FutureNet Co-Founder Roman Ziemian Detained in Montenegro for Alleged $21 Million Scam

Key Takeaways

• 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.

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.”

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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