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Controversial crypto entrepreneur, Do Kwon, entered a not-guilty plea in a Montenegrin court after being arrested on an international warrant and accused of traveling with fake documents. This comes after the 31-year-old Terraform Labs CEO and its former chief financial officer, Han Chang-joon, were apprehended in March at the airport in Podgorica, the capital of Montenegro, when they attempted to board a private jet to fly to Dubai.
Do Kwon Denies Charges
Kwon had been on the run for a number of months after the failure of his TerraUSD stablecoin, which was more commonly known as UST, in May of last year. The Terra debacle sparked a criminal investigation as it wiped out almost $45 billion from the crypto market and led to a chain reaction that forced some businesses to either shut down or file for bankruptcy.
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Branko Andjelic, their defense attorney, suggested releasing them on bond for 400,000 euros ($437,240) apiece, but prosecutor Haris Sabotic vehemently opposed it, claiming that the two have abundant financial resources but have no desire to remain in Montenegro. In addition to at least one passport issued by their home country of South Korea, the two individuals were caught carrying travel documents from Belgium and Costa Rica, according to the officials there.
According to reports published by Bloomberg, Interpol and Montenegro both agreed that the passports from Belgium and Costa Rica were found to be forged in some way. However, the defendants argued in court that the Costa Rican passports they attempted to use were in fact legitimate documents.
Kwon’s Growing Troubles
Not just Montenegro and South Korea, but even US prosecutors have filed charges against Do Kwon. They have accused him of masterminding a fraudulent scheme involving cryptocurrencies that lasted for years and resulted in the loss of at least $40 billion in market value.
Both nations are currently requesting Kwon’s extradition, while Montenegrin officials have remained blunt on their stance of retaining the crypto founder until all local criminal proceedings are completed against him. According to Montenegrin legislation, using false documents is a punishable offense of up to five years in jail. The next hearing is slated to be on June 16.
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