Terra’s Do Kwon to Appeal His Arrest Extension (Report)

Do Kwon, co-founder of Terraform Labs, will reportedly appeal the Montenegrin court’s decision to extend his detention for up to a month.

The 31-year-old developer has allegedly been on the run for several months after the project’s native token, LUNA, and its algorithmic stablecoin, UST, crashed along with its entire ecosystem.

The Montenegrin authorities arrested him last week at the airport of the capital of Podgorica. It is unknown when Kwon will be extradited to another country, as there is a high chance that he will face justice in the United States.

• A local coverage revealed that Kwon’s legal defense will appeal the Montenegrin court’s decision to extend his detention period by up to 30 days.
• While the Balkan nation generally allows detention for up to 72 hours, it agreed to the prosecutor’s request to increase the length of the case as Kwon is a foreigner likely to flee.
• The South Korean left his homeland sometime last year after the fall of Terra left several investors empty-handed.
• He allegedly hid in numerous locations, including Dubai, Singapore, Mauritius and the Seychelles.
• The latest sources indicated that he could reside in Serbia, Montenegro’s eastern neighbor.
• Shortly after his arrest, US prosecutors called Kwon, the main culprit behind Terra’s bankruptcy, accusing him of securities fraud, commodity fraud, and conspiracy.
• Michael Zweiback, an American lawyer, believes the fugitive will most likely be deported to the United States or South Korea. If he lands in the United States, he could face justice from the same office overseeing the case against Sam Bankman-Fried, the former CEO of FTX.