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South Korean prosecutors' request for an arrest warrant for Daniel Shin, co-founder of Terraform Labs, was denied by a local court for the second time, according to media Yonhap News.
A criminal defense lawyer in Montenegro said that Do Kwon would soon be transferred to a detention area with only 8 square meters, about 10 people, and no beds.
Now in custody in Montenegro, Do Kwon could be facing "at least a year" behind bars as the country considers extradition requests, according to one criminal defense lawyer.
Do Kwon is expected to stand trial in Montenegro before facing charges in other interested jurisdictions. Kwon is the founder and CEO of Terraform Labs, the crypto company that created TerraUSD and LUNA.
Before extradition, Terraform Labs founder Do Kwon will first have to stand trial in Montenegro for traveling on a fake passport, according to his lawyer in the country. The fugitive crypto entrepreneur may also have to serve time in prison before he is extradited from the Balkan nation, its justice minister indicated.
Terra Luna Classic core developer group Joint L1 Task Force submitted their plan and budget for Q2. The developer group completed several crucial blockchain upgrades such as the v1.0.5 hotfix and v1.1.0, bringing back the Binance LUNC burn mechanism.
March started with a series of US bank collapses, which brought uncertainty to the financial markets, including cryptocurrencies. Some digital assets have been under high selling pressure, marking notable drops.
Terraform Labs co-founder Do Kwon's arrest in Montenegro earlier this week has become one of the biggest developments in the crypto industry so far.
The U.S. and South Korea are seeking the extradition of international crypto fugitive Do Kwon. Kwon, along with another suspect, was arrested last week in Montenegro.
South Korea and the US appear to be competing over the extradition of disgraced Terra founder Do Kwon, and his business associate Hon Chang-Joon is caught in the crossfire.
A Montenegro court rejected Terra co-founder Do Kwon's appeal against extending detention to 30 days. On March 25, lawyers representing CEO Do Kwon and CFO Han Chang-joon filed an appeal against the court's decision to extend the detention period.
According to Newsis, the South Korean Ministry of Justice refutes Montenegro's claim the US's extradition request for Terraform Labs CEO was earlier. SK filed on 24 Mar, US on 25 Mar, a day after Do Kwon's arrest.
Do Kwon, the co-founder of Terraform Labs Pte, is reportedly in jail in Montenegro, awaiting extradition for alleged involvement in a cryptocurrency fraud that resulted in the loss of $40 billion in market value. What Happened: The U.S. and South Korea have both charged Kwon and are requesting his extradition, stated a Bloomberg report, but Montenegro's justice minister, Marko Kovac, says a judge will decide which country will be given first priority.
Terraform Labs Co-Founder Shin Hyun-Seong aka Daniel Shin was interrogated in court about his role in the company and the crash.
The United States and South Korea both aim to prosecute Terra founder Do Kwon, making his next destination unclear, according to a report from Bloomberg on March 29.
Terraform Labs co-founder Do Kwon's extradition will likely be delayed by due process related to passport fraud charges in Montenegro.
The United States and South Korea have both requested the extradition of Do Kwon from Montenegro. The country's Justice Minster has clarified that court proceedings in Montenegro will have priority over extradition.
CoinDesk's Chief Insights Columnist David Z. Morris suggests the Terra founder's attempts to avoid prosecution may have added to his troubles.
Also today, the date when Ethereum stakers can make withdrawals has been revealed.
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.
Do Kwon, the co-founder of Terraform Labs, who was detained by Montenegrin police, is wanted by the United States and South Korea.
Do Kwon, the co-founder of Terraform Labs, expressed surprise at his arrest after months of being on the run for allegedly committing a crypto fraud that shook the entire crypto market and resulted in the loss of at least $40 billion.
Do Kwon may have to serve time in Montenegro if convicted of charges related to forged identification documents before any extradition to the U.S. or South Korea is granted.
The Terra co-founder Do Kwon and his associate Han Chang Joon will first face charges in Montenegro for allegedly using forged documents.
