Terra Co-Founder’s Arrest Extension: Do Kwon to Appeal
• Terraform Labs co-founder Do Kwon is appealing the Montenegrin court’s decision to extend his detention for up to one month.
• Kwon was arrested last week at the airport of the capital of Podgorica and is likely to face justice in the United States.
• His legal defense will appeal Montenegrin’s court rule to reduce the 30-day detention period.
Do Kwon Arrested in Montenegro
Do Kwon, co-founder of Terraform Labs, was arrested last week at the airport of Podgorica, in Montenegro. He had been on the run for several months after LUNA token and its algorithmic stablecoin UST collapsed together with its entire ecosystem. The authorities agreed with a prosecutor’s request to increase the span of his case since he is a foreigner likely to flee.
US Prosecutors Name Kwon Main Culprit Behind Terra Failure
Shortly after his arrest, US prosecutors named Do Kwon as the main culprit behind Terra’s failure which left multiple investors empty-handed. It remains unknown when he will be extradited to another country, but chances are high that he will face justice in the United States.
Kwon To Appeal Arrest Extension
Kwon’s attorneys are reportedly seeking to reduce the 30-day detention extension period ruled by Montenegrin authorities and appeal against it. While Montenegro usually allows detainees for up 72 hours, it agreed with prosecutor’s request for an extended detainment due to him being a foreigner and likely flight risk.
Kown’s Last Known Locations
Do Kwon left South Korea sometime last year after Terra crashed and hid in multiple locations such as Dubai, Singapore, Mauritius, and Seychelles. The latest sources indicated that he could reside in Serbia, Montenegro’s eastern neighbor prior to his arrest at Podgorica Airport.
Do Kwon has been arrested by Montenegrin authorities at Podgorica Airport as a flight risk due to leaving South Korea shortly after Terra crashed last year and hiding out in numerous locations such as Dubai, Singapore, Mauritius and Seychelles before possibly residing in Serbia accordingto some sources .His attorneys are planning on appealing against this 30 day detainment extension requested by US prosecutors who have named him as main culprit behindTerra’s failure .