Do Kwon detention extended in Montenegro after report of likely extradition: Bloomberg

Do Kwon detention extended in Montenegro after report of likely extradition: Bloomberg
People • December 12, 2023, 11:12AM EST
Published 1 minute earlier on

The detention of Terraform Labs co-founder Do Kwon in Montenegro has been extended at the request of the U.S. and South Korea, according to Bloomberg.

Do Kwon’s detention in the small European nation will last until Feb. 15, the report said. The detention period had been scheduled to end this coming Friday, the report also said.

The court’s decision comes in response to a request made from the U.S. and South Korea, both of which aim to prosecute the crypto entrepreneur on charges related to the collapse of the TerraUSD stablecoin, a court spokeswoman told Bloomberg.

Last week, The Wall Street Journal reported that Montenegro planned to extradited Kwon to the U.S. The report cited anonymous sources familiar with discussions had by Justice Minister Andrej Milovic.

Kwon’s appeal

Montenegro’s high court has ruled that Kwon could be extradited to either the U.S. or South Korea, according to Bloomberg. Kwon is currently appealing that decision.

Kwon became the target of a global manhunt in 2022 after Interpol reportedly issued a so-called red notice for him due to the implosion of the two tokens he created, TerraUSD and Luna. The tokens’ collapse wiped out about $40 billion.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master’s degree in Digital Sociology.

About Author

scroll to top