Terraform Labs Co-Founder Arrested for Fraud in Montenegro, Appeals 30-Day Detention

1. Kwon appeals 30-day detention
2. Arrested using fake documents
3. Suspected evasion after Terra collapse

Podgorica, Montenegro – Terraform Labs co-founder Do Kwon, who was recently arrested at Podgorica airport in Montenegro for attempting to board a flight to Dubai using fraudulent documents, will appeal the court’s decision to extend his detention time to 30 days, according to his legal representative. Local media outlet Vijesti reports that the appeal will challenge the Montenegrin court’s decision to hold Kwon for a longer duration than is typically allocated in such cases.

Under normal circumstances, Montenegrin authorities allow for a detention period of up to 72 hours. However, in Kwon’s case, the court approved a 30-day extension following the prosecution’s argument that there was a high risk of escape. Kwon’s status as a foreign national with an unclear identity further contributed to the court’s decision.

Do Kwon has been under the radar of South Korean authorities since the collapse of the Terra ecosystem. He is believed to have been moving between Singapore, Dubai, and Serbia in an attempt to evade law enforcement. The appeal against the Montenegrin court’s extended detention decision is expected to be a point of contention in Kwon’s ongoing legal battle.

In other news, in a shocking turn of events, a rare nonfungible token (NFT) from the famed CryptoPunks collection, valued a stunning 77 Ether, was accidentally sent to a burn address, ensuring its digital extinction for all eternity. The NFT in question, CryptoPunk #685, was just acquired by collector Brandon Riley on March 13 for the exorbitant price of 77 ETH, with the intent of retaining it for an extended period.

Read also:

• Do Kwon Has Been Allegedly Arrested in Montenegro: Reports
• Metrics: Bitcoin Is More Stable Than the Stock Market
• LUNA Crashes as Do Kwon Cashed Out $80M in April
• Securities and Exchange Commission Charge Do Kwon With Fraud
• Interpol Requests Global Arrest of Terra’s Do Kwon