Do Kwon gets 4-month prison sentence for passport fraud

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  • Do Kwon was arrested in March as he tried to board a flight to Dubai.
  • The Terraform Labs CEO is wanted in South Korea and in the US on charges related to the collapse of TerraUSD and Terra LUNA.
  • Kwon was sentenced together with Han Chang-joon, the former CEO of South Korea-based payments app Chai.

In the latest cryptocurrency related news, a Montenegrin court has sentenced Terra co-founder Do Kwon to a four-month jail term after he was found guilty of using a forged passport. 

Kwon was arrested in March

Kwon, who fled to Montengro amid an effort by South Korea and the US to nab him over the collapse of Terra LUNA and TerraUSD, allegedly tried to flee the country on fake documents.

According to reports, the Terraform Labs CEO was sentenced alongside Han Chang-joon, the former CEO of Chai, a South Korea-based payments app.

Kwon and Chang-joon were arrested in March while attempting to flee to Dubai, with prosecutors charging them for possessing forged passports bearing details of Costa Rica and Belgium. The two had pleaded not guilty.

Prior to the sentence, Kwon’s $400,000 bail had reportedly been quashed by a higher court. The former crypto mogul, whose crypto platform collapsed in May last year and saw over $40 billion in crypto value wiped out in days, already faced a mandatory six-month extension to his detention and now faces a four-month stint in a Montenegro prison.

As well as being wanted in South Korea, Kwon faces extradition to the US where he been indicted on multiple charges, including fraud.

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