Terraform Labs’ Do Kwon to Appeal Against Extension of Custody

• Last week, he was detained at the airport in the country’s capital. Podgorica.
• The fugitive would certainly be extradited to the United States or South Korea.

According to reports, Terraform Labs co-founder and defendant Do Kwon will file an appeal against the court’s decision to prolong his custody by up to a month in Montenegro. The 31-year-old developer apparently went into hiding for a while when the project’s native token, LUNA, and its algorithmic stablecoin, UST, failed and brought down the whole ecosystem.

Last week, he was detained by Montenegrin officials at the airport in the country’s capital, Podgorica. While Kwon is likely to be tried and sentenced in the United States, his exact date of extradition has not been determined. According to reports out of the area, Kwon’s legal team plans to challenge the decision by a court in Montenegro to prolong his detention for up to another 30 days.

Extended From Standard 72 Hours

As Kwon is a foreigner who is likely to flee, the Balkan country accepted the prosecutor’s plea to extend the duration of the case from the standard 72 hours. Since Terra’s collapse left many investors broke, the South Korean fled the country at some point last year.

He reportedly went into hiding in a number of different countries, including Dubai, Singapore, Mauritius, and Seychelles. The most recent information pointed to Serbia, Montenegro’s eastern neighbor, as a possible place of residence.

U.S. authorities quickly identified Kwon as the primary perpetrator in the Terra debacle and filed charges against him for securities fraud, commodities fraud, and conspiracy upon his detention.

The fugitive would certainly be extradited to the United States or South Korea, according to law experts. If he returns to the United States, he may be prosecuted by the same department handling the case against ex-FTX CEO Sam Bankman-Fried.