Following his arrest in Montenegro whereas trying to fly utilizing faux paperwork, Terraform Labs co-founder Do Kwon will reportedly enchantment the court docket’s determination to increase detention time for as much as 30 days.
A authorized consultant of Kwon confirmed the enchantment in opposition to the Montenegrin court docket’s determination to detain the entrepreneur for longer than normal, in accordance with native media Vijesti. The choice was made after Kwon was caught utilizing faux paperwork at Podgorica airport whereas attempting to fly to Dubai.
Translation from Montenegro Minister of Inside Filip Adzic – “ONE OF THE WORLD’S MOST WANTED FUGITIVES WAS ARRESTED IN PODGORICA
Montenegrin police have detained an individual suspected of being one of the wished fugitives, South Korean citizen Do Kwon…” https://t.co/sCJ0FFrlEk
— Simon Dixon (@SimonDixonTwitt) March 23, 2023
Whereas Montenegro authorities sometimes allot detention for as much as 72 hours, Kwon’s 30-day extension was authorised after prosecutors highlighted the excessive risk of an escape. The court docket thought of that Kwon was a international nationwide whose identification was not clearly recognized.
Because the collapse of the Terra ecosystem, Kwon has been suspected of shifting between Singapore, Dubai and Serbia by South Korean authorities.
Associated: South Korea seizes $104M from Terra co-founder suspecting unfair income
On March 23, just a few hours after Kwon’s arrest in Montenegro, United States prosecutors in New York charged the entrepreneur with fraud.
JUST IN: $LUNA falls 8.2% to $1.31 following reviews of Do Kwon’s alleged arrest in Montenegro.
: https://t.co/1bQ48EyLco pic.twitter.com/nXSGI2WSNw
— CoinGecko (@coingecko) March 23, 2023
As Cointelegraph reported, the 31-year-old was charged with eight separate counts, together with commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and interact in market manipulation.
Journal: SEC targets Coinbase, Do Kwon arrested and FTX sells $95M in Mysten Labs: Hodler’s Digest, March 19–25
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