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Crime and Investigations

Founder of Terraform Labs to Appeal Extended Detention in Montenegro

Founder of Terraform Labs to Appeal Extended Detention in Montenegro

Do Kwon, the co-founder of Terraform Labs, is reportedly planning to appeal against a court’s decision to extend his detention in Montenegro.

Kwon was arrested in Montenegro after he was caught using fake documents at Podgorica airport while trying to fly to Dubai. According to local media Vijesti, Kwon’s legal representative has confirmed the appeal against the court’s decision to detain the entrepreneur for longer than usual.

While Montenegro authorities typically allot detention for up to 72 hours, Kwon’s 30-day extension was approved after prosecutors highlighted the possibility of an escape. The court considered Kwon a foreign national whose identity was not clearly identified.

Kwon has been suspected of moving between Singapore, Dubai, and Serbia by South Korean authorities since the collapse of the Terra ecosystem. On March 23, a few hours after Kwon’s arrest in Montenegro, United States prosecutors in New York charged the entrepreneur with fraud.

READ MORE: SEC Warns Investors of Risks in Crypto Investment

The 31-year-old was charged with eight separate counts, including commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.

Kwon’s case has drawn attention to the issue of fake documents, which can be used to evade authorities. It highlights the need for stronger identity verification and background checks, particularly for those involved in the cryptocurrency industry. As governments and regulatory bodies worldwide tighten their grip on the sector, fraudsters and criminals increasingly use fake documents to circumvent the law. The case serves as a reminder that transparency and accountability are essential for the cryptocurrency industry to thrive and gain the trust of the public and regulators alike.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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