laundering, theft, and violation of law related to economic crimes. In South Korea, these charges could potentially result in a life sentence.

FutureNet, founded by Ziemian and his partner Stefan Morgenstern in 2018, marketed itself as a multilevel marketing business with an associated cryptocurrency called FuturoCoin (FTO). The platform sold “participation packages” ranging from $10 to $10,000, promising profits to investors who recruited others into the scheme.

Concerns about FutureNet’s legitimacy arose in March 2019 when Poland’s Office of Competition and Consumer Protection (UOKIK) warned that the company might be operating a pyramid scheme. By mid-2020, South Korean authorities had begun investigating FutureNet after receiving complaints from 950 individuals who claimed to have lost millions in investments.

Ziemian’s arrest comes after a series of evasions from law enforcement. He was initially arrested in Italy in October 2022, reportedly right after winning a car race. After being released on house arrest, he fled the country. His partner, Morgenstern, followed a similar pattern, escaping house arrest in Greece only to be recaptured in Albania in August 2023.

During the arrest in Montenegro, officers from the Sector for Fighting Crime and the Regional Security Center “Centar” confiscated technical devices and items suspected to be linked to criminal activities. These will be held pending the completion of extradition procedures.

Ziemian is set to appear before an investigating judge of the High Court in Podgorica to determine the next steps in his extradition process. Both Poland and South Korea are expected to seek his transfer to face charges in their respective jurisdictions.

This case bears similarities to that of Do Kwon, co-founder of Terraform Labs, who is also currently detained in Montenegro awaiting a decision on his extradition. Kwon faces fraud charges related to the collapse of the Terra/Luna cryptocurrency project.

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