The Supreme Court of Montenegro has extended the detention of Do Kwon, the founder and CEO of TerraForm Labs, until February 2024. This decision comes after extradition requests from the United States and South Korea. Kwon was initially set to be extradited to the US on December 15, but the Montenegrin High Court ruled to prolong his stay. The charges against Kwon are related to the collapse of the TerraUSD stablecoin, which resulted in significant financial losses.

Kwon’s defense team appealed the High Court’s decision, and the Montenegrin Court of Appeal confirmed that he contested the ruling. Recent reports suggest that Montenegro’s Justice Minister, Andrej Milovic, has privately determined that Kwon will be extradited to the United States. This information emerged during closed-door discussions, including a meeting with the US Ambassador to Montenegro.

Do Kwon is facing legal battles in multiple countries, including the United States and Singapore. He has been charged with various criminal counts by the US Securities and Exchange Commission (SEC) and other government agencies. These charges include wire fraud, commodities fraud, securities fraud, conspiracy to defraud, and market manipulation. Prosecutors in the US have accused Kwon of orchestrating a massive cryptocurrency fraud that resulted in losses exceeding $40 billion.

Kwon denies all allegations of fraud and has refuted claims of being a fugitive. He was arrested last year for illegally possessing forged travel documents. Kwon co-founded Terra, a blockchain protocol and payment platform, in 2018. However, the de-pegging of TerraUSD from the US dollar in May 2021 caused a market downturn, affecting the ecosystem’s native cryptocurrency, LUNA.

The fate of Do Kwon remains uncertain as the legal proceedings continue. It is yet to be seen how the prosecutors from the United States and South Korea will respond to the latest decision by the Montenegro High Court, and what the next steps will be for Kwon’s legal team.

As of now, the price of LUNA stands at $0.00017303, with a 24-hour trading volume of $144,797,727.05. Terra has experienced a modest 0.81% price increase in the last 24 hours but has seen a significant decrease of -17.17% in the past 7 days. The market capitalization of Terra currently stands at $1,012,393,251.