Do Kwon to reportedly appeal against court’s decision to extend detention

Following his arrest in Montenegro while attempting to fly using fake documents, Terraform Labs co-founder Do Kwon will reportedly appeal the court’s decision to extend detention time for up to 30 days.

A legal representative of Kwon confirmed the appeal against the Montenegrin court’s decision to detain the entrepreneur for longer than usual, according to local media Vijesti. The decision was made after Kwon was caught using fake documents at Podgorica airport while trying to fly to Dubai.

While Montenegro authorities typically allot detention for up to 72 hours, Kwon’s 30-day extension was approved after prosecutors highlighted the high possibility of an escape. The court considered that Kwon was a foreign national whose identity was not clearly identified.

Since the collapse of the Terra ecosystem, Kwon has been suspected of moving between Singapore, Dubai and Serbia by South Korean authorities.

Related: South Korea seizes $104M from Terra co-founder suspecting unfair profits

On March 23, a few hours after Kwon’s arrest in Montenegro, United States prosecutors in New York charged the entrepreneur with fraud.

As Cointelegraph reported, the 31-year-old was charged with eight separate counts, including commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.

Magazine: SEC targets Coinbase, Do Kwon arrested and FTX sells $95M in Mysten Labs: Hodler’s Digest, March 19-25

All Dutch and English crypto news!

Bitcoin levels to watch next as BTC price risks sub-$60K retest

Bitcoin bulls face an uphill struggle to stem selling amid worries that BTC price weakness will end up challenging levels below $60,000. Markets News Own this piece...

World’s largest pension fund explores diversifying into Bitcoin

Japan’s Government Pension Investment Fund, the largest pension fund in the world, is willing to learn more about Bitcoin as a potential diversification tool. News Own this...

Slerf’s memecoin launch: ‘Mindless’ screw-up or marketing stunt?

The developer behind the Slerf memecoin claims the snafu was due to a “mindless misclick,” but skeptics suggest the drama may have been a very...

Novogratz’s Galaxy reaches $10B AUM amid surge of investor interest in crypto

Galaxy's asset management arm partially attributed the milestone to its spot Bitcoin ETF with Invesco, though inflows have been low. News Own this piece of crypto history Collect...

Beste exchanges

Koop je crypto bij Bitvavo