Terraform Labs co-founder Do Kwon’s custody in Montenegro has reportedly been extended by two months, according to a spokesperson for the High Court. Kwon, along with Terraform Labs CFO Han Chang-joon, was arrested in March for traveling with forged documents. While Kwon’s four-month sentence is coming to an end, he will not be released as he faces possible extradition to the United States or South Korea.
The Montenegro Court has determined that the necessary legal conditions for Kwon’s extradition to either country have been met. Kwon is wanted in both countries and has been criminally charged for his role in the collapse of the Terra ecosystem, which wiped off about $40 billion worth of assets from the market.
There is speculation that Kwon could be extradited to the U.S., despite his preference for extradition to South Korea. The final decision lies with Montenegro’s Minister of Justice, who has yet to make a public statement about the matter.
The collapse of Terra’s algorithmic stablecoin and its associated cryptocurrencies last year had a significant impact on the global financial scene, leading to increased scrutiny of the emerging industry by regulatory authorities worldwide.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇲🇪 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Han Chang-joon, Do Kwon |
| Companies | High Court, None, Terraform Labs, Montenegro Court, regulatory authorities |
| Currencies | TerraUSD, TerraClassicUSD |
| Securities | None |
