• Terraform Labs founder Do Kwon and his colleague Han Chang-joon have been sentenced to four months in prison in Montenegro for forging travel documents and possessing fake passports.
• Kwon was arrested at the Podgorica airport in March while trying to flee for Dubai on a private jet.
• South Korean and US prosecutors have charged Kwon with defrauding investors in connection with the $60 billion collapse of the Terra blockchain ecosystem.
Terraform Labs Founder Sentenced to Prison
A Montenegro court has sentenced Terraform Labs founder Do Kwon and former Chief Financial Officer Han Chang-joon to four months in prison for forging travel documents and possessing fake passports. The duo are charged with defrauding investors connected to the $60 billion collapse of Terra blockchain ecosystem, for which they face a $75 million lawsuit in Singapore.
Kwon’s Arrest at Podgorica Airport
In March, Kwon was arrested while attempting to flee from South Korea and US authorities at the Podgorica airport. He was trying to board a private jet bound for Dubai when he was apprehended by local police after suspicion arose around his identity. Following confirmation that he was indeed Do Kwon, Seoul Southern District Prosecutors sought his extradition back to South Korea.
The ‘Golden Passport Scheme’
Kwon has denied all charges against him, claiming that he participated in a “golden passport scheme” which issued him with the alleged fake passport. A court ruling allowed him and Han to be released on bail of €400,000 (around $436,750) each; however this decision was later overturned. The Montenegro district court has since confiscated two Costa Rican passports, two Belgian passports belonging to Kwon as well as two identity cards between him and his friend Han Chang-joon.
Kown Faces Extradition Request
Kown faces an extradition request from South Korean prosecutors as well as charges related to defrauding investors connected with the collapse of Terra blockchain ecosystem. He also faces a lawsuit worth $75 million dollars from Singaporean authorities due related activities involving fraudulent investments linked with Terraform labs project launch in 2022 .
Do Kwon is facing serious charges related both from South Korea, US authorities connected with fraudulent investment activities related with Terra blockchain ecosystem project launch along a possible extradition request from South Korean prosecutors . A Montenegro district court has sentenced him and his colleague Han Chang-joon four months imprisonment confiscating their counterfeit travel documents found on them while trying flee away by private jet .