Do Kwon’s custody in Montenegro reportedly extended by 2 months Do Kwon’s custody in Montenegro reportedly extended by 2 months
The embattled crypto tycoon faces extradition to either the United States or South Korea where he is wanted for his role in Terra's collapse.
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Updated: Dec. 12, 2023 at 3:05 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Terraform Labs co-founder Do Kwon’s custody in Montenegro has reportedly been extended by two months, Barron’s reported on Dec. 12.
According to the report, Marija Rakovic, a spokesperson for the High Court, confirmed that the “extradition custody of Do Kwon [has been] expanded by two months.”
The report did not provide additional information on why Kwon’s custody was extended.
In March, the authorities in Montenegro arrested Kwon, alongside Terraform Labs chief financial officer Han Chang-joon, for traveling with forged documents. He was sentenced to a four-month sentence, which is gradually coming to an end.
However, the authorities would not release Kwon as a free man as he faces possible extradition to the United States or South Korea. A Montenegro Court determined that the necessary legal conditions for his extradition to either country have been met.
The disgraced crypto tycoon is wanted in both countries and has been criminally charged for his role in the shocking collapse of the Terra ecosystem.
Meanwhile, CryptoSlate reported that Kwon could likely be extradited to the U.S. despite his favoring an extradition to South Korea instead. However, the final decision on his fate lies with Montenegro’s Minister of Justice, who has yet to make a public statement about the decision.
Last year, Terra algorithmic TerraUSD (USTC, previously UST) stablecoin and its associated cryptocurrencies collapsed and wiped off about $40 billion worth of assets from the market. The incident shook the global financial scene and resulted in increased scrutiny of the emerging industry among regulatory authorities globally.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Terra Classic
$0.00011
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.