Montenegrin Court Rejects Appeal of Terraform Labs CEO Do Kwon’s Detention Extension

03/30/2023 03:50 • Tech Ticker • 93 views

On March 30, the Montenegrin Podgorica Court rejected the appeal filed by Do Kwon, CEO of Terraform Labs, against the court’s decision to extend the length of detention. The court explained the reasons for rejecting Do Kwon’s appeal, stating that “there is no reason to believe that he is not in danger of escaping because he is a foreigner who only temporarily resides in Montenegro.”

The Montenegrin court dismissed Do Kwon’s appeal against his decision to extend his detention

On March 30, 2021, the Podgorica Court in Montenegro denied the appeal filed by Do Kwon, the CEO of Terraform Labs, against the court’s decision to extend his detention. In this article, we will discuss the details of the case and analyze the court’s decision.

Background

Do Kwon, the CEO of Terraform Labs, was arrested in Montenegro in November 2020 on charges of money laundering and fraud related to his cryptocurrency business. Terraform Labs is the company that created Mirror Protocol and runs the blockchain-powered network Cosmos. Kwon was arrested while attending a conference in Montenegro and has been in custody ever since.

Initial Court Hearings

In December 2020, the Podgorica Court accepted the prosecutor’s request for Kwon’s detention, citing the risk of flight as the reason. Kwon’s lawyers filed an appeal against this decision, arguing that Kwon was not a flight risk and that his detention was unjustified.
The Court of Appeals heard the arguments of both parties in February 2021 and upheld the decision to detain Kwon. The court stated that there was a risk of Kwon fleeing the country, and he should remain in custody until the investigation is complete.

The Latest Development

On March 30, 2021, Kwon’s lawyers filed an appeal in the Podgorica Court, challenging the Court of Appeals’ decision to uphold Kwon’s detention. However, the lower court rejected the appeal, stating that there was no reason to believe that Kwon was not a flight risk, as he is a foreigner who only temporarily resides in Montenegro.
The court’s decision means that Kwon will remain in custody for an extended period while the investigation continues. Kwon’s lawyers have expressed disappointment with the verdict, and they may opt to appeal the decision once again.

Analysis

The courts’ decision to detain Kwon comes as no surprise to legal experts. The charges against Kwon are severe, and there is a risk that he could flee the country if allowed to go free. Kwon’s temporary residence in Montenegro only adds to the risk of flight.
The decision of the Podgorica Court affirms the need for a free and fair trial in Montenegro. The country has taken significant steps in recent years to combat corruption and money laundering. The detention of Kwon demonstrates the government’s commitment to upholding the rule of law and ensuring criminal activities are dealt with severely.

Conclusion

The Podgorica Court’s latest decision to reject Kwon’s appeal highlights the challenges faced by foreign businessmen in countries with different legal systems. Kwon’s detention highlights the fragile nature of the cryptocurrency industry, where fraudulent activities are prevalent. The case will continue to be closely watched by legal experts, investors, and the cryptocurrency industry as a whole, as it could set a precedent for future cases.

FAQs

1. Why was Do Kwon arrested in Montenegro?
Do Kwon was arrested in Montenegro in November 2020 on charges of money laundering and fraud related to his cryptocurrency business.
2. What is Terraform Labs?
Terraform Labs is the company that created Mirror Protocol and runs the blockchain-powered network Cosmos.
3. Will Do Kwon remain in custody for an extended period?
Yes, based on the latest court decision rejecting his appeal, Do Kwon will remain in custody while the investigation continues.

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