Terraform Labs Co-Founder Do Kwon, arrested in Montenegro based on an international warrant and accused by local authorities of using fake travel documents, pleaded not guilty during his court appearance, according to a Bloomberg report.
Do Kwon, the founder of Terra, who had been evading authorities for some time, was recently apprehended by Montenegro officials. The government of Montenegro has accused him of forging local documents and is presently awaiting extradition. Despite the crypto community’s contemplation on the collapse of Terra, which occurred a year ago, Kwon refuted certain allegations against him.
Recent reports suggest that Do Kwon pleaded not guilty at the Basic Court in Podgorica, Montenegro. Kwon and Han Chang-Joon, the former CFO of Terra, was detained based on an international warrant and found to possess a South Korean passport and counterfeit Belgian and Costa Rican travel documents. Since the duo’s possession of forged Belgian and Costa Rican passports was discovered, they have been charged with the offense.
It is important to note that using forged documents is a criminal offense in the region. Individuals found guilty of this can face imprisonment of up to five years. Branko Andjelic, the Terra duo’s defense lawyer, proposed releasing them on bail of 400,000 euros, or $437,240 each. However, prosecutor Haris Sabotic rejected this suggestion, claiming they have adequate financial means but no intention of remaining in Montenegro.
Although Do Kwon and Han Chang-Joon assert the validity of their Costa Rican passports, only time will determine the authenticity of their claim. The subsequent court hearing for the lawsuit has been set for June 16.
Terra Co-Founder Do Kwon To Stand Trial In South Korea
Daniel Shin, the co-founder of Terra, has been charged with multiple offenses related to the network’s downfall. He and seven other individuals have been accused of fraud, embezzlement, and breach of duty. The Seoul Southern District Court of South Korea has scheduled the first trial on May 26 to address these allegations. It’s worth mentioning that South Korea is also preparing for the extradition of Do Kwon.
Related Reading: | Terra’s Do Kwon Challenges US Extradition: Report |