Crypto King Do Kwon Behind Bars: Sentenced To 4 Months In Montenegrin Jail
June 19, 2023According to a Reuters report, Crypto entrepreneur Do Kwon, the former CEO of Terraform Labs, has been sentenced to four months in prison by a court in Montenegro for allegedly using forged passports.
Crypto Mogul Faces Jail Time For Passport Forgery
Kwon, who is charged with multibillion-dollar fraud in the United States and is wanted by South Korean authorities on similar charges, was detained in March along with Han Chang-Joon, the former finance officer of Terraform Labs, as they attempted to board a flight to Dubai at the airport in Montenegro’s capital, Podgorica. Both men were charged with forging official documents.
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Kwon had argued that he believed the Costa Rican passport was a legitimate “golden passport” available to wealthy applicants seeking fast-track citizenship in certain countries. However, the court rejected this explanation and handed down the prison sentences.
The case has attracted widespread media attention, as Kwon is wanted by US and South Korean authorities on fraud charges related to the collapse of Terra last May. The company’s collapse led to over $60 billion in losses and sparked investigations into Kwon’s activities.
As Bloomberg reported on June 8th, Terraform Labs co-founder Do Kwon may face multiple jail terms in different countries, according to senior South Korean prosecutor Dan Sunghan.
During an interaction with Bloomberg, Sunghan stated that South Korea had conducted most of the foundational investigation into the collapse of the Terra ecosystem and had more evidence on the matter than US authorities.
Sunghan believes that carrying out the investigation and trial of Kwon in South Korea is the most efficient approach to getting justice. He also suggested that Kwon could face jail sentences for different charges in two separate countries, in addition to the recent decision by Montenegro’s court.
Featured image from Unsplash, chart from TradingView.com
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