BREAKING: Terraform Labs Founder Do Kwon Found Guilty And Sentenced

June 19, 2023 9:44 am Comments

The disgraced founder of Terraform Labs Do Kwon has been sentenced by a court in Montenegro.

Kwon was sentenced to four months in prison for forging passports.

He was detained in March for attempting to board a flight to Dubai at Montenegro’s capital and has been in custody ever since.

Do Kwon is still facing charges from the DOJ for operating a multibillion-dollar fraud scheme.


Here’s what Reuters reported:

A court in Montenegro has sentenced cryptocurrency entrepreneur Do Kwon, who is charged in the U.S. with a multibillion-dollar fraud, and his ally to four months in prison for using forged passports, local newspaper Vijesti reported on Monday.

A South Korean national, Do Kwon is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets.

He was detained in March along with Han Chang-joon, Terraform Labs’ former finance officer, as they tried to board a flight to Dubai at the airport of Podgorica, Montenegro’s capital, and charged with forging official documents.

Per Barron’s:

A Montenegro court on Monday found fugitive cryptocurrency entrepreneur Do Kwon guilty of possessing forged documents months after he was arrested at an airport in the Balkan nation with fake passports.

The Terraform founder is still awaiting trial for another charge regarding his possible extradition.

Both Seoul and Washington are seeking Kwon’s extradition for his suspected role in fraud linked to his company’s dramatic collapse last year, which wiped out about $40 billion of investors’ money and shook global crypto markets.

Kwon along with a travel companion “are guilty because they used a fake passport” from Costa Rica at the airport, said the court in a statement.

The duo were also carrying Belgium passports under different names in their luggage, according to the court.

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