Do Kwon of Terra will contest the extension of his arrest (Report)

News Desk6
2 Min Read

Do Kwon – the co-founder of Terraform Labs – will reportedly appeal against the Montenegrin court’s decision to extend his detention for up to one month. 

The 31-year-old developer has supposedly been on the run for several months after the native token of the project – LUNA – and its algorithmic stablecoin – UST – collapsed together with its entire ecosystem.

The authorities of Montenegro arrested him last week at the airport of the capital of Podgorica. It remains unknown when Kwon will be extradited to another country as chances are high that he will face justice in the United States.

  • A local coverage revealed that Kwon’s legal defense will appeal Montenegrin’s court rule to extend his arrest period for up to 30 days. 
  • While the Balkan nation usually allows detention for up to 72 hours, it agreed with the prosecutor’s request to increase the span of the case since Kwon is a foreigner likely to flee.
  • The South Korean left his homeland sometime last year after Terra’s crash left multiple investors empty-handed.
  • He allegedly hid in numerous locations, with Dubai, Singapore, Mauritius, and Seychelles being some of them.
  • The latest sources indicated that he could reside in Serbia, Montenegro’s eastern neighbor.
  • Shortly after his arrest, US prosecutors named Kwon the main culprit behind the Terra failure, charging him with securities fraud, commodities fraud, and conspiracy.
  • Michael Zweiback – an American lawyer – believes the fugitive will most likely be deported to the USA or South Korea. Should he land in the States, he could face justice by the same office that oversees the case against Sam Bankman-Fried – the former CEO of FTX.

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