Terra’s Do Kwon pleads not guilty on fake document charges
The Terra co-founder Do Kwon's bail application was opposed by the prosecutor because he has "zero interest" in staying in the country.
Terra co-founder Do Kwon has pleaded not guilty to using forged travel documents in Montenegro, where he is detained, Bloomberg reported May 11.
The crypto entrepreneur was arrested by Montenegro in March while attempting to board a private jet to Dubai. He was arrested alongside Terraform Labs chief financial officer Han Chang-joon.
The two were found carrying Costa Rica and Belgium passports along with South Korean passports. Montenegrin authorities claimed the Belgian and Costa Rican passports were forged. However, Kwon and Chang-joon have argued the Costa Rican passports they tried using were genuine.
The prosecutor opposed the defense counsel Branko Andjelic’s application for bail. According to the prosecutor, the two suspects have the financial means to escape Montenegro and have “zero interest” in staying in the country.
Although Do Kwon is already facing criminal charges in South Korea and the U.S., any possible extradition to either country would depend on the outcome of the forged documents charges against him in Montenegro.
The case’s next hearing is scheduled for June 16. If convicted, they face up to 5 years in jail.
Wall Street Journal reported that South Korea’s lead prosecutor Dan Sung-Han said Kwon faces up to 40 years imprisonment if he is found guilty of the charges against him in the Asian country.