Typically, the Montenegrin authorities usually allocate up to 72 hours of custody. However, a 30-day extension of the quarantine has been approved after authorities highlighted the high possibility of escapes.
Last week, disgraced Terra founder Do Kwon was arrested in Montenegro while trying to travel to Dubai using fake documents. The latest development suggests that Do Kwon will reportedly appeal against the court’s decision to extend the detention period for about 30 days.
According to local media Vijeti, a legal representative of Quan confirmed the appeal against the Montenegrin court’s decision to keep the Terra founder in custody longer than usual. As noted, the decision comes after Terra’s founder was caught using fake documents at Podgorica airport while trying to fly to Dubai.
Translation from Montenegro’s Interior Minister Filip Adzic – “One of the world’s most wanted fugitives was arrested in Podgorica
Montenegrin police have detained a man suspected of being one of the most wanted fugitives, South Korean national Do Kwon…” https://t.co/sCJ0FFrlEk
— Simon Dixon (@SimonDixonTwitt) March 23, 2023
Typically, the Montenegrin authorities usually allocate up to 72 hours of custody. However, a 30-day extension of the quarantine has been approved after authorities highlighted the high possibility of escapes. The court also noted that Kwon was a foreign national whose identity was not clearly disclosed.
Since the collapse of Terra Ecosystem, Do Kwon has been moving between Singapore, Dubai and Serbia, according to South Korean officials.
US officials seek impeachment of Do Kwon
US prosecutors have accused TerraForm Labs founder Du Kwon of perpetrating a massive fraud that led to the $40 billion collapse of the Terra ecosystem.
Following his arrest last week, United States prosecutors in New York are seeking his indictment. Although it is unclear whether Du Kwon’s arrest was made at the request of US authorities, federal prosecutors said they would seek his extradition to the US.
If deported to New York, the disgraced Terra founder would face prosecution by the same office currently overseeing a criminal case ftx founded by Sam Bankman-Fried, Manhattan US Attorney Damian Williams recently said that crypto firms are trying to avoid regulations by basing themselves overseas. However, he added that these actions would not deter his prosecutors. Williams last July Said,
“Web3 is not a law-free zone. Fraud is fraud, fraud is fraud, whether on the blockchain or on Wall Street.”
The collapse of Terraform Labs last year was a major event for the crypto market that spread like a contagion affecting other market players such as Three Arrows Capital, Voyager Digital and, most prominently, FTX.
The US indictment states that Du Kwon allegedly defrauded investors on the functioning of Terra Blockchain, its technology and the extent of its adoption by users.
Bhushan is passionate about Fintech and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
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