Do Kwon will remain in custody in Montenegro until February

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

Do Kwon: Two month extension granted

The report published by Bloomberg on Tuesday said that Kwon’s detention in Montenegro has been extended until early 2024 at the behest of the US and South Korea.

Both South Korea and the United States are seeking to charge Kwon in connection with the collapse of cryptocurrency coins Terra and Luna in spring 2022. Ultimately, the collapse cost the crypto market a total of almost $40 million.

Marija Rakovic, a spokeswoman for Montenegro’s Supreme Court, said Kwon’s detention was originally scheduled to end on Friday but has since been postponed to February 15.

“I don’t rule out this possibility”

After the Supreme Court approved Kwon’s extradition last month, the Terraform co-founder’s fate rests in the hands of Montenegrin Justice Minister Andrej Milovic. 

Just last week, the Wall Street Journal reported that Kwon would be extradited to the United States after months of uncertainty after Milovic allegedly said so the US Ambassador to Montenegro, Judy Rising Reink.

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

Kwon’s Montenegrin lawyer Goran Rodic also declined to confirm the decision, but said he “does not rule out this kind of possibility.”

What to expect from Kwon’s case

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

Kwon is said to have been hiding in Dubai, Serbia and Montenegro before he was finally caught in March 2023 trying to fly out of the country with fake passports along with his co-conspirator Han Chang-Joon.

Last month, Kwon’s attempt to appeal his sentence to a four-month prison sentence for forgery in Montenegro was rejected by a judge on the grounds that “the penalties imposed are proportionate to the seriousness of the crime committed”.

Kwon, who is currently being held in Spuž Prison outside the capital Podgorica, had previously been granted possible additional time in the correctional facility while the details of his extradition were clarified.

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

Milovic is expected to wait until a decision on the appeal is made before officially announcing where Kwon will be extradited.

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