After being detained in Montenegro while trying to fly using false documents, the founder of Terraform Labs, Do Kwon will appeal the court’s decision to extend the detention period to 30 days.
Kwon’s legal representative confirmed the appeal against the Montenegrin court’s decision to detain the businessman longer than usual, according to local media Vijesti. The decision was made after Kwon was caught using fake documents at Podgorica airport when trying to fly to Dubai.
Translation from the Minister of Interior of Montenegro Filip Adzic – “One of the most wanted fugitives in the world was arrested in PODGORICA.
Montenegrin police have detained a man suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon…” https://t.co/sCJ0FFrlEk
— Simon Dixon (@SimonDixonTwitt) March 23, 2023
While Montenegrin authorities usually grant detention for up to 72 hours, Kwon’s 30-day extension was approved after prosecutors said there was a high probability of his escape. The court considered that Kwon was a foreign national whose identity was not clearly known.
Since the collapse of the Terra ecosystem, Kwon has been suspected of moving between Singapore, Dubai and Serbia by South Korean authorities.
related: South Korea seizes $104M from Terra co-founder suspected of unfair profits
On March 23, a few hours after Kwon was arrested in Montenegro, the United States prosecutor in New York charged the businessman with fraud.
JUST IN: $LUNA fell 8.2% to $1.31 following reports of Do Kwon’s alleged arrest in Montenegro.
: https://t.co/1bQ48EyLco pic.twitter.com/nXSGI2WSNw
— CoinGecko (@coingecko) March 23, 2023
As Cointelegraph reported, the 31-year-old was charged with eight separate counts, including commodity fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.
Magazine: SEC targets Coinbase, Do Kwon arrested and FTX sells $95M in Mysten Labs: Hodler’s Digest, March 19–25