Do Kwon, the former CEO of Terraform Labs, faced a setback as the Higher Court of Podgorica in Montenegro dismissed his appeal to overturn a passport fraud conviction, upholding the guilty verdict. Kwon and his associate, Han Chang-Joon, were initially found guilty of forging passport documents in June, leading to a four-month prison sentence.
The court, in affirming the verdict, emphasized the accurate identification of facts and proper application of Montenegro’s criminal code. The charges stemmed from their use of fake Costa Rican passports in an attempt to leave Montenegro in March. The court, despite their challenges, maintained the accuracy of the guilty verdict.
Additionally, the court confiscated their ID cards to prevent potential future criminal activities. Apart from the passport fraud case, Kwon faces allegations related to the collapse of TerraUSD and Luna, losing $40 billion in value.
Authorities in South Korea and the U.S. have warrants and charges against him, and Montenegro is deciding on extradition. Kwon, previously evading authorities, was apprehended in Serbia and is now incarcerated in Montenegro, awaiting the outcome of extradition proceedings. The denial of his appeal adds complexity to Kwon’s growing legal troubles.
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