The Supreme Court of Montenegro extended the detention period of Terraform Labs co-founder Do Kwon upon requests from the United States and South Korea. The announcement was made by court spokeswoman Marija Rakovic.
The court decided to extend Kwon's detention period, which was originally set to end on Friday, by two months, until February 15. The decision comes as both the United States and South Korea are seeking Kwon's extradition on charges related to the 2022 collapse of TerraUSD, an algorithmic stablecoin.
Last month, the Supreme Court ruled that Kwon could be extradited and left the decision on the country to be extradited to the Montenegrin Minister of Justice. However, Kwon's defense team appealed the decision. According to Rakovic, the appeal is currently being considered by an appeals court in Podgorica.
The country's Justice Minister Milovic has not yet announced his decision and is not expected to do so until Kwon's latest appeal against the court decision is decided by the country's courts.
Rumors broke about four days ago that Montenegro's top justice official was planning to send Do Kwon to the United States instead of South Korea to face criminal charges, the Wall Street Journal said, citing its source.
*This is not investment advice.