Terraform Labs’ Do Kwon Sentenced to 4 Months in Jail over Document Forgery

Terraform Labs’ Do Kwon Sentenced to 4 Months in Jail over Document Forgery

A court in Montenegro
has sentenced Do Kwon, the Co-Founder of Terraform Labs, to four months in jail for
possessing forged passports and travel documents. Han Chong-Joon, the former Chief
Financial Officer at the Singapore-based blockchain company, was also found
guilty of the same crimes by the Basic Court in Podgorica, Bloomberg reported on
Monday. Han likewise received the same sentence.

Court Sentences Do Kwon to Jail

Kwon and
Han were arrested in March in Montenegro while they were
attempting to travel to Dubai via a private jet. The court said fake Costa Rican and Belgian passports as well as falsified identity cards were
confiscated from the executives.

The sentencing
came weeks after the court set bail of €400,000 for each offender Kwon and Han. The bail granted in May was later voided by an upper court following an appeal by the
prosecutor as the executive’s property had not been properly assessed.

According
to Bloomberg, the time the Terraform Labs executives had spent in detention will be
factored into the sentence. The court also said they could appeal the verdict at a higher court.

Kwon last week
informed the court that he obtained the travel documents from an agency in
Singapore recommended by his friend. Terraform Labs’ CEO denied knowing that the
documents were forged.

Do Kwon
Faces Extradition

As the CEO
of TerraLabs, Kwon helped in creating the algorithmic stablecoin, TerraUSD and the native
cryptocurrency of the Terra blockchain, LUNA. However,
the digital
assets collapsed
in May last year, wiping out over $40 billion from the crypto
market.

In
February, the US securities regulator charged Kwon with securities fraud. Later, Federal prosecutors followed this up with fraud charges over the failure of the cryptocurrency projects. On top of that, South Korea issued an arrest
warrant against
the Terraform Labs Founder last year.

Despite
being granted bail last week, the Podgorica High Court confirmed to the media
that it is keeping Kwon in
‘custody’ for six months to consider an extradition request by
South Korea. The United States also asked for the former CEO to be extradited.

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This article was written by Solomon Oladipupo at www.financemagnates.com.

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