
Anger in Pakistan over death of child maid
About 3.3 million children in Pakistan are engaged in child labor, according to the United Nations Children's Fund (Unicef). Moreover, women and young girls make up a vast majority of Pakistan's 8.5 million domestic workers, according to the International Labour Organisation (ILO). — BBC

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Saudi Gazette
7 hours ago
- Saudi Gazette
'Cryptocrash king' Do Kwon pleads guilty to fraud
NEW YORK — A South Korean former tech executive accused of helping to spark a cryptocurrency crisis that cost investors more than $40bn (£31.8bn) has pleaded guilty to two criminal counts of fraud. Do Kwon was the boss of Singapore-based Terraform Labs, which operated two cryptocurrencies - TerraUSD and Luna - both of which collapsed in 2022, triggering a wider sell-off in the crypto market. The US says he was responsible for the failure of the two digital currencies, accusing him of "orchestrating a multi-billion dollar crypto asset securities fraud". As part of the plea deal, prosecutors have agreed to refrain from seeking a sentence longer than 12 years. Kwon is due to be sentenced on 11 December. Kwon's guilty plea "underscores the importance of accountability in the digital asset sector," said Todd Snyder, who was appointed by US authorities and Terraform Labs to oversee the company's liquidation. He added that those who contributed to the collapse of Terraform Labs will be held to account by the firm and that assets will be recovered in the best interests of claimants. Kwon's guilty plea in a New York court comes after a lengthy legal battle. He initially fled South Korea after a warrant for his arrest was issued in 2023, eventually ending up in Montenegro where he was arrested and jailed before being extradited to the US. US prosecutors said Kwon misrepresented features that were supposed to keep the so-called stablecoin at $1 without outside intervention. They alleged that in 2021, Kwon arranged for a trading firm to surreptitiously purchase millions of dollars worth of the token to restore TerraUSD's value, even as he told investors that a computer algorithm called Terra Protocol was responsible. Prosecutors say the alleged misrepresentation prompted a wide array of investors to buy Terraform's offerings, which helped prop up the value of the company's Luna token, which was closely linked to TerraUSD. The following year, Kwon's TerraUSD and the Luna cryptocurrency crashed. "In 2021, I made false and misleading statements about why [TerraUSD] regained its peg," he said in court on Tuesday. "What I did was wrong and I want to apologise for my conduct," he added. Kwon had originally pleaded not guilty to nine counts stemming from the crash, including securities and wire fraud, and money laundering conspiracy. He had faced up to 135 years in prison if convicted of the charges in the original indictment. As part of his plea deal, Kwon agreed to refrain from challenging the allegations in the indictment. He must also forfeit up to $19.3m plus interest and several properties and pay restitution. While prosecutors have agreed to limit their requested sentence to 12 years, Judge Paul Engelmayer maintained that he was entitled to prescribe a longer sentence. That sentence could be up to 25 years in prison. He still faces charges in South Korea, according to his attorney. — BBC


Arab News
a day ago
- Arab News
Saudi forces crack down on drug offenders
RIYADH: Saudi authorities this week arrested foreign nationals across the Kingdom for various drug offenses, the Saudi Press Agency reported on Tuesday. Security patrols in Madinah arrested two Pakistani residents for possessing 1.7 kg of methamphetamine, also known as shabu. Border Guard land patrols in the Ad-Daer sector in Jazan region arrested 14 Ethiopian nationals for smuggling 340 kg of qat. Security patrols in Jazan also thwarted the smuggling of 60,279 unregulated medical tablets and 33 kg of hashish in Fifa governorate. Initial legal procedures were completed against the violators and the seized items were handed over to the competent authorities. Security forces called on citizens and residents to report all available information about drug smuggling or promotion by calling the numbers 911 in the Makkah, Madinah, Riyadh and Eastern Province regions, and 999 and 994 elsewhere in the Kingdom. All reports will be handled with strict confidentiality.


Arab News
a day ago
- Arab News
Pakistan launches new security operation against militants near Afghan border
KHAR: Pakistani security forces have launched a 'targeted operation' against militants in a restive northwestern district bordering Afghanistan, displacing tens of thousands of residents who have fled to safer areas, officials said Tuesday. There was no formal announcement of the launch of the offensive in Bajaur, a former stronghold of the Pakistani Taliban in Khyber Pakhtunkhwa province, but a government administrator, Saeed Ullah, said it was not a large-scale operation and only insurgent hideouts were being hit to avoid civilian casualties. Another government administrator, Shahhid Ali, said the number of displaced people had rapidly increased to nearly 100,000. Residents reported that security forces, backed by helicopters, struck militant hideouts in the mountainous areas along the Afghan border. Khyber Pakhtunkhwa police chief Zulfiqar Hameed said the operation was ongoing. Pakistani Taliban, known as Tehreek-e-Taliban Pakistan or TTP, are a separate group but a close ally of the Afghan Taliban, who seized power in Afghanistan in August 2021, as US and NATO troops were in the final stages of their pullout from the country after 20 years of war. Many TTP leaders and fighters have found sanctuary in Afghanistan and have been living there openly since the Taliban takeover, and some have crossed the border back into Bajaur and carried out attacks. Pakistan also carried out a major operation in Bajaur against Pakistani and foreign militants in 2009, displacing hundreds of thousands of people.