Terraform Labs (TFL) CEO Do Kwon is appealing against the Montenegrin court’s decision to extend his detention to 30 days. It is reported by Arirang NEWS.
The TFL founder’s legal representative confirmed his intention to appeal. According to him, Kwon was not provided with an interpreter, which made it impossible for him to “defend himself.”
On March 24, Kwon was detained at the airport while trying to fly to Dubai on fake documents. As a rule, in Montenegro, people are detained for up to 72 hours, but in the case of the head of the TFL, the prosecutor’s office indicated a high probability of escape, so the preventive measure was extended.
Within hours of his arrest, the New York federal prosecutor’s office indicted Kwon on eight counts. These include conspiracy to commit fraud and market manipulation, securities fraud, and misleading investors.
The Ministry of Justice added that they would try to extradite the TFL founder to the United States.
According to Bloomberg, after the arrest of Kwon, South Korean authorities stepped up efforts to detain Terraform Labs co-founder Daniel Shin. In December 2022, the court denied a warrant to the prosecutor’s office, which suspects him of receiving illegal profits of ~ $ 105 million from the sale of LUNA issued on the premine.
After the collapse of Terra, the South Korean authorities became interested in the activities of the TFL, and the court issued an arrest warrant for Do Kwon and five other people.
In February 2023, the US Securities and Exchange Commission accused Terraform Labs and its CEO of orchestrating a multi-billion dollar securities fraud.
Recall that the Montenegrin authorities charged Do Kwon with forging documents. During the searches, they found a set of fake passports from Costa Rica and Belgium.
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Terraform Labs (TFL) CEO Do Kwon is appealing against the Montenegrin court’s decision to extend his detention to 30 days. It is reported by Arirang NEWS.
The TFL founder’s legal representative confirmed his intention to appeal. According to him, Kwon was not provided with an interpreter, which made it impossible for him to “defend himself.”
On March 24, Kwon was detained at the airport while trying to fly to Dubai on fake documents. As a rule, in Montenegro, people are detained for up to 72 hours, but in the case of the head of the TFL, the prosecutor’s office indicated a high probability of escape, so the preventive measure was extended.
Within hours of his arrest, the New York federal prosecutor’s office indicted Kwon on eight counts. These include conspiracy to commit fraud and market manipulation, securities fraud, and misleading investors.
The Ministry of Justice added that they would try to extradite the TFL founder to the United States.
According to Bloomberg, after the arrest of Kwon, South Korean authorities stepped up efforts to detain Terraform Labs co-founder Daniel Shin. In December 2022, the court denied a warrant to the prosecutor’s office, which suspects him of receiving illegal profits of ~ $ 105 million from the sale of LUNA issued on the premine.
After the collapse of Terra, the South Korean authorities became interested in the activities of the TFL, and the court issued an arrest warrant for Do Kwon and five other people.
In February 2023, the US Securities and Exchange Commission accused Terraform Labs and its CEO of orchestrating a multi-billion dollar securities fraud.
Recall that the Montenegrin authorities charged Do Kwon with forging documents. During the searches, they found a set of fake passports from Costa Rica and Belgium.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
