Montenegro court expands custody of Terra’s Do Kwon

Montenegro court expands custody of Terra's Do Kwon

A court in Montenegro has extended the custody of Terra founder Do Kwon for two more months, as South Korea and the United States continue to seek his extradition.

Marija Rakovic, spokesperson for the country’s High Court in Podgorica, the capital, confirmed in a comment to AFP that Kwon Do-hyung’s extradition detention has been “extended by two months,” Barron reports.

It is still unclear to which country the disgraced crypto businessman would be deported.

The United States requested the extradition of Do Kwon from Montenegro in early December 2023, accusing him of fraud and market manipulation in connection with the collapse of TerraUSD, an algorithmic stablecoin that lost its peg to the US dollar in 2022.

South Korean authorities also allege that Kwon engaged in fraudulent and manipulative activities in connection with the collapse of TerraUSD. They claim he misled investors about the stability of the stablecoin and orchestrated its collapse to profit from the resulting market chaos.

The final decision rests with Montenegrin Justice Minister Andrej Milovic, who has told a few officials of his plans to hand over Kwon to US authorities. According to the Wall Street Journal, Milovic also informed the US ambassador about the upcoming move.

According to various estimates, the collapse of TerraUSD wiped out around $40 billion of investor money and sent shockwaves through the global cryptocurrency market.

As reported by crypto.news, the US Securities and Exchange Commission (SEC) filed a lawsuit against Kwon for selling unregistered securities in TerraUSD and for misleading investors in marketing materials about the stability and security of the currency. algorithmic stable.

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