• Terraform Labs founder Do Kwon was sentenced to four months in prison by a Montenegro court.
• His colleague, former Chief Financial Officer Han Chang-joon, received the same sentence for forging travel documents and possessing fake passports.
• South Korean and US prosecutors have charged Kwon with defrauding investors in connection with the collapse of the Terra blockchain ecosystem.
Terraform Labs Founder Sentenced To Four Months In Prison
A Montenegro district court sentenced Do Kwon, the chief executive officer of Terraform Labs, to four months imprisonment on June 19th. His colleague Han Chang-joon also received the same sentence for using counterfeit travel documents and possessing fake passports. Furthermore, two Costa Rican passports and two Belgian passports were confiscated from Kwon along with two identity cards belonging to him and his friend Han Chang-joon.
Do Kwon Arrested For Fleeing To Dubai
Do Kwon was arrested earlier this month in Podgorica for attempting to flee for Dubai on a private jet using fake passports. After speculations about his identity, South Korea’s police confirmed that the person arrested was indeed him. The Seoul Southern District Prosecutors’ Office then sought an extradition request from South Korea prosecutors for both Do Kwon and Han Chang-joon who were later released on a €400,000 bail each before being ordered remain incarcerated again.
Kwon Accused Of Defrauding Investors In The $60 Billion Collapse Of Terra Blockchain Ecosystem
South Korean and US prosecutors have charged Do Kwon with defrauding investors in connection with the $60 billion collapse of the Terra blockchain ecosystem which happened in May 2022. He is also facing a $75 million lawsuit in Singapore due to this incident.
Do Kwon Denies All Charges Against Him
Do-Kwan has denied all charges against him claiming he participated in a certain “golden passport scheme” from where he received the alleged fake passport issued by a Chinese firm.
Conclusion
In conclusion, despite denying all charges against him, Terraform Labs founder Do Kwan has been sentenced to four months imprisonment by a Montenegro district court along with his colleague Han Chang-Joon for using counterfeit travel documents and possessing fake passports as well as being accused of defrauding investors connected to the collapse of the Terra blockchain ecosystem..