Terraform Labs co-founder Do Kwon’s recent arrest in Montenegro has raised concerns among his supporters and the cryptocurrency industry.
Kwon’s legal representative has confirmed that they will appeal the Montenegrin court’s decision to extend his detention time for up to 30 days, which is longer than the usual 72 hours allotted by the authorities.
Kwon was caught using fake documents at Podgorica airport while trying to fly to Dubai, and prosecutors argued that there was a high risk of his escape. The court, therefore, approved the extension based on the possibility of flight and the fact that Kwon’s identity was not clearly identified.
Kwon’s recent troubles have been compounded by United States prosecutors charging him with fraud on the same day as his arrest in Montenegro.
The charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.
The collapse of the Terra ecosystem and Kwon’s suspected movements between Singapore, Dubai, and Serbia have also raised eyebrows among South Korean authorities.
These factors have left Kwon in a precarious position, with many watching closely to see what happens next.
It is important to remember that Do Kwon is innocent until proven guilty, regardless of the many fingers of blame to point at his potential involvement. His legal team will do everything possible to defend him against these charges.
Regardless of the outcome, this case highlights the growing importance of cryptocurrency and the need for greater regulatory oversight in this space. We can only hope that justice is served, and the truth comes to light in due course.
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