Februar 27, 2024

Fugitive Crypto CEO Do Kwon to Face Trial in Montenegro, May Serve Time

• Terraform Labs founder Do Kwon will stand trial in Montenegro for traveling on a fake passport.
• He may also have to serve time in prison before he is extradited from the Balkan nation.
• The prosecutor investigating the case indicated that the extradition process is likely to take some time.

Do Kwon Charged with Fake Passport

Terraform Labs founder Do Kwon has been charged with traveling on a fake passport, according to his lawyer in Montenegro. Before extradition, he will first have to stand trial in the Balkan nation and may also have to serve time in prison, its justice minister indicated.

Kwon Stays in Balkans for Now

Alleged South Korean crypto fraudster Do Kwon will remain in Montenegro for now as authorities investigate his use of forged personal documents. His Montenegrin lawyer Vojislav Zečević told South Korea’s Yonhap news agency that his client’s trial must be completed before extradition can take place. Both South Korea and the United States are seeking Kwon’s extradition but it may take some time since judicial authorities intend to indict him first. Zečević intends to appeal the court order extending Kwon’s pre-trial detention and investigators found three laptops and five mobile phones belonging to him carrying „very interesting“ information.

Extradition Process May Take Time

Montenegro’s Justice Minister Marko Kovač said that a judge will decide if Do Kwon will be extradited to the U.S or South Korea but emphasized that he may first have to serve time if convicted of traveling on fake documents. He added that consideration will be given to the gravity of crimes, location of committed offenses, sequence of requests, as well as citizenship when making this decision.

Kovan Arrested with CFO Han Chang-joon

Do Kwon was arrested together with another man who has since been identified as Terraform’s Chief Financial Officer, Han Chang-joon when trying to leave for Dubai using a false Costa Rican passport and a forged Belgian passport was also found in his luggage at the time.

South Korean Crypto Fraud Allegations

The CEO of Terrausd and Luna is better known as Do Kwan who allegedly crashed stablecoin terrausd and cryptocurrency luna leading authorities from both countries seek his extradition but it remains unclear how long this process would take due due legal processes within Montenegro first having priority over any extradition requestes