Kwon sentenced to 4 months in Montenegro.

  • Do Kwon was arrested in March as he attempted to board a flight to Dubai.
  • The CEO of Terraform Labs is wanted in South Korea and the US for 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 news related to cryptocurrency, a Montenegrin court has sentenced Do Kwon, co-founder of Terra, to a four-month jail term after he was found guilty of using a forged passport.

Kwon was arrested in March

Kwon fled to Montenegro as South Korea and the US attempted to arrest him over the collapse of Terra LUNA and TerraUSD. He allegedly tried to flee the country with fake documents.

Reports state that Kwon 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, and were charged with possessing forged passports bearing details of Costa Rica and Belgium. The two 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.

In addition to being wanted in South Korea, Kwon faces extradition to the US where he has been indicted on multiple charges, including fraud.

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