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Crypto Daily 2023-06-19 15:57:22

Do Kwon Sentenced to Four Months in a Montenegro Jail

Do Kwon Sentenced to Four Months in a Montenegro Jail

Do Kwon has been sentenced to four months in jail by a Montenegro district court for forging travel documents. Bloomberg reports that a Montenegrin Basic Court in the country’s capital of Podgorica sentenced Do Kwon and his associate Han Chang-Joon to four months in jail for forging travel documents. The infamous co-founder of the collapsed Terraform Labs was arrested in March in Podgorica, where he was found attempting to travel to Dubai with a forged passport. Kwon and Joon were found guilty of forgery charges, and two Costa Rican and Belgian passports and two identity cards belonging to Kwon and Joon were confiscated. A Basic Court in Podgorica shared the verdict on Monday and said the pair’s time spent in detention would be included in their sentence. The duo have been in custody despite being released on bail early in June. Do Kwon: An Internationally Wanted Man Kwon is a South Korean national who stands accused on charges of multibillion-dollar fraud related to the collapse of the Terra ecosystem in May 2022. Terraform’s algorithmic stablecoin and crypto project Terra-Luna collapsed, wiping out $40 billion in market cap and sending the overall crypto market into a spiral. Following Terra’s collapse, South Korean authorities charged Kwon in September for violating its Capital Markets Act and issued a warrant for his arrest. The International Criminal Police Organisation (Interpol) accordingly issued a red notice for Kwon, signalling international law enforcement agencies to track him down and arrest him on charges of fraud. US Federal prosecutors further indicted Kwon with two counts each of securities fraud, wire fraud, commodities fraud, and conspiracy. Both South Korea and the US are seeking Kwon’s extradition. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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