219
According to reports, the co-founder of TerraForm Labs, , was detained by the police in Montenegro last week at the airport in the capital city of Podgorica. Kwon, who has been on the run from the authorities in South Korea, is now planning to file an appeal against his incarceration as a result of a ruling by the Montenegro court to extend it by another 30 days.
Montenegro Says “We First”
The Montenegrin prosecution placed a strong emphasis on the fact that Do Kwon must first be tried for forging passports before he can be extradited to either South Korea or the United States. According to reports from the local officials in Montenegro, they were unable to verify Kwon’s immigration paperwork if he entered the country without going through the proper channels or following the entry procedures. In the event that illegal entry is discovered, additional punishment might be imposed as a result.
Read More: Polygon Unveils Its Layer-2 zkEVM Network; Is MATIC Price Poised To Rally?
Prosecutor Haris Shabotich that if Kwon had simply been arrested without causing any additional legal problems, such as by using his Korean passport, he would have been able to proceed directly to the process of criminal extradition. However, the situation became more complicated when he became a party to a criminal case that was being heard by the Montenegrin court system.
Haris was quoted as saying:
We can move on to the next step only when the prosecution of this case is over. And, there is no possibility that recruits will be extradited during the 30 days Kwon is detained.
Do Kwon Faces U.S. Fraud Charges
Do Kwon might also have to answer for his role in the failure of the and UST algorithmic stablecoins, which resulted in a loss of $40 billion in cryptocurrency, in a court in the United States. However, the time frame for his extradition from Montenegro remains unknown due to the legal proceedings that might detain Kwon for additional thirty days.
The court reached the conclusion to extend the time of custody for up to 30 days, stating that Kwon and the other individuals are “foreigners” residing in Singapore, have a high probability to flee, and that their identities have not been definitively proved. According to Montenegrin law, forging a passport is considered a serious crime that can result in a prison sentence of up to five years.
As things stand, the price of LUNA is currently exchanging hands at $1.24 which represents a drop of 4.89% over the past 24 hours in comparison to a decline of 11.45% recorded over the last seven days.
Also Read: U.S. CFTC Sues Binance And CEO CZ For Violating Regulations; BNB Price Set To Crash?
