Do Kwon, the discredited creator of Terra, was apprehended in Montenegro last week as he attempted to fly to Dubai using phony IDs.
The most recent turn of events indicates that Do Kwon will reportedly be appealing the decision of the court to lengthen the amount of time spent in detention by nearly 30 days.
According to the Montenegro news outlet Vijesti, a legal counsel for Kwon has confirmed that an appeal would be filed against the judgment of the Montenegrin court to imprison the Terra founder for a longer period of time than is customary.
Translation from Montenegro Minister of Interior Filip Adzic – “ONE OF THE WORLD'S MOST WANTED FUGITIVES WAS ARRESTED IN PODGORICA
Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon…” https://t.co/sCJ0FFrlEk
— Simon Dixon (@SimonDixonTwitt) March 23, 2023
According to what was previously said, the decision was made when the creator of Terra was arrested trying to fly to Dubai using bogus documents at the airport in Podgorica.
The Montenegrin authorities will typically place an individual in detention for up to three days. In spite of this, the authorities have decided to grant Kwon a 30-day extension of his detention after pointing out the increased risk of his escaping.
In addition, the court stated that Kwon was a non-citizen of the United States whose identity is not entirely established.
According to the police in South Korea, since the collapse of the Terra ecosystem, Do Kwon has been on the road and hopping around between Singapore, Dubai, and Serbia. This information comes from the authorities in South Korea.
The US authorities are looking into charging Do Kwon
Prosecutors in the United States have filed charges against Do Kwon, the creator of Terraform Laboratories, accusing him of engineering a major fraud that led to the $40 billion breakdown of the Terra ecosystem.
United States investigators in New York were trying to seek an indictment against him during the previous week following his arrest.
Federal prosecutors have stated that they want to seek Do Kwon’s extradition to the United States, despite the fact that it is unclear whether the arrest of Do Kwon was made at the request of US authorities.
If he were to be extradited to New York, the disgraced founder of Terra would be prosecuted by the same office that is currently supervising a criminal case against the disgraced founder of FTX, Sam Bankman-Fried.
Manhattan Recently, US Attorney Damian Williams stated that cryptocurrency companies have been attempting to circumvent regulations by establishing themselves in foreign jurisdictions.
On the other hand, he noted that these measures wouldn’t stop his prosecutors from pursuing the case. Williams made these comments in July of the previous year:
“Web3 is not a place where the law does not apply. Whether it takes place on the blockchain or on Wall Street, fraudulent activity is fraudulent activity.
The failure of Terraform Labs a year ago was a significant event for the cryptocurrency market, and it acted like a contagion, affecting other market players such as Three Arrows Capital, Voyager Digital, and FTX in particular.
According to the indictment filed in the United States, Do Kwon is accused of misleading investors about the operation of the Terra blockchain, its technology, and the degree to which users have adopted it.
Featured Image: Bloomberg (1.1)