Report: Terraform Labs Co-Founder Do Kwon Charged by Montenegro Prosecutors

Approximately one month after the arrest of Do Kwon by Montenegrin police authorities, local prosecutors have indicted the co-founder and CEO of Terraform Labs. The indictment will likely delay extradition attempts to South Korea and the United States, where Kwon is facing multiple charges. Local prosecutors have reportedly asked the court to extend the detention of Kwon and his associates.

Kwon’s hideout is seized by local police

Montenegrin prosecutorsreportedly chargedDo Kwon, co-founder and CEO of Terraform Labs, with using a forged passport and other identification documents while attempting to flee the Balkan country on March 23, 2023, DL News reports that Kwon’s indictment is likely to complicate extradition efforts to the United States and South Korea, where he faces multiple charges.

As Bitcoin.com News previously reported, Kwon and his associate Han Chang-Joon were arrested while attempting to leave for Dubai on a private jet. At the time of his arrest, Kwon was reportedly in possession of a fake Costa Rican passport.

Prior to attempting to leave Montenegro, Kwon and Han were living in an apartment in Belgrade that the latter acquired in September 2022 for approximately $2.2 million. According to local media reports, the apartment, where Kwon was believed to have been hiding for six months, was recentlyseized by local law enforcement.

Prosecutors ask for an extension of Kwon’s detention

A Montenegrin court initially ruled that the two men should be kept behind bars for 30 days after they were captured by local police. However, as DL News reports, more days could be added if the court complies with the prosecution’s request for an extension.

“After the court’s decision to extend the detention, the public will be informed of all available information about the case,” court spokesman Maja Kosovic reportedly said.

According to the report, if Kwon and Han are found guilty, they will likely be sentenced to prison terms of between three months and five years.

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