Do Kwon, a co-founder of Terraform Labs, is expected to challenge the Montenegrin court’s decision to keep him in custody for an additional week or more.
The project’s native token, LUNA, and its algorithmic stablecoin, UST, together with its whole ecosystem, crashed, leading to the 31-year-old creator being on the run, it is said.
He was taken into custody by Montenegrin officials last week at the airport in the nation’s capital, Podgorica. Since there is a good probability that Kwon will stand trial in the United States, it is yet unclear when he will be extradited to another nation.
According to a local report, Kwon’s defense team will challenge the Montenegrin court’s decision to extend his detention for up to 30 days.
The Balkan country typically permits imprisonment for a maximum of 72 hours, but it granted the prosecutor’s plea to extend the case since Kwon is a foreigner who is likely to leave.
The Terra crisis left many investors broke, and the South Korean departed his country sometime last year.
He supposedly hid in a number of places, including Dubai, Singapore, Mauritius, and the Seychelles.
His possible residence in Serbia, Montenegro’s eastern neighbor, was suggested by the most recent sources.
US authorities accused Kwon of securities fraud, commodities fraud, and conspiracy shortly after his detention and identified him as the primary responsible party for the Terra disaster.
American attorney Michael Zweiback predicts that the fugitive will most certainly be sent to the USA or South Korea. He may be prosecuted by the same office that is in charge of the case against Sam Bankman-Fried, the former CEO of FTX, should he arrive in the United States.