Terraform Labs ex-CEO Do Kwon, who appeared in court in Montenegro, denied the false passport accusations.
Former CEO of Terraform Labs Do Kwon , pleaded not guilty in Montenegro, where he was detained on an international search warrant and accused by local authorities of using false travel documents. Do Kwon and co-founder of Terraform Labs Han Chang JoonHe was caught boarding a private jet to flee to Dubai in March.
Do Kwon’s Assets Frozen
Kwon has been on the run for months after the collapse of TerraUSD led to a criminal investigation in South Korea.
defense attorney Branko Andjelic proposed that they be released on bail of 400,000 euros each. However, the prosecutor Harris Sabotic objected to the proposal, saying that they both had sufficient financial means. The next hearing, in which the defendants will be tried, is scheduled for June 16.
Kwon is accused by US prosecutors of orchestrating a long-standing cryptocurrency scam that wiped out at least $40 billion in market capitalization. Do Kwon faces similar charges in South Korea, where he is a citizen. Both countries want Kwon’s extradition from Montenegro, but justice officials said they would consider handing him over only after local criminal proceedings have been completed.
Montenegrin authorities in March in Kwon and Chang-JoonIt has been determined that they carry at least one South Korean passport, as well as Belgium and Costa Rica travel documents.
According to Interpol and Montenegro, Belgian and Costa Rican passports were fake. Kwon and Chang-Joon said in court that the Costa Rican passports they tried to use were valid. Under Montenegrin law, the penalty for using forged documents is up to five years in prison.
South Korean officials said in a statement last month, TerraUSDHe said that before the bankruptcy of , those involved in the project made a profit of 463 billion won.
of the Korean Economic DailySouth Korean prosecutors froze approximately 233 billion won of Kwon’s assets, including his house and luxury car in Seoul, along with securities, bank deposits and cryptocurrencies, he reported on May 11th.
