Terra’s Do Kwon sentenced to four months’ imprisonment in Montenegro Terra’s Do Kwon sentenced to four months’ imprisonment in Montenegro
The court found Kwon and his associate, Han Chang-Joon, guilty of using forged travel documents.
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Updated: Aug. 21, 2023 at 10:14 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The co-founder and CEO of Terraform Labs, Do Kwon, has been sentenced to four months imprisonment by a Montenegrin court, according to a June 19 statement.
The court found Kwon and his associate, Han Chang-Joon, guilty of using forged travel documents while attempting to board a private jet to Dubai in March.
Kwon and Chang-Joon previously pleaded not guilty to the charges, arguing that the passports they tried using were genuine.
Per the public statement, the court said the time Kwon and his associate spent in detention would be included in the sentence.
Meanwhile, the court ordered the confiscation of two Costa Rican passports, two Belgian passports, and two identity cards.
DL News first reported the story.
Authorities in South Korea and the United States have filed criminal charges against Kwon over his role in the collapse of Terra’s algorithmic stablecoin, UST.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.