Terraform Labs co-founder Do Kwon’s legal representative has confirmed the appeal against Montenegrin court’s decision to detain him for longer than usual after being caught using fake documents at Podgorica airport while trying to fly to Dubai.
The recent arrest of Terraform Labs co-founder Do Kwon has been making headlines globally. Kwon was apprehended at the Podgorica airport in Montenegro while attempting to fly using fake documents.
The former executive has been accused of fraud by the United States prosecutors in New York and is facing charges of commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.
Kwon’s legal representative has confirmed that they will be appealing the Montenegrin court’s decision to extend his detention period by up to 30 days. While the authorities in Montenegro typically allow detention for up to 72 hours, Kwon’s extension was approved due to the high possibility of an escape. The court took into consideration that Kwon was a foreign national whose identity was not clearly identified.
The legal battle ahead is expected to be lengthy and complicated. Kwon is currently being held in custody in Montenegro, and his defense team will have to navigate both the Montenegrin and United States legal systems. The charges brought against Kwon are serious and carry heavy penalties, which could include fines and imprisonment.
Kwon has been suspected of moving between Singapore, Dubai, and Serbia by South Korean authorities since the collapse of the Terra ecosystem. The collapse of the ecosystem has caused significant losses to investors, and Kwon’s arrest has been welcomed by many who are seeking justice.
The case has also raised concerns about the use of fake documents in international travel and the need for better security measures at airports. The ease with which Kwon was able to use fake documents to travel to Montenegro highlights the need for more stringent security checks to prevent individuals from using fraudulent means to travel across borders.