Do Kwon Must Stay Two More Months in Montenegro as Authorities Extend Custody Period: Report

Terra (LUNA) founder Do Kwon is staying in Montenegrin custody for at least two more months at the request of the United States and South Korea.

According to a new Bloomberg report, Terraform Labs co-founder Do Kwon will be held in Montenegro for two more months as officials from the US and Korea seek charges related to the implosion of Terra’s stablecoin UST last year.

According to the Bloomberg report, the decision on which country Do Kwon will be extradited to is being considered by an appellate court after his defense appealed the High Court ruling from last month.

Kwon was arrested in late March in Montenegro while trying to board a flight to the United Arab Emirates (UAE) using a forged Costa Rican passport.

The former crypto billionaire has been sentenced to four months in prison. However, both the United States and South Korea are seeking his extradition to face fraud charges related to the $40 billion collapse of the Terra ecosystem in 2022.

A court in Montenegro approved Kwon’s extradition to both the US and South Korea last month. However, Kwon has appealed that ruling. The Justice Minister, Milovic, is expected to wait until after the court rules on Kwon’s appeal before announcing which country he will be extradited to, according to the Wall Street Journal.

Dan Sunghan, Director of the Financial Crime Investigation Bureau at the Seoul Southern District Prosecution Service, told Bloomberg in June that Kwon could be imprisoned for over 40 years.

Featured Image: Shutterstock/Evannovostro/Muhammed AKAN