• Terraform Labs founder Do Kwon and his colleague, Han Chang-joon, were sentenced to four months in prison for forging travel documents and possessing fake passports.
• They were arrested in March at the Podgorica airport while attempting to flee for Dubai on a private jet.
• South Korean and US prosecutors have charged Kwon with defrauding investors in connection with the $60 billion collapse of the Terra blockchain ecosystem.
Terraform Labs Founder Found Guilty of Passport Forgery
A Montenegro district court has sentenced Terraform Labs founder, Do Kwon, to four months imprisonment after finding him guilty of using counterfeit travel documents. His colleague, Terraform’s former Chief Financial Officer, Han Chang-joon, received the same sentence. The court imposed security and travel measures against the South Koreans duo and confiscated two Costa Rican passports and two Belgian passports from Kwon as well as two identity cards belonging to him and his friend Han Chang-joon.
Do Kwon Arrested at Airport Trying to Flee Country
Earlier this year, Do Kwon was arrested at the Podgorica airport on suspicion of using fake passports while trying to fly out of Montenegro for Dubai on a private jet. South Korea’s police confirmed that it was indeed Kwon who had been arrested and Seoul Southern District Prosecutors’ Office quickly sought extradition of the Terraform founder.
Charges Against Do Kwon
South Korean and US prosecutors have charged Kwon with defrauding investors in connection with the $60 billion collapse of the Terra blockchain ecosystem in May 2022. He also faces a $75 million lawsuit in Singapore. Unsurprisingly, Do-Kwon has denied all charges against him by claiming he participated in a certain “golden passport scheme” from where he received the alleged fake passport issued by a Chinese firm.
The ruling marks yet another setback for Do-Kwon who is wanted by both US and South Korean authorities while being embroiled in numerous legal disputes over fraud charges related to his defunct crypto project – Terraform Labs