Terraform Labs Co-Founder Do Kwon Appeals Extended Detention
Luisa Crawford Mar 27, 2023 07:53
Terraform Labs co-founder Do Kwon will appeal the Montenegrin court’s decision to extend his detention time for up to 30 days. Kwon was caught using fake documents at the airport and was detained due to the high possibility of escape.
Do Kwon, the co-founder of Terraform Labs, was recently arrested at Podgorica airport in Montenegro for attempting to fly to Dubai using fake documents. Following his arrest, the Montenegrin court approved a 30-day extension to Kwon's detention period, which is longer than the usual 72-hour period allotted by authorities.
Kwon's legal representative has confirmed that they will be appealing the court's decision to extend his detention time. The decision was made due to the high possibility of Kwon attempting to escape, as he is a foreign national whose identity was not clearly identified.
This is not the first time that Kwon has been suspected of moving between countries. Since the collapse of the Terra ecosystem, South Korean authorities have been investigating Kwon's movements between Singapore, Dubai, and Serbia. On March 23, just a few hours after Kwon's arrest in Montenegro, United States prosecutors in New York charged the entrepreneur with fraud.
Terraform Labs is a blockchain company that focuses on building decentralized financial infrastructure. The company's native cryptocurrency, LUNA, has experienced significant growth in the past year, with a market capitalization of over $12 billion. Kwon's arrest has raised concerns about the impact on the company and the cryptocurrency market as a whole.
The arrest has also shed light on the issue of using fake documents to travel. This is not the first time that a high-profile individual has been caught using fake documents, and it highlights the need for stricter regulations and checks at airports. Kwon's case also underscores the importance of verifying the identity of individuals, particularly foreign nationals, to prevent potential security threats.
As Kwon's case unfolds, it remains to be seen how it will impact the cryptocurrency market and Terraform Labs as a company. The company has not yet released an official statement regarding Kwon's arrest and charges. However, the situation will likely have significant implications for the company and its stakeholders. It also highlights the need for increased scrutiny and due diligence in the cryptocurrency industry, as it continues to grow and evolve.
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