Terraform Labs co-founder Do Kwon disputes Montenegrin court’s 30-day extended incarceration after arrest for using counterfeit documents.
Terraform Labs co-founder, Do Kwon, intends to contest the Montenegrin court’s decision to extend his incarceration by an additional 30 days. This comes after the arrest of Do Kwon for attempting to travel using counterfeit documents. Moreover, Kwon’s legal counsel has confirmed the dispute, asserting that the extension surpasses the standard 72-hour confinement usually imposed by Montenegrin law enforcement agencies.
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, co-founder and CEO of Singapore-based Terraform Labs.
— vedbajoria (@VedBajoria) March 23, 2023
Authorities detained Kwon at Podgorica airport as he tried to embark on a journey to Dubai with falsified papers. Montenegro’s local news source Vijesti revealed that the court approved the 30-day extension after the prosecution argued that Kwon posed a considerable flight risk. The court also factored in that Kwon is a foreign citizen with an indeterminate identity.
South Korean officials have been tracking the Terraform Labs co-founder’s activities between Singapore, Dubai, and Serbia, following the disintegration of the Terra ecosystem. Mere hours after Kwon’s capture in Montenegro on March 23, US attorneys in New York initiated criminal proceedings against him, including fraud allegations.
The 31-year-old entrepreneur is confronting eight distinct charges, which involve commodities fraud, securities fraud, wire fraud, and conspiracy to deceive and participate in market manipulation.
Terra founder Do Kwon leaving Montenegrin court in handcuffs.
— Watcher.Guru (@WatcherGuru) March 24, 2023