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Do Kwon to Appeal Detention Extention Following Arrest

Do Kwon will appeal against the Montenegro court's decision to detain him for up to 30 days instead of the usual 72 hours. Prosecutors fear he could escape

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LUNA founder Do Kwon is set to appeal the court's decision to extend his detention time.

Do Kwon was arrested last week in Montenegro after allegedly been travelling under a false name with fake documents.

Montenegro interior minister Filip Adzic announced the news Do Kwon's arrest on Twitter, stating that "one of the world's most wanted fugitives" had been detained at the capital's Podgorica airport.

Read more: Do Kwon Arrested in Montenegro, Faces US Criminal Fraud Charges

The Montenegrin court decided to detain the Terraform Labs head for up to 30 days, instead of the typical 72 hours, after prosecutors expressed concern about the high possibility of his escape. The court also said Do Kwon was a foreign national and that his identity was not clearly identified.

A legal representative of Do Kwon confirmed that he will be appealing against the decision.

Officials are working on extraditing Do Kwon to South Korea. His location had previously been uncertain, but South Korean officials had believed he was in Serbia.

Read more: Do Kwon Hunted By South Korea Officials in Serbia

On Thursday, prosecutors at the US District Court in Manhattan said Do Kwon now faces charges of securities fraud, wire fraud, commodities fraud and conspiracy.

He had previously faced civil charges and was charged with fraud by the SEC. The US Department of Justice also launched a probe into the collapse of LUNA.

Read more: Justice Department Investigates TerraUSD Following SEC Probe

US financial regulators alleged that Mr Kwon and Singapore-based Terraform Labs "failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for Luna and TerraUSD."

The Singapore Police Force (SPF) has also begun an investigation into Terraform Labs and Do Kwon, who is no longer in the country.

Read more: Singapore Police Finally Probe Terra Luna Founder Do Kwon

In a statement, the SPF said, “Investigations have commenced in relation to Terraform Labs” with "ongoing" inquiries, adding that Do Kwon is not currently in Singapore. He had previously been operating from the city-state.

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