Do Kwon detention extended in Montenegro after report of likely extradition: Bloomberg

The detention of Terraform Labs co-founder Do Kwon in Montenegro has been extended at the request of the U.S. and South Korea, according to Bloomberg.

Do Kwon's detention in the small European nation will last until Feb. 15, the report said. The detention period had been scheduled to end this coming Friday, the report also said.

The court's decision comes in response to a request made from the U.S. and South Korea, both of which aim to prosecute the crypto entrepreneur on charges related to the collapse of the TerraUSD stablecoin, a court spokeswoman told Bloomberg.

Last week, The Wall Street Journal reported that Montenegro planned to extradited Kwon to the U.S. The report cited anonymous sources familiar with discussions had by Justice Minister Andrej Milovic.

Kwon's appeal

Montenegro's high court has ruled that Kwon could be extradited to either the U.S. or South Korea, according to Bloomberg. Kwon is currently appealing that decision.

Kwon became the target of a global manhunt in 2022 after Interpol reportedly issued a so-called red notice for him due to the implosion of the two tokens he created, TerraUSD and Luna. The tokens' collapse wiped out about $40 billion.