Do Kwon is Allegedly Planning to Appeal Detention Extension

Following his arrest in Montenegro on March 23rd, Terraform Labs co-founder’s detention has been extended by 30 days.

Do Kwon, the so-called “cryptocurrency king,” was arrested at Montenegro Podgorica airport. It is reported that the man used falsified documents in an attempt to fleece the country.

According to Montenegro laws, without a court extension, authorities can detain a suspect for up to 72 hours. However, upon the request, a court agreed to extend his detention for 30 days after prosecutors highlighted that there was a risk of flight.

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Since the extension, Do Kwon has vowed to appeal the ruling. Kwon claims that Interpol lied when they said he attempted to leave Montenegro using fake documents. The local news reports revealed that in Montenegro, Do Kwon is set to be prosecuted for using forged documents for his travel from Costa Rica, where Interpol first tracked him.

Shortly after his arrest, US prosecutors charged Do Kwon with orchestrating securities fraud, conspiracy to commit fraud, wire fraud, and other criminal activities.

Since the collapse of the Terra-Luna ecosystem in May 2022, Do Kwon has been on the run. Authorities suspected the man had been moving between Dubai, Singapore, Serbia, and South Korea to escape capture.

It is worth noting that if Do Kwon was extradited to the United States, the man would be prosecuted by the same office dealing with the criminal case against the former CEO of the collapsed crypto exchange FTX Sam Bankman-Fried. FTX co-founder was extradited to the US from the Bahamas at the end of 2022.

At the time of its collapse, Terra was one of the biggest stablecoins. Its downfall caused the entire crypto sector to descend into crypto winter.

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree

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