Former Crypto Fugitive Do Kwon To Remain Jailed For 6 More Months: Report

Key Points:

• Do Kwon and Han Chang-Joon will remain in prison for 6 more months as judges consider extradition requests from South Korean and US authorities.
• They are accused of defrauding investors in connection with the $60 billion collapse of the Terra blockchain ecosystem in May 2022 and falsifying documents in Montenegro.

Do Kwon and Han Chang-Joon remain incarcerated for six more months while judges consider extradition requests from South Korean and US prosecutors. They are accused of defrauding investors and falsifying documents. The case has upended the political arena in Montenegro just before local parliamentary elections.

A Montenegro court has ordered that Do Kwon, a former crypto fugitive, and his associate Han Chang-Joon remain incarcerated for six more months while judges consider an extradition request from South Korean prosecutors and one for Kwon alone from US authorities.

South Korea and US prosecutors have charged Kwon for defrauding investors in connection with the $60 billion collapse of the Terra blockchain ecosystem in May 2022. The pair had been granted bail at €400,000 each by a higher court in Podgorica, which had kicked off an extradition detention.

The decision to grant them bail has underscored the confusing status of Kwon. They will stay in prison in Spuž, north of the capital Podgorica, while a higher court decides if they will be extradited to South Korea. Kwon and Han are also accused of falsifying documents in Montenegro, which is punishable by a prison sentence of three months to five years.

The case has upended the political arena in Montenegro just before local parliamentary elections. Kwon had sent a letter to authorities about his alleged relations with Milojko Spajić, a candidate for prime minister. Kwon was on the run from Interpol for about six months before hiding out in Serbia.

Kwon and Han had registered a company in Belgrade in October and purchased an apartment for €2 million in an elite district of the Serbian capital. Police seized the apartment after DL News reported the purchase. In May, it was reported that €7 million were moved from wallets connected to Do Kwon while he was detained.

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