Court in Podgorica acknowledged founder of Terraform Labs (TFL) Do Kwon, guilty of forging documents while trying to leave Montenegro.
He was sentenced to four months in prison. The former chief financial officer of the company, Han Chang Zhong, received a similar term. They will be credited for the time spent in custody.
Previous Edition Segye Ilbo reported that Kwon denied allegations of forgery in court. He allegedly did not know that the Costa Rican passport was fake. The head of the TFL laid all the blame on a certain agency from Singapore, whose name I did not remember.
According to TFL’s CEO, there was no reason to doubt the authenticity of the Costa Rican document, as he traveled with it “for many years.” Kwon also denied allegations of financial donations to the leader of Europe Now! Milojko Spajic.
According to mass media, Kwon allegedly sent a letter to the politician a few days before the last round of the country’s parliamentary elections. Earlier, DeFi researcher FatManTerra, citing Korean journalists, said that for “many years” the head of the TFL “secretly financed the Montenegrin politician using illegal means.”
Korean media reports that for years, Do Kwon had secretly been sponsoring a prominent Montenegrin politician using illegal funds. Two days ago, a Montenegro high court approved Do Kwon’s bail request again, allowing for his release from prison. https://t.co/aNqYkKG70H
— FatMan (@FatManTerra) June 9, 2023
On March 23, Montenegrin police arrested an entrepreneur while trying to fly from Podgorica airport to Dubai using forged documents. In May, he and Han Chang-jun pleaded not guilty.
In June, Kwon was released under house arrest on bail of €400,000 ($436,000).
Recall that South Korea called on Montenegro to send Kwon home. The United States also claims to extradite the head of the TFL, where he has been charged with fraud by the SEC and the Federal Prosecutor’s Office of New York.
Source: Cryptocurrency
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