Terra co-founder Do Kwon will stay in Montenegro until February: Report

Terraform Labs Co-Founder make kwonwho is expected to be extradited to the United States to face criminal charges, will remain in Montenegrin custody until February.

According to a Bloomberg report on December 12, authorities in the United States and South Korea required Montenegrin officials are holding Kwon for two more months after serving his prison sentence. The co-founder of Terraform Labs was arrested in montenegro in March for using falsified travel documents and sentenced to four months in prison.

Kwon, a South Korean national previously residing in Singapore, has been charged in the United States and South Korea for his alleged role in the Terra collapse. The Wall Street Journal reported on December 7 that the United States would taking custody of Kwon against South Korea. Both countries have pending extradition requests at the time of this publication.

Related: Do Kwon could serve prison terms in both the United States and South Korea, prosecutor says

If extradited to the United States, Kwon would face eight criminal charges, including commodity fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation related to his time at Terraform Labs. The Securities and Exchange Commission The US Securities and Exchange Commission (SEC) also accused Kwon of “defrauding investors in crypto schemes.”

Terra crashed in May 2022, which many considered a major event that started a crypto market slowdown. TerraUSD (UST) decoupled from the US dollar and many companies subsequently filed for bankruptcy, including Voyager Digital, BlockFi, Celsius Network, and FTX.

Magazine: Terra collapsed because he used arrogance as collateral - Knifefight