Do Kwon To Be Held in Montenegro for 30 Days

Embattled Terra (LUNA) founder Do Kwon will remain in Montenegro following his arrest in the southeastern European country last week, according to a report.

Citing local prosecutor Haris Shabotich, South Korean publication Yonhap News says that Kwon will be held for 30 days as he awaits investigations over his use of forged travel documents.

Kwon was reportedly arrested at the Podgorica Airport with a forged Costa Rican passport while trying to board a flight to the United Arab Emirates. The embattled LUNA founder’s identity was confirmed through photographic and biometric data by South Korean authorities.

While a suspect can be detained for up to 72 hours in Montenegro, courts can make exceptions at the request of prosecutors to extend the period of custody for up to 30 days in the Balkan state.

The LUNA token and TerraUSD (UST) stablecoin collapsed in May of 2022 leading to losses amounting to tens of billions of dollars for the holders of the two crypto assets. Shortly after, Kwon went on the run and a warrant of arrest was issued by South Korean authorities in September. As recently as February, South Korean authorities thought he was in Serbia.

Kwon is also wanted in the United States where federal prosecutors have filed criminal charges against him including counts of commodities and securities fraud.

Last month, the U.S. Securities and Exchange Commission (SEC) also announced charges against Kwon accusing him of similar offenses.