Terra Labs co-founder Do Kwon voices against the Montenegrin court’s decision to detain a crypto fugitive 30 days longer than conventional detection.
The person behind the biggest crypto market crash in 2022, which removed nearly $40 billion from the market, Do Kwon was arrested last week while trying to flee to Dubai at Podgorica airport in Montenegro, with a fake passport.
Prior to detention, Montenegrin police confirmed his identity as a crypto fugitive. But according to the local newspaper Vijesti, the Montenegrin court on Saturday confirmed extending Do Kwon’s custody by 30 days.
Following the custody development, Do Kwon’s legal representative filed an appeal against the Montenegrin local court’s decision.
After being detained at Podgorica airport, the court ordered Do Kwon to be held for 72 hours. On Friday, prosecutors appealed to a local court to extend the detention period by about a month, which was approved, citing the risk of flight and unverified identities of foreign suspects from Singapore.
After the arrest of Do Kwon by Interpol, the price of LUNA fell by almost 6% from $1.319 Friday’s high. As a result, the weekly price of LUNA ended with a loss of 10.10% at the $1.13 mark.
