Montenegro’s Supreme Court Extends Do Kwon’s Detention
According to a report by the International Business Times, Montenegro’s Supreme Court has decided to extend the detention of Do Kwon, founder and CEO of TerraForm Labs, until February 2024. This decision comes after extradition requests from the United States and South Korea.
Closed-Door Discussions Reveal Montenegro’s Plan
Originally scheduled for extradition to the US in December, Do Kwon’s fate took a turn when the Montenegrin High Court extended his stay until February 2024. The decision is related to charges connected to the collapse of the TerraUSD stablecoin and resulting financial losses.
Kwon’s defense team appealed the High Court’s ruling, leading to a confirmation from the Montenegrin Court of Appeal that he contested the decision.
During closed-door discussions, it was revealed that Montenegro’s Justice Minister had already determined the likely destination for Kwon’s extradition, with the United States being favored.
Terra Founder Faces Legal Battles in Multiple Countries
Do Kwon is facing legal battles in various countries, including the United States and Singapore. He has been charged by government agencies with crimes such as wire fraud, commodities fraud, securities fraud, conspiracy to defraud, and market manipulation.
The US prosecutors have accused him of orchestrating a cryptocurrency fraud that resulted in losses exceeding $40 billion. Kwon denies all allegations and has refuted claims of being a fugitive.
Kwon co-founded Terra in 2018, but the de-pegging of TerraUSD from the US dollar in May 2021 caused market turbulence affecting Terra’s native cryptocurrency, LUNA.
Uncertain Future for Do Kwon
The fate of Do Kwon remains uncertain as the legal proceedings continue. It is unclear how the prosecutors from the United States and South Korea will respond to the Montenegro High Court’s decision and what steps Kwon’s legal team will take next.
Hot Take: Terra’s Market Performance
Currently, LUNA is priced at $0.00017303 with a 24-hour trading volume of $144,797,727.05, according to data from CoinGecko. Although there has been a modest 0.81% price increase in the last 24 hours, Terra has seen a significant decrease of -17.17% in the past 7 days.
Terra’s market capitalization stands at $1,012,393,251 with approximately 5.8 trillion LUNA in circulation.
Featured image from Bloomberg, chart from TradingView.com
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