Terra (LUNA) founder Do Kwon will remain in Montenegrin custody for at least two more months at the request of the United States and South Korea.
According to a new Bloomberg report, Terraform Labs co-founder Do Kwon will be held in Montenegro for another two months while officials from the US and Korea file charges related to the implosion of Terra’s stablecoin UST last year.
According to the Bloomberg report, the decision on which country Do Kwon will be extradited to is being considered by an appeals court after his defense appealed last month’s Supreme Court ruling.
Kwon was arrested in Montenegro in late March while trying to board a flight to the United Arab Emirates (UAE) with a forged Costa Rican passport.
The former crypto billionaire has been sentenced to four months in prison. However, both the United States and South Korea are seeking his extradition to face fraud charges related to the $40 billion collapse of the Terra ecosystem in 2022.
A court in Montenegro last month approved Kwon’s extradition to both the US and South Korea. However, Kwon has appealed this ruling. Justice Minister Milovic is expected to wait until after the court rules on Kwon’s appeal before announcing which country he will be extradited to, the Wall Street Journal said.
Dan Sunghan, director of the Financial Crime Investigation Bureau of the Seoul Southern District Prosecutor’s Office, told Bloomberg in June that Kwon could face more than 40 years in prison.
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