The Montenegrin court has kept Terraform Labs founder Do Kwon in prison until February 15, 2024, at the request of the United States. This was reported by court press secretary Maria Rakovi in an interview with Bloomberg.
The decision was made in response to requests from the United States and South Korea, which intend to bring the crypto entrepreneur to account on the collapse of the TerraUSD stablecoin.
In November, the High Court of Montenegro approved extradition of Do Kwon, leaving the minister of justice the option to choose the country. However, lawyers for the head of TFL appealed this ruling, which is now under review by the appellate court.
On March 23, Montenegrin police arrested Do Kwon and former chief financial officer Han Chang-joon of Terraform Labs as they attempted to fly from Podgorica airport to Dubai using fake passports.
The detention occurred at the request of law enforcement authorities in the United States, South Korea, and Singapore.
In his homeland, charges have been brought, including breaches of securities laws.
In the United States, he is the subject of a fraud case being pursued by the SEC and the U.S. Attorney’s Office for the Southern District of New York.