Do Kwon, the co-founder of Terraform Labs, is set to appeal the decision of the Montenegrin court to extend his detention for up to 30 days. Kwon was arrested at Podgorica airport for using fake documents to travel to Dubai. His legal representative confirmed the appeal, arguing that the court’s decision to detain him for longer than the usual 72 hours was unwarranted. The prosecution requested an extension, citing a high risk of escape, and the court approved it, considering Kwon a foreign national whose identity was not clearly identified.
Kwon has been under suspicion of moving between Singapore, Dubai, and Serbia since the collapse of the Terra ecosystem, according to South Korean authorities. On the same day as his arrest, US prosecutors in New York charged Kwon with fraud on eight counts, including securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation. The charges could potentially result in a lengthy prison sentence and significant financial penalties.
Kwon’s legal team is expected to mount a strong defense against the charges in the US, while also challenging his prolonged detention in Montenegro. The case has attracted significant media attention, and many are closely watching how it unfolds.