Co-founder of failed blockchain firm Terraform Labs Kwon Do-hyeong, who was arrested in Montenegro on Thursday, is likely to appeal against a Montenegrin court's decision to extend his detention period for up to 30 days.

According to the Montenegrin newspaper Vijesti, a legal representative of Kwon, widely known as Do Kwon, said on Saturday that an appeal will be filed against the court’s decision within the designated period.

Kwon and his aide, surnamed Han, were arrested at the airport in Podgorica on Thursday while attempting to travel to Dubai with fake documents.

Montenegro allows detention for up to 72 hours, but the local court on Friday accepted the prosecution's request for an extension, saying that the suspects are foreigners residing in Singapore and are likely to flee, and their identities have not been clearly verified.

Kwon is accused of orchestrating a multi-billion-dollar cryptocurrency asset securities scam, repeating false and misleading statements about the alleged fraud in interviews and on social media, and manipulating the price of his company’s stablecoin, TerraUSD.