Disgraced Terraform Labs’ co-founder, Do Kwon, will stay in Montenegrin custody through February 2024, according to a new report.

Two-month extension granted

Published by Bloomberg on Tuesday, the report states that Kwon’s detention in Montenegro has been extended through early 2024 at the behest of the U.S. and South Korea.

Both South Korea and the United States are seeking to charge Kwon in relation to the collapse of cryptocurrency coins Terra and Luna in the spring of 2022. When all was said and done, the collapse cost the crypto market nearly $40 million overall.

Marija Rakovic, a spokesperson for the High Court of Montenegro, stated that Kwon’s detention was originally set to end Friday, but has since been pushed out until February 15th.

“Not excluding that kind of possibility”

Following approval from the High Court of Kwon’s extradition last month, the terraform co-founder’s fate lies in the hands of Montenegrin justice minister, Andrej Milovic.

Just last week, a report from the Wall Street Journal alleged that Kwon was expected to be extradited to the United States following months of uncertainty after Milovic allegedly revealed the news to U.S. ambassador of Montenegro, Judy Rising Reink.

However, Milovic declined to comment on the matter, stating only that “the public will be informed of the decision in a timely manner.”

Likewise, Kwon’s Montenegrin lawyer, Goran Rodic, refused to confirm the decision but stated he was “not excluding that kind of possibility.”

What to expect from Kwon’s case going forward

News of Kwon’s extended detainment follows a months-long international manhunt for the Terraform Labs’ co-founder beginning in September 2022.

Kwon allegedly hid out in Dubai, Serbia, and Montenegro, before ultimately getting caught attempting to fly out of the country with co-conspirator, Han Chang-Joon, using fake passports in March 2023.

Last month, Kwon’s attempt to appeal his Montenegrin document forgery case that saw him sentenced to four months in prison was shut down by a judge, stating “the imposed punishments are adequate to the gravity of the committed crime.”

Kwon, who is currently being held in Spuž Prison outside the capital city of Podgorica, had previously been granted potential additional time in the correctional facility as the details of his extradition were ironed out.

Kwon’s attorney is currently attempting to appeal the decision to extradite the Terraform Labs’ co-founder. 

Milovic is expected to wait until after a decision has been made in regards to the appeal to formally announce where Kwon will be extradited.

Image Source: Terra / YouTube

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