Crypto CEO's Shocking Move: Do Kwon Appeals Detention Extension
Kwon’s legal representatives have upheld an appeal against the Montenegrin court’s decision to detain Kwon for 30 days longer than usual.
Terraform Labs co-founder Do Kwon plans to appeal a court decision extending his detention for up to 30 days after he was arrested in Montenegro for trying to board a plane with forged documents.
According to local media Vijesti, Kwon’s legal representatives have upheld an appeal against a Montenegrin court’s decision to detain Kwong longer than usual. Dropped after being spotted trying to go to Dubai.
Key Takeaways
- Do Kwon intend to appeal the court’s decision to extend his detention
- Kwon allegedly traveled to Singapore for South Korean authorities.
- Activists have criticized the court’s decision to extend his detention.
According to SimonDixonTwitt Tweet;
Translated by Filip Adzic, Minister of the Interior of Montenegro.
“One of the most wanted fugitives in the world has been arrested in Podgorica. A suspect has been arrested…”
Montenegro authorities typically allow detention periods of up to 72 hours, but a 30-day extension was approved for Kwon after prosecutors said he was likely a fugitive. I judged that I was a foreigner who could not do it.
Kwon is suspected by South Korean authorities of traveling between Singapore, Dubai, and Serbia since Terra’s ecosystem collapsed.
On March 23, hours after Kwon was arrested in Montenegro, federal prosecutors in New York indicted Kwon for fraud.
As per a recent tweet from Coingecko;
A 31-year-old man has been charged with eight counts, including merchandise fraud, securities fraud, wire fraud, and conspiracy to commit fraud and market manipulation.
Kwon’s case has attracted widespread attention in South Korea, where Terra has become one of the most successful and high-profile blockchain projects. The company’s stablecoin, UST, has become popular among cryptocurrency traders. Terra’s success has also made Kwon one of the wealthiest individuals in South Korea.
The allegations against Kwon have also raised concerns about the regulatory environment for cryptocurrencies and blockchain projects in South Korea.
Some experts have argued that the case highlights the need for more explicit rules and regulations to prevent fraud and financial crimes in the sector.
Others have warned that the case could damage South Korea’s reputation as a hub for blockchain innovation and investment.
Despite these concerns, Terra has continued to operate and develop new products, including a decentralized exchange and a suite of blockchain-based financial tools.
In a statement released shortly after Kwon’s arrest, the company emphasized that it was taking steps to address the allegations against him and that its operations would continue as usual.
Do Kwon’s appeal against the decision to extend his detention period will likely attract significant attention from the cryptocurrency and blockchain communities.
The case highlights the need for more precise regulation in the sector and raises concerns about the impact of high-profile legal issues on the industry’s reputation and development.