Following his arrest in Montenegro while attempting to fly using false documents, Terraform Labs co-founder Do Kwon will appeal the court’s decision to extend his detention time by up to 30 days.
A legal representative for Kwon upheld 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 false documents at the Podgorica airport while trying to fly to Dubai.
Translation of the Minister of the Interior of Montenegro, Filip Adzic: “ONE OF THE MOST WANTED FUGITIVES IN THE WORLD WAS ARRESTED IN PODGORICA
Montenegrin police have arrested a person suspected of being one of the most wanted fugitives, the South Korean citizen Do Kwon…” https://t.co/sCJ0FFrlEk
—Simon Dixon (@SimonDixonTwitt) March 23, 2023
Although the Montenegrin authorities usually grant detention up to 72 hours, Kwon’s 30-day extension was approved after prosecutors highlighted the high possibility of a flight. The court considered that Kwon was a foreign national whose identity was not clearly identified.
Since the collapse of the Terra ecosystem, South Korean authorities suspect that Kwon moved between Singapore, Dubai and Serbia.
Related: South Korea Seizes $104 Million From Terra Co-Founder Suspecting Unfair Gains
On March 23, just hours after Kwon’s arrest in Montenegro, US prosecutors in New York charged the businessman with fraud.
ONLY IN: $MOON falls 8.2% to $1.31 on 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 charges, 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
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