22. April 2023

Do Kwon Faces Forgery Charges in Montenegro, Extradition Uncertain

Von admin

• Montenegrin authorities have charged Do Kwon, co-founder of TerraForm Labs, with multiple document forgeries.
• Do Kwon and his business partner were detained in the Podgorica Airport as they tried to board a private jet to Dubai.
• It has been revealed that prior to Terra’s collapse, Do Kwon wired $7 million to a law firm in Korea.

Do Kwon Arrested in Montenegro

Montenegrin authorities have arrested Do Kwon, co-founder of TerraForm Labs, on multiple document forgery charges. He was detained at Podgorica airport when attempting to board a private jet to Dubai alongside his business partner Hong Chang-jun. The pair is currently being held in one of the worst prisons in Podgorica and could face an extended stay due to the charges against them.

Terra (LUNA) Blockchain Plunges

The arrest of Do Kwon comes as both Terra Luna Classic (LUNC) and the relaunched version Terra (LUNA) plunges by 10% in the last seven days. Furthermore, the malfunctioned stablecoin Terra Classic USD (USTC) is trading at just 2 cents on the dollar – far below its original value before crashing dramatically after UST’s algorithmic failure.

Extradition Requests from US & South Korea

Both the United States and South Korea have requested extradition for Do Kwon following his arrest in Montenegro. However this may be complicated by the current forgery charges which are likely to add at least another month of detention for him and Chang-jun.

$7 Million Transferred Before Collapse

Korean prosecutors recently discovered that prior to Terra’s collapse, Do Kwon had wired $7 million dollars to Kim & Chang Law Firm based in Korea – a firm well known for representing high profile criminals and corporations involved with white collar crime.

Activists Speak Out Against Montenegro Prison System

Human rights activists continue to speak out against Montenegro’s prison system where Do Kwon is being held and could potentially stay longer due to these new charges against him. Despite once being called “Crypto King” due to his ambitious endeavors, it seems like justice may take its course regardless of his attempts at avoiding it by escaping abroad.