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INTERNATIONAL BUSINESS TIMES NEWSLETTER SIGNUP My account Log Out Dec 13, 4:54 AM EST World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion NEWSLETTER My account Log Out US Edition World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion Listings & More Spotlight Glossary SMB Forum Glossary K-Wave CEO Spotlight Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States NEWSLETTER Follow Us Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States Crypto Crypto Business Do Kwon's Montenegro Detention Extended Until February 2024 Amid US, South Korea's Extradition Requests By Nica Osorio @nicaIBTimes 12/13/23 AT 4:54 AM EST Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Share on Pocket Reuters KEY POINTS Do Kwon was initially set to be extradited by Dec. 15 However, his camp contested the ddecision of the Hiigh Court of Podgorica The decision on Kwon's extradition is now being considered by an apellate court in Podgorica The Montenegro High Court has decided to extend Terraform Labs (TFL) CEO Do Kwon's detention until February 2024, following extradition requests by the U.S. and South Korea. Kwon, the disgraced co-founder and CEO of the blockchain firm TFL, was initially sentenced to be in Montenegrin custody until Friday. However, Montenegrin High Court spokesperson Marija Rakovic shared that the court ruled his stay would be extended until Feb. 15, 2024. The decision was made after the U.S. and South Korea made extradition requests to prosecute the crypto entrepreneur on charges related to the collapse of the TerraUSD stablecoin. The high court had ruled in November that Kwon would be extradited by Friday. However, the crypto mogul's defense team appealed the court's decision in the appellate court in Podgorica, the country's capital. The Montenegrin Court of Appeal confirmed last week that Kwon contested the decision of the High Court of Podgorica when he said that he did not accept the court's decision to extradite him, saying, "I do not submit to the court's decision." Last week, a report surfaced online claiming that Montenegro's Justice Minister Andrej Milovic had decided where to send the embattled crypto executive, before it was publicly announced. Milovic reportedly told officials in closed-door discussions of his plan to send Kwon to the U.S., especially when he met U.S. ambassador to Montenegro Judy Rising Reinke. Kwon has lawsuits waiting for him in his home country, the U.S., as well as in Singapore, following the implosion of TFL in May 2021, which wiped out billions of dollars in investment. The U.S. Securities and Exchange Commission (SEC), along with several other government agencies and regulators, charged Kwon with eight criminal counts, including wire fraud, commodities fraud, securities fraud and conspiracy to defraud and engage in market manipulation earlier this year. U.S. prosecutors also charged him with orchestrating a years-long cryptocurrency fraud that wiped out at least $40 billion investment. However, Kwon has been denying allegations of fraud filed against his name. He also denied he was on the run last year when he was arrested on March 24 at Montenegrin International Airport for illegal possession of fake travel documents. The crypto mogul co-founded Terra, a blockchain protocol and payment platform used for algorithmic stablecoins, in 2018. In May 2021, its so-called algorithmic stablecoin TerraUSD (UST), de-pegged from the dollar, taking along with it the ecosystem's native cryptocurrency LUNA and kickstarting a market downturn that extended until 2022. Read more Montenegro Court Of Appeal To Review Decision On Do Kwon's Extradition Montenegro's Extradition Plan Might Not Bode Well For Do Kwon's Legal Odyssey Justin Sun-Linked HTX Sees Nearly $260M Net Outflow Since Resuming Operations After Million-Dollar Hack © Copyright IBTimes 2023. All rights reserved. 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