Do Kwon, the Terraform Labs co-founder arrested on charges for defrauding investors, is set to appeal court decisions to extend his detention in Montenegro up to 30 days.
The executive’s legal representation confirmed the news of the appeal, local media Vijesti reported at the time. The decision comes after authorities detained him for using fake documents and passports at Podgorica airport while en route to Dubai, United Arab Emirates.
Montenegrin police extended his detention due to his potential to flee the country. Additionally, courts added that the foreign national’s identity had not been clearly identified, the report read.
The news comes after Kwon disappeared following the collapse of Terraform and its native token, Terra/Luna. After the crisis erupted, South Korean authorities suspected he had moved from Singapore, Serbia, and Dubai.
New York officials and the US Securities and Exchange Commission (SEC) also charged him with defrauding investors after his arrest in Montenegro on eight counts, including securities, wire, and commodities fraud.
