Terraform Labs co-founder Do Kwon will reportedly appeal a court decision to extend his detention for up to 30 days after he was arrested in Montenegro for attempting to use forged documents.
A legal representative of Kwon confirmed the appeal against the Montenegrin court's decision to extend the entrepreneur's detention, local media Vijesti reported. Kwon made the decision after he was arrested at Podgorica airport using forged documents while trying to fly to Dubai.
While authorities in Montenegro usually prescribe up to 72 hours of detention, Kwon's 30-day extension was granted after prosecutors stressed that a jailbreak was highly likely. The court held that Kwon was an unidentified foreigner. Since the collapse of the Terra ecosystem, Kwon has been suspected by South Korean authorities of moving between Singapore, Dubai and Serbia. U.S. Attorneys in New York charged the entrepreneur with fraud on March 23, hours after Kwon was arrested in Montenegro.
The 31-year-old was charged with eight separate counts, including commodities fraud, securities fraud, wire fraud and conspiracy to defraud and participate in market manipulation.
