Do Kwon’s Appeal in Document Forgery Case Rejected by Montenegro High Court
Disgraced Terraform Labs founder Do Kwon’s appeal in his document forgery case has been rejected by a High Court in Montenegro.
According to a statement by the High Court of Podgorica, claims made in the appeal by Do Kwon and his co-conspirator, Terraform Labs executive Han Chang-Joon, were “rejected as unfounded.”
Kwon and Chang-Joon were arrested in March of 2023 at Montenegro’s main airport for document forgery as they attempted to board a plane headed for Dubai with falsified passports.
Kwon’s detainment followed nearly a year-long manhunt for the crypto tycoon as he persistently evaded authority following the crash of his tokens, TerraUSD and Luna, by hiding out in numerous locales across Asia and Europe including Serbia, Dubai, and Montenegro.
The now infamous crash of Kwon’s doomed cryptocurrency coins occurred in May 2022 and cost the market an estimated $40 billion overall.
Kwon’s native country, South Korea, put out a warrant for his arrest in early September 2022 following evidence that the crypto founder’s blockchain merchant technology was based on false pretenses.
“I’m not ‘on the run’ or anything similar,” Kwon tweeted on September 17th, 2022. However, nearly a week later, global policing body Interpol issued a red notice for Kwon’s arrest.
At that point, Kwon had flown out to Dubai from Terraform Labs’ headquarters in Singapore before ultimately hiding out in Belgrade, Serbia, where Chang-Joon had an apartment.
In February 2022, the U.S. Securities and Exchange Commission filed a lawsuit against the Terraform Labs founder for committing fraud.
By the following month, Kwon had crossed into Montenegro where he was ultimately caught and sentenced to four months for document forgery.
The statement by the High Court
