Kwon denies forging passport, blames Chinese agency.

The founder of Terraform Labs, Do Kwon, told a court in Montenegro that he was not aware that the passport he was using was allegedly forged and instead blamed a Chinese-named agency. He claimed that he received his passports and travel documents, including a Costa Rican passport, through third-party “agencies”. He said that he received his Costa Rican passport after filling out the required documents through a Singaporean agency recommended by a friend, and that he received his Belgian passport through another agency. According to Kwon, he had been travelling with his Costa Rican passport for years and had no reason to doubt its authenticity. The prosecution pressed Kwon for further details on the agency he used for his passports, but Kwon said he couldn’t remember exactly, adding that he only knew the agency’s name was “in Chinese”. Kwon was questioned alongside his colleague and former Terraform Labs Chief Financial Officer Han Chong-joon.

In addition to denying forgery of travel documentation, Kwon also denied allegations that he made any financial donations to Montenegro’s former finance minister Milojko Spajić, who is now the leader of the Europe Now party. Kwon’s lawyers categorically denied these allegations. Spajić also denied having any ties to Kwon, but their rumored financial connections were covered heavily by various news outlets in Montenegro.

Following the hearing, Judge Ivana Becić announced that she will issue a verdict on the forgery charges on June 19 local time. Kwon will be held in extradition custody for up to six months, while the local court considers South Korea’s extradition request.

Kwon and Chong-Joon were arrested by local authorities on March 23 after being accused of falsifying passports that were used in an attempt to leave Montenegro on a private flight to Dubai. Lawyers for the pair initially received approval for the proposed bail of 400,000 euros ($436,000), but that decision was reversed on appeal on May 24. On June 5, this appeal was dismissed, and bail was granted for Kwon and Chong-joon. The pair will be closely monitored by local police, and if either leaves their residence or violates the approved conditions, their bail will be forfeited.

Terraform Labs’ Terra ecosystem collapsed in May 2022, leading to losses estimated at up to $40 billion.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Opinion

Chainalysis Investigations Lead 'Unaware' of Proof Surveillance Software Works

Renowned lawyer Tor Ekeland is challenging the U.S. government's case against alleged Bitcoin Fog creator Roman Sterl...

DeFi

Solana’s Price Cools Down, But BNB Surges

BNB has regained its lead over Solana in terms of market cap, after SOL relinquished its gains from the post-Christma...

Markets

Find the next big altcoin before it pumps.

Join us in our discussion on the most effective method of discovering the next major alternative cryptocurrencies bef...

Markets

BlackRock ETF sparks US Bitcoin buying; research advises to invest.

Bitcoin will become the fundamental currency of society as artificial intelligence shows interest, according to resea...

Policy

Pending Ether ETF applications filed by Grayscale, VanEck, and others with SEC

Prominent asset managers in the United States have submitted applications to introduce Ethereum Futures ETFs.

Web3

Web3 ecosystem made significant progress in changing climate narrative, says exec.

According to Marek Olszewski's prediction, in the next decade, every project and company are expected to actively tra...