• FutureNet co-founder Roman Ziemian was arrested and faces life in prison for $21M fraud.
• Ziemian’s arrest reflects a global attack on crypto fraud, following previous high-profile cases such as Terraform Labs’.

Roman Ziemian, co-founder of the suspected crypto fraud scheme FutureNet, has been imprisoned in Podgorica, Montenegro, on suspicion of defrauding investors of almost $21 million. According to the Police Directorate, Ziemian was using a fake name at the time of his arrest.

Ziemian is wanted by both South Korean and Polish police on major crimes such as fraud, money laundering, and theft. If convicted, South Korean officials say he might face a life sentence.

FutureNet Fraud Case Expands

Following his arrest, Montenegrin police recovered a number of things and gadgets thought to be related to his alleged illegal activities. Ziemian is set to appear before Podgorica’s High Court to determine if he will be deported.

FutureNet, founded by Ziemian and Stephan Morgenstern in 2018, has been described as a multilevel marketing network tied to the cryptocurrency FuturoCoin (FTO). The value of the token has decreased dramatically, indicating the scheme’s bogus character.

In March 2019, Poland’s Office of Competition and Consumer Protection warned about FutureNet, describing it as a potential pyramid scheme. The scheme began to unravel in mid-2020 when South Korean officials investigated accusations from 950 people.

Ziemian had been arrested in Italy in October 2022, but he escaped house arrest. Morgenstern, his partner, was also arrested and later recaptured in Albania. Both are anticipated to be extradited to South Korea.

The case is similar to that of Do Kwon, co-founder of Terraform Labs, who is also jailed in Montenegro and faces extradition charges relating to the $40 billion Terra/LUNA collapse.

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