South Korean national and controversial co-founder of Terraform Labs, Do Kwon, was sentenced to four months in jail not for his crimes in cryptocurrency, but for his possession of fake passports during his arrest. This is the recently concluded forgery case in Montenegro where the executive faced trial and was found guilty of owning these fraudulent items.
Kwon was not only holding fake passports and identification cards of himself but also an executive from Terraform Labs, Han Chang-Joon.
Do Kwon Faces Four Months in Jail for Fake Passports
(Photo : SAVO PRELEVIC/AFP via Getty Images)
A Basic Court in Podgorica, Montenegro has found Do Kwon guilty of a forgery case filed against him by the Southeastern European country, sentencing him to four months in jail. The court has also ordered the confiscation of the fake documents which include two Costa Rican passports, two Belgian passports, and two identity cards.
His four-month sentence would be added to his current served time in detention since his arrest last March 2023, as he was attempting to flee the country towards Dubai.
Apart from the fake documents, Montenegrin police and authorities were also in possession of Kwon's laptop computers which are also sought by South Korea and the United States, says Reuters.
Is Another Terra Executive on the Run?
When Kwon was caught in March 2023, he was on the run with Terraform Labs' former finance officer, Han Chang-Joon, who also had his part in possessing the fake passports. Both executives were on the run but were caught in Podgorica for the fraudulent documents, both sitting in detention and soon to serve their four months of jail time.
After which, both may face extradition to the two countries searching for them since May 2022.
Do Kwon and Scrutinies He Face
One of the most controversial crypto collapses this year was with Terraform Labs' LUNA, and it was something that the public did not expect as it saw its usual operations and progression before its collapse. However, Do Kwon has been on the run since, taking with him as much as $40 billion, before he was arrested earlier this March in Montenegro.
It is not only South Korea that is asking to extradite Kwon from his incarceration in Montenegro, but also the United States after his recent arrest in the Southeastern European country. Kwon currently faces massive charges in the US, centering on as many as eight criminal charges including securities fraud and conspiracy.
The South Korean national was caught in Podgorica with the said fake passports, and now, the former tech executive is facing lock-up for falsifying official documents in his attempt to run to Dubai. While Kwon is yet to be tried and sentenced for his crimes in cryptocurrency, he is now facing jail time in Montenegro for using fake passports, with as much as four months before his next trial.
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