The Detention of Terraform Labs Co-founder Do Kwon Extended
The detention of Do Kwon, co-founder of Terraform Labs, has been extended in Montenegro at the request of the U.S. and South Korea, as reported by Bloomberg. The extension will last until Feb. 15.
This decision was made in response to requests from both the U.S. and South Korea, who intend to prosecute Kwon for his involvement in the collapse of the TerraUSD stablecoin, according to a court spokeswoman.
Kwon’s Appeal
Montenegro’s high court has ruled that Kwon could be extradited to either the U.S. or South Korea. However, Kwon is currently appealing this decision.
Kwon became the subject of a global manhunt in 2022 following the collapse of his two tokens, TerraUSD and Luna, which resulted in a loss of approximately $40 billion.
About Author
RT Watson is a senior reporter at The Block who covers various topics such as U.S.-based companies, blockchain gaming, and NFTs. He has previously worked as an entertainment reporter at The Wall Street Journal and covered corporate news in Brazil while at Bloomberg.
Hot Take: The Ongoing Legal Battle for Do Kwon
The extension of Do Kwon’s detention highlights the intense legal battle surrounding his alleged involvement in the collapse of TerraUSD and Luna. With extradition requests from both the U.S. and South Korea, Kwon’s fate hangs in the balance as he appeals against potential extradition. The case not only sheds light on the risks associated with stablecoins but also underscores the global reach of regulatory authorities when it comes to prosecuting crypto entrepreneurs. As this high-profile case unfolds, it serves as a reminder of the growing scrutiny and accountability within the crypto industry.
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