A court in Montenegro has sentenced Do Kwon, co-founder of Terraform Labs, to four months in prison for possession of false passports and travel documents. Han Zhongjun, a former CFO at a Singapore-based blockchain company, was also convicted of the same crime by the Podgorica Primary Court, bloomberg reported on Monday. Han also received the same punishment.
Kwon and Han were arrested in March in Montenegro while trying to fly to Dubai on a private jet. The court said passports and identity cards of Costa Rica and Belgium were confiscated.
The ruling came weeks after the court granted bail of 400,000 euros to both Kwon and Han. An initial bail granted in May was invalidated by the Supreme Court after the attorney general appealed that the CEO’s property had not been properly appraised.
according to bloombergHowever, the time spent in custody by Terraform Labs executives would factor into the sentence. The court also said they have the option to appeal the ruling to a higher court.
Kwon told the court last week that he obtained the travel documents from an agency in Singapore recommended by his friend. The CEO of Terraform Labs denied knowledge of document fraud.
Do Kwon faces extradition
As CEO of TerraLabs, Kwon helped create the TerraUSD algorithmic stablecoin and the native cryptocurrency of the Terra blockchain, LUNA. However, the digital asset crash occurred in May last year, wiping out more than $40 billion from the cryptocurrency market.
In February, a US securities regulator charged Kwon with securities fraud, with federal prosecutors pursuing fraud charges, both over failed cryptocurrency projects. South Korea also issued an arrest warrant against the founder of Terraform Labs last year.
Despite being released on bail last week, the Podgorica Supreme Court confirmed to the media that it is holding Kun in “extradition custody” for six months to consider an extradition request from South Korea. The United States also requested the extradition of the former CEO.
Beeks’ new contract; ex-Scope Markets at Titan FX; Read snippets of today’s news.
A court in Montenegro has sentenced Do Kwon, co-founder of Terraform Labs, to four months in prison for possession of false passports and travel documents. Han Zhongjun, a former CFO at a Singapore-based blockchain company, was also convicted of the same crime by the Podgorica Primary Court, bloomberg reported on Monday. Han also received the same punishment.
Kwon and Han were arrested in March in Montenegro while trying to fly to Dubai on a private jet. The court said passports and identity cards of Costa Rica and Belgium were confiscated.
The ruling came weeks after the court granted bail of 400,000 euros to both Kwon and Han. An initial bail granted in May was invalidated by the Supreme Court after the attorney general appealed that the CEO’s property had not been properly appraised.
according to bloombergHowever, the time spent in custody by Terraform Labs executives would factor into the sentence. The court also said they have the option to appeal the ruling to a higher court.
Kwon told the court last week that he obtained the travel documents from an agency in Singapore recommended by his friend. The CEO of Terraform Labs denied knowledge of document fraud.
Do Kwon faces extradition
As CEO of TerraLabs, Kwon helped create the TerraUSD algorithmic stablecoin and Terra blockchain’s parent cryptocurrency, LUNA. However, the digital asset crash occurred in May last year, wiping out more than $40 billion from the cryptocurrency market.
In February, a US securities regulator charged Kwon with securities fraud, with federal prosecutors pursuing fraud charges, both over failed cryptocurrency projects. South Korea also issued an arrest warrant against the founder of Terraform Labs last year.
Despite being released on bail last week, the Podgorica Supreme Court confirmed to the media that it is holding Kun in “extradition custody” for six months to consider an extradition request from South Korea. The United States also requested the extradition of the former CEO.
Beeks’ new contract; ex-Scope Markets at Titan FX; Read snippets of today’s news.